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

Unity Bancorp, Inc. (NASDAQ:UNTY)’s stock price crossed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $48.00 and traded as low as $47.50. Unity Bancorp shares last traded at $48.31, with a volume of 47,305 shares changing hands.

Analyst Ratings Changes

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

Unity Bancorp Stock Up 0.5%

The firm’s 50 day simple moving average is $49.00 and its 200 day simple moving average is $48.00. The company has a market cap of $484.69 million, a price-to-earnings ratio of 9.15 and a beta of 0.78. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 1.21.

Unity Bancorp (NASDAQ:UNTY) last issued its quarterly earnings data on Tuesday, October 14th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.28 by $0.05. Unity Bancorp had a return on equity of 15.94% and a net margin of 29.85%.The business had revenue of $32.35 million during the quarter, compared to the consensus estimate of $31.35 million. 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. Stockholders of record on Friday, September 5th were issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.2%. This is a positive change from Unity Bancorp’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend was Friday, September 5th. Unity Bancorp’s dividend payout ratio is 11.36%.

Institutional Investors Weigh In On Unity Bancorp

Several institutional investors have recently bought and sold shares of UNTY. Arrowstreet Capital Limited Partnership increased its stake in Unity Bancorp by 53.2% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 27,050 shares of the financial services provider’s stock valued at $1,322,000 after buying an additional 9,397 shares during the period. Gator Capital Management LLC boosted its holdings in shares of Unity Bancorp by 0.8% in the third quarter. Gator Capital Management LLC now owns 33,536 shares of the financial services provider’s stock valued at $1,639,000 after acquiring an additional 280 shares in the last quarter. UBS Group AG increased its stake in shares of Unity Bancorp by 159.9% during the third quarter. UBS Group AG now owns 24,673 shares of the financial services provider’s stock valued at $1,206,000 after acquiring an additional 15,179 shares during the period. BNP Paribas Financial Markets raised its holdings in Unity Bancorp by 191.1% during the third quarter. BNP Paribas Financial Markets now owns 8,391 shares of the financial services provider’s stock worth $410,000 after purchasing an additional 5,508 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in Unity Bancorp by 159.1% during the third quarter. Russell Investments Group Ltd. now owns 987 shares of the financial services provider’s stock worth $48,000 after purchasing an additional 606 shares in the last quarter. Institutional investors and hedge funds own 42.31% of the company’s stock.

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.