Unity Bancorp (NASDAQ:UNTY) Stock Price Passes Below Two Hundred Day Moving Average – Should You Sell?

Unity Bancorp, Inc. (NASDAQ:UNTY)’s share price crossed below its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $47.60 and traded as low as $46.75. Unity Bancorp shares last traded at $47.82, with a volume of 36,626 shares traded.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Keefe, Bruyette & Woods raised their price target on shares of Unity Bancorp from $55.00 to $63.00 and gave the stock an “outperform” rating in a report on Friday, July 18th. Piper Sandler lifted their price objective on shares of Unity Bancorp from $60.00 to $61.00 and gave the company an “overweight” rating in a research note on Wednesday, October 15th. Wall Street Zen upgraded shares of Unity Bancorp from a “hold” rating to a “buy” rating in a research note on Saturday, September 13th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Unity Bancorp in a research note on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $62.00.

Unity Bancorp Trading Up 0.8%

The firm’s 50-day moving average is $50.28 and its 200-day moving average is $47.60. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 1.21. The firm has a market cap of $479.63 million, a price-to-earnings ratio of 9.06 and a beta of 0.72.

Unity Bancorp (NASDAQ:UNTY) last posted its quarterly earnings results on Tuesday, October 14th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.28 by $0.05. Unity Bancorp had a net margin of 29.85% and a return on equity of 15.94%. The business had revenue of $31.38 million during the quarter, compared to the consensus estimate of $31.35 million. As a group, sell-side analysts anticipate that Unity Bancorp, Inc. will post 4.83 EPS for the current fiscal year.

Unity Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 19th. Investors of record on Friday, September 5th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend was Friday, September 5th. This is an increase from Unity Bancorp’s previous quarterly dividend of $0.14. Unity Bancorp’s payout ratio is 11.36%.

Hedge Funds Weigh In On Unity Bancorp

A number of hedge funds have recently bought and sold shares of the company. Ameritas Investment Partners Inc. boosted its holdings in shares of Unity Bancorp by 41.7% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 748 shares of the financial services provider’s stock worth $35,000 after buying an additional 220 shares during the last quarter. Hsbc Holdings PLC boosted its holdings in shares of Unity Bancorp by 5.1% in the 2nd quarter. Hsbc Holdings PLC now owns 6,056 shares of the financial services provider’s stock worth $287,000 after buying an additional 295 shares during the last quarter. CWM LLC boosted its holdings in shares of Unity Bancorp by 122.5% in the 1st quarter. CWM LLC now owns 612 shares of the financial services provider’s stock worth $25,000 after buying an additional 337 shares during the last quarter. BNP Paribas Financial Markets boosted its holdings in shares of Unity Bancorp by 14.8% in the 2nd quarter. BNP Paribas Financial Markets now owns 2,883 shares of the financial services provider’s stock worth $136,000 after buying an additional 372 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Unity Bancorp by 1.2% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 33,020 shares of the financial services provider’s stock worth $1,344,000 after buying an additional 384 shares during the last quarter. 42.31% of the stock is owned by hedge funds and other institutional investors.

About Unity Bancorp

Unity Bancorp, Inc operates as a bank holding company for Unity Bank that provides range of commercial and retail banking services to individuals, small and medium sized businesses, and professional communities. It offers personal and business checking accounts, time deposits, money market accounts, savings accounts, and retirement accounts, as well as noninterest and interest-bearing demand deposits.