Unity Bancorp, Inc. (NASDAQ:UNTY – Get Free Report)’s share price hit a new 52-week high on Wednesday . The stock traded as high as $57.90 and last traded at $57.70, with a volume of 20512 shares changing hands. The stock had previously closed at $56.55.
Analysts Set New Price Targets
A number of brokerages have recently commented on UNTY. Weiss Ratings raised Unity Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a report on Monday, May 4th. DA Davidson started coverage on shares of Unity Bancorp in a research note on Friday, May 15th. They set a “buy” rating and a $68.00 target price on the stock. Finally, Brean Capital began coverage on shares of Unity Bancorp in a report on Wednesday, April 22nd. They issued a “buy” rating and a $61.00 price objective for the company. Five equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $64.75.
Get Our Latest Stock Analysis on Unity Bancorp
Unity Bancorp Trading Up 2.5%
Unity Bancorp (NASDAQ:UNTY – Get Free Report) last issued its quarterly earnings results on Tuesday, April 14th. The financial services provider reported $1.40 earnings per share for the quarter, beating analysts’ consensus estimates of $1.37 by $0.03. Unity Bancorp had a net margin of 31.33% and a return on equity of 16.06%. The company had revenue of $33.61 million during the quarter, compared to the consensus estimate of $33.59 million. On average, equities analysts anticipate that Unity Bancorp, Inc. will post 5.84 earnings per share for the current fiscal year.
Unity Bancorp Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Investors of record on Thursday, June 4th were issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date was Thursday, June 4th. Unity Bancorp’s dividend payout ratio (DPR) is presently 10.77%.
Insider Buying and Selling at Unity Bancorp
In other news, Director Mary E. Gross sold 2,075 shares of the stock in a transaction on Friday, April 17th. The stock was sold at an average price of $56.01, for a total transaction of $116,220.75. Following the completion of the sale, the director owned 18,479 shares in the company, valued at approximately $1,035,008.79. This represents a 10.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Mark S. Brody sold 1,600 shares of the firm’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $55.23, for a total value of $88,368.00. Following the sale, the director directly owned 113,854 shares of the company’s stock, valued at approximately $6,288,156.42. This represents a 1.39% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 28.87% of the stock is currently owned by corporate insiders.
Institutional Trading of Unity Bancorp
Institutional investors and hedge funds have recently bought and sold shares of the stock. CWM LLC boosted its holdings in shares of Unity Bancorp by 38.0% in the fourth quarter. CWM LLC now owns 857 shares of the financial services provider’s stock worth $44,000 after buying an additional 236 shares during the period. Russell Investments Group Ltd. boosted its stake in Unity Bancorp by 159.1% in the 3rd 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 during the period. Strs Ohio purchased a new position in Unity Bancorp during the 1st quarter worth approximately $49,000. State of Alaska Department of Revenue raised its stake in 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 valued at $72,000 after purchasing an additional 1,021 shares during the period. Finally, BNP Paribas Financial Markets lifted its holdings in shares of Unity Bancorp by 14.8% in the second quarter. BNP Paribas Financial Markets now owns 2,883 shares of the financial services provider’s stock valued at $136,000 after purchasing an additional 372 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 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.
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