Unity Bancorp (NASDAQ:UNTY) Sees Strong Trading Volume – Here’s Why

Shares of Unity Bancorp, Inc. (NASDAQ:UNTY) saw an uptick in trading volume on Monday . 43,611 shares traded hands during mid-day trading, a decline of 18% from the previous session’s volume of 53,035 shares.The stock last traded at $57.4010 and had previously closed at $57.25.

Analysts Set New Price Targets

UNTY has been the subject of a number of recent analyst reports. DA Davidson reaffirmed a “buy” rating and set a $68.00 target price on shares of Unity Bancorp in a report on Wednesday, July 15th. 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 target on the stock. Piper Sandler raised their price objective on shares of Unity Bancorp from $65.00 to $68.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. Freedom Capital raised shares of Unity Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 16th. Finally, Weiss Ratings raised shares of Unity Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a research note on Monday, May 4th. One analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $65.50.

Unity Bancorp Stock Up 0.2%

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 cap of $574.69 million, a PE ratio of 9.95 and a beta of 0.62. The stock has a 50-day moving average of $55.90 and a 200-day moving average of $54.03.

Unity Bancorp (NASDAQ:UNTY) last posted its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.44 by ($0.02). Unity Bancorp had a net margin of 30.26% and a return on equity of 16.40%. The business had revenue of $34.40 million for the quarter, compared to the consensus estimate of $34.62 million. Sell-side analysts predict that Unity Bancorp, Inc. will post 5.86 earnings per share for the current fiscal year.

Unity Bancorp Dividend Announcement

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

Insider Activity

In other news, Director Mark S. Brody sold 1,600 shares of the business’s stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $55.23, for a total transaction of $88,368.00. Following the completion of the transaction, the director owned 113,854 shares of the company’s stock, valued at approximately $6,288,156.42. The trade was a 1.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 28.87% of the company’s stock.

Institutional Investors Weigh In On Unity Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of UNTY. CWM LLC grew its stake in Unity Bancorp by 38.0% in the 4th quarter. CWM LLC now owns 857 shares of the financial services provider’s stock worth $44,000 after buying an additional 236 shares in the last quarter. Russell Investments Group Ltd. raised its position in shares of Unity Bancorp by 159.1% during the 3rd quarter. Russell Investments Group Ltd. now owns 987 shares of the financial services provider’s stock valued at $48,000 after buying an additional 606 shares in the last quarter. Strs Ohio purchased a new stake in shares of Unity Bancorp during the 1st quarter valued at $49,000. State of Alaska Department of Revenue lifted its holdings in shares of Unity Bancorp by 261.1% during the 4th quarter. State of Alaska Department of Revenue now owns 1,412 shares of the financial services provider’s stock worth $72,000 after acquiring an additional 1,021 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its holdings in shares of Unity Bancorp by 14.8% during the 2nd quarter. BNP Paribas Financial Markets now owns 2,883 shares of the financial services provider’s stock worth $136,000 after acquiring an additional 372 shares during the last quarter. 42.31% of the stock is owned by hedge funds and other institutional investors.

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.