Unity Bancorp (NASDAQ:UNTY) Reaches New 52-Week High - What's Next?

Unity Bancorp, Inc. (NASDAQ:UNTY - Get Free Report) shares reached a new 52-week high on Thursday . The stock traded as high as $50.39 and last traded at $50.23, with a volume of 7867 shares. The stock had previously closed at $49.92.

Analyst Ratings Changes

Several research firms have recently commented on UNTY. StockNews.com downgraded shares of Unity Bancorp from a "buy" rating to a "hold" rating in a research report on Tuesday, October 22nd. Piper Sandler reissued an "overweight" rating and set a $54.00 price objective (up from $53.00) on shares of Unity Bancorp in a report on Thursday, January 16th. Finally, Keefe, Bruyette & Woods restated an "outperform" rating and issued a $55.00 target price (up previously from $51.00) on shares of Unity Bancorp in a report on Thursday, January 16th.

Unity Bancorp Price Performance

The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.97. The business's 50-day moving average is $45.49 and its two-hundred day moving average is $39.76. The company has a market capitalization of $493.71 million, a P/E ratio of 12.17 and a beta of 1.03.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last posted its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.05. Unity Bancorp had a return on equity of 15.08% and a net margin of 25.24%. As a group, analysts predict that Unity Bancorp, Inc. will post 4.83 earnings per share for the current year.

Unity Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were given a dividend of $0.13 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.05%. Unity Bancorp's dividend payout ratio is presently 12.81%.

Insider Transactions at Unity Bancorp

In related news, Director Vincent Geraci sold 1,811 shares of the firm's stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $50.82, for a total value of $92,035.02. Following the completion of the transaction, the director now directly owns 8,312 shares of the company's stock, valued at approximately $422,415.84. This trade represents a 17.89 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP James Joseph Donovan sold 1,080 shares of the business's stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $48.88, for a total transaction of $52,790.40. Following the sale, the senior vice president now directly owns 4,975 shares in the company, valued at $243,178. The trade was a 17.84 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 17,558 shares of company stock worth $833,398. 28.88% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC lifted its holdings in shares of Unity Bancorp by 0.3% in the third quarter. Geode Capital Management LLC now owns 152,590 shares of the financial services provider's stock worth $5,198,000 after buying an additional 492 shares in the last quarter. State Street Corp lifted its stake in Unity Bancorp by 0.6% in the 3rd quarter. State Street Corp now owns 94,750 shares of the financial services provider's stock worth $3,227,000 after purchasing an additional 607 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Unity Bancorp by 79.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 88,231 shares of the financial services provider's stock valued at $3,005,000 after purchasing an additional 39,033 shares during the period. Bank of New York Mellon Corp grew its position in shares of Unity Bancorp by 34.0% during the 4th quarter. Bank of New York Mellon Corp now owns 40,102 shares of the financial services provider's stock valued at $1,749,000 after purchasing an additional 10,167 shares in the last quarter. Finally, Empowered Funds LLC increased its holdings in shares of Unity Bancorp by 4.9% in the fourth quarter. Empowered Funds LLC now owns 34,932 shares of the financial services provider's stock worth $1,523,000 after purchasing an additional 1,629 shares during the period. Institutional investors own 42.31% of the company's stock.

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.