Unity Bancorp (NASDAQ:UNTY) Shares Down 4.9% – Here’s Why

Unity Bancorp, Inc. (NASDAQ:UNTY)’s stock price fell 4.9% on Wednesday . The company traded as low as $53.48 and last traded at $53.4750. 8,690 shares were traded during mid-day trading, a decline of 83% from the average session volume of 50,433 shares. The stock had previously closed at $56.24.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on UNTY. Piper Sandler increased their price objective on shares of Unity Bancorp from $64.00 to $65.00 and gave the stock an “overweight” rating in a research note on Thursday, January 15th. Keefe, Bruyette & Woods increased their price objective on shares of Unity Bancorp from $60.00 to $65.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 14th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Unity Bancorp in a research note on Wednesday, January 21st. Three equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Unity Bancorp has an average rating of “Buy” and a consensus price target of $65.00.

Unity Bancorp Stock Down 2.6%

The company has a market cap of $536.52 million, a PE ratio of 9.44 and a beta of 0.64. The business has a 50-day simple moving average of $52.85 and a 200-day simple moving average of $51.46. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.77.

Unity Bancorp (NASDAQ:UNTY) last issued its quarterly earnings results on Tuesday, January 13th. The financial services provider reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.35 by $0.06. The company had revenue of $33.70 million for the quarter, compared to the consensus estimate of $33.39 million. Unity Bancorp had a return on equity of 15.88% and a net margin of 30.76%. Equities research analysts anticipate that Unity Bancorp, Inc. will post 4.83 EPS for the current year.

Unity Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 20th. Stockholders of record on Friday, March 6th were given a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 1.2%. This is a positive change from Unity Bancorp’s previous quarterly dividend of $0.15. The ex-dividend date was Friday, March 6th. Unity Bancorp’s dividend payout ratio (DPR) is 11.29%.

Insiders Place Their Bets

In other news, SVP James Joseph Donovan sold 777 shares of Unity Bancorp stock in a transaction dated Thursday, January 15th. The shares were sold at an average price of $56.07, for a total value of $43,566.39. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Minsu Kim sold 750 shares of Unity Bancorp stock in a transaction dated Thursday, January 15th. The shares were sold at an average price of $56.13, for a total transaction of $42,097.50. Following the completion of the sale, the senior vice president owned 791 shares in the company, valued at approximately $44,398.83. This trade represents a 48.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 19,678 shares of company stock valued at $1,003,769. 28.87% of the stock is owned by company insiders.

Institutional Trading of Unity Bancorp

Several institutional investors have recently modified their holdings of the stock. CWM LLC grew its position in shares of Unity Bancorp by 38.0% in the fourth quarter. CWM LLC now owns 857 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 236 shares during the period. Gator Capital Management LLC grew its position in shares of Unity Bancorp by 0.8% in the third quarter. Gator Capital Management LLC now owns 33,536 shares of the financial services provider’s stock valued at $1,639,000 after purchasing an additional 280 shares during the period. Hsbc Holdings PLC grew its position in shares of Unity Bancorp by 5.1% in the second quarter. Hsbc Holdings PLC now owns 6,056 shares of the financial services provider’s stock valued at $287,000 after purchasing an additional 295 shares during the period. BNP Paribas Financial Markets grew its position in shares of Unity Bancorp by 14.8% in the second quarter. BNP Paribas Financial Markets now owns 2,883 shares of the financial services provider’s stock valued at $136,000 after purchasing an additional 372 shares during the period. Finally, Rhumbline Advisers grew its position in shares of Unity Bancorp by 3.7% in the second quarter. Rhumbline Advisers now owns 10,805 shares of the financial services provider’s stock valued at $509,000 after purchasing an additional 385 shares during the period. Institutional investors and hedge funds own 42.31% of the company’s stock.

About Unity Bancorp

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.