Unity Bancorp (NASDAQ:UNTY) Stock Price Passes Above 50 Day Moving Average – Here’s Why

Unity Bancorp, Inc. (NASDAQ:UNTY) 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.

Analysts Set New Price Targets

A number of brokerages recently issued reports on UNTY. StockNews.com downgraded Unity Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday. Piper Sandler reiterated an “overweight” rating and set a $44.00 price target (up from $40.00) on shares of Unity Bancorp in a research note on Monday, October 14th. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $39.00 price target (up from $35.00) on shares of Unity Bancorp in a research report on Monday, July 15th.

Unity Bancorp Stock Performance

The company has a market cap of $379.44 million, a price-to-earnings ratio of 9.77 and a beta of 1.01. The firm has a 50-day simple moving average of $33.80 and a 200 day simple moving average of $30.41. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 1.04.

Unity Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, September 6th were issued a $0.13 dividend. The ex-dividend date of this dividend was Friday, September 6th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.37%. Unity Bancorp’s payout ratio is 13.37%.

Insider Buying and Selling

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

Institutional Inflows and Outflows

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