Unity Bancorp (NASDAQ:UNTY) Reaches New 52-Week High – Here’s Why

Unity Bancorp, Inc. (NASDAQ:UNTY)’s share price hit a new 52-week high on Wednesday . The company traded as high as $61.30 and last traded at $60.9360, with a volume of 3040 shares. The stock had previously closed at $60.69.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Freedom Capital raised shares of Unity Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 16th. Brean Capital started coverage on shares of Unity Bancorp in a report on Wednesday, April 22nd. They issued a “buy” rating and a $61.00 price objective for the company. Piper Sandler upped their target price on Unity Bancorp from $65.00 to $68.00 and gave the company an “overweight” rating in a report on Friday, June 26th. Weiss Ratings reiterated a “buy (b+)” rating on shares of Unity Bancorp in a research report on Friday, July 31st. Finally, DA Davidson reissued a “buy” rating and issued a $68.00 price target on shares of Unity Bancorp in a research note on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $65.50.

Unity Bancorp Stock Down 0.2%

The business has a 50-day moving average price of $57.30 and a 200-day moving average price of $54.65. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.72. The company has a market capitalization of $608.08 million, a price-to-earnings ratio of 10.55 and a beta of 0.62.

Unity Bancorp (NASDAQ:UNTY) last announced its earnings results on Tuesday, July 14th. The financial services provider reported $1.42 EPS for the quarter, missing the consensus estimate of $1.44 by ($0.02). The firm had revenue of $33.75 million during the quarter, compared to analyst estimates of $34.62 million. Unity Bancorp had a return on equity of 16.40% and a net margin of 30.26%. As a group, equities analysts anticipate that Unity Bancorp, Inc. will post 5.86 earnings per share for the current fiscal year.

Unity Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Thursday, June 4th were paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend was Thursday, June 4th. Unity Bancorp’s payout ratio is 11.13%.

Insiders Place Their Bets

In other Unity Bancorp news, Director Mark S. Brody sold 1,600 shares of the stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $55.23, for a total value of $88,368.00. Following the completion of the sale, the director owned 113,854 shares in the company, valued at $6,288,156.42. This represents a 1.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 28.87% of the company’s stock.

Institutional Investors Weigh In On Unity Bancorp

Several institutional investors have recently made changes to their positions in the company. Wesbanco Bank Inc. acquired a new stake in Unity Bancorp in the first quarter valued at approximately $1,083,000. Renaissance Technologies LLC boosted its holdings in Unity Bancorp by 78.4% in the first quarter. Renaissance Technologies LLC now owns 15,700 shares of the financial services provider’s stock worth $814,000 after purchasing an additional 6,900 shares in the last quarter. Public Employees Retirement System of Ohio boosted its holdings in Unity Bancorp by 17.3% in the first quarter. Public Employees Retirement System of Ohio now owns 3,391 shares of the financial services provider’s stock worth $176,000 after purchasing an additional 500 shares in the last quarter. Hsbc Holdings PLC increased its holdings in shares of Unity Bancorp by 34.2% during the 1st quarter. Hsbc Holdings PLC now owns 7,113 shares of the financial services provider’s stock valued at $367,000 after acquiring an additional 1,814 shares during the last quarter. Finally, Inspire Investing LLC grew its holdings in Unity Bancorp by 9.4% during the first quarter. Inspire Investing LLC now owns 9,945 shares of the financial services provider’s stock valued at $515,000 after purchasing an additional 851 shares during the last quarter. 42.31% of the stock is currently owned by institutional investors and hedge funds.

Unity Bancorp Company Profile

Unity Bancorp, Inc is a bank holding company headquartered in Morrisville, Pennsylvania, trading on the NASDAQ under the ticker UNTY. Through its primary subsidiary, Unity Bank, the company delivers a comprehensive suite of commercial and retail banking services to individuals, businesses and municipal clients in its regional markets.

Founded in 1906, Unity Bank maintains a network of conveniently located branches across Bucks County and adjacent areas of southeastern Pennsylvania. The company’s deposit portfolio includes checking and savings accounts, money market accounts and certificates of deposit, while its loan offerings encompass commercial real estate, construction and land development, agricultural and consumer lending solutions.

Beyond traditional deposit and lending activities, Unity Bancorp provides cash management and merchant services, as well as internet and mobile banking platforms designed to streamline day-to-day financial operations.