Unity Bancorp (NASDAQ:UNTY) Shares Cross Above Fifty Day Moving Average - Here's Why

Unity Bancorp, Inc. (NASDAQ:UNTY - Get Free Report)'s stock price crossed above its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $33.80 and traded as high as $39.60. Unity Bancorp shares last traded at $38.02, with a volume of 99,830 shares traded.

Analyst Ratings Changes

UNTY has been the topic of several research reports. StockNews.com downgraded shares of Unity Bancorp from a "buy" rating to a "hold" rating in a report on Tuesday. Piper Sandler restated an "overweight" rating and issued a $44.00 target price (up previously from $40.00) on shares of Unity Bancorp in a report on Monday, October 14th. Finally, Keefe, Bruyette & Woods reaffirmed an "outperform" rating and issued a $39.00 price target (up previously from $35.00) on shares of Unity Bancorp in a research report on Monday, July 15th.

Unity Bancorp Price Performance

The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 1.04. The business has a 50-day moving average of $33.97 and a 200 day moving average of $30.50. The firm has a market capitalization of $391.32 million, a PE ratio of 10.08 and a beta of 1.01.

Unity Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 20th. Investors of record on Friday, September 6th were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.33%. The ex-dividend date of this dividend was Friday, September 6th. Unity Bancorp's payout ratio is currently 13.37%.

Insider Activity

In other news, SVP James Joseph Donovan sold 750 shares of Unity Bancorp stock in a transaction on Friday, July 26th. The stock was sold at an average price of $34.97, for a total transaction of $26,227.50. Following the sale, the senior vice president now directly owns 166 shares in the company, valued at $5,805.02. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 28.88% of the stock is currently owned by corporate insiders.

Institutional Trading of Unity Bancorp

Institutional investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC grew its holdings in Unity Bancorp by 2,329.8% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,385 shares of the financial services provider's stock valued at $41,000 after buying an additional 1,328 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in Unity Bancorp by 80.3% during the 1st quarter. BNP Paribas Financial Markets now owns 3,389 shares of the financial services provider's stock worth $94,000 after acquiring an additional 1,509 shares during the period. Hillsdale Investment Management Inc. lifted its stake in Unity Bancorp by 46.9% in the 1st quarter. Hillsdale Investment Management Inc. now owns 4,700 shares of the financial services provider's stock worth $130,000 after purchasing an additional 1,500 shares in the last quarter. Ritholtz Wealth Management purchased a new stake in Unity Bancorp in the 2nd quarter worth approximately $202,000. Finally, O Shaughnessy Asset Management LLC boosted its holdings in Unity Bancorp by 75.2% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 16,552 shares of the financial services provider's stock valued at $457,000 after purchasing an additional 7,104 shares during the period. 42.31% of the stock is currently owned by hedge funds and other institutional investors.

Unity Bancorp Company Profile

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.