Unity Bancorp (NASDAQ:UNTY) Reaches New 52-Week High – Should You Buy?

Unity Bancorp, Inc. (NASDAQ:UNTY)’s share price hit 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 trading hands. The stock had previously closed at $49.92.

Analyst Ratings Changes

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

Unity Bancorp Stock Performance

The firm’s 50 day simple moving average is $45.30 and its 200-day simple moving average is $39.51. The company has a market cap of $506.94 million, a price-to-earnings ratio of 12.48 and a beta of 1.03. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.16 and a current ratio of 1.16.

Unity Bancorp (NASDAQ:UNTY) last announced its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.05. Unity Bancorp had a return on equity of 15.08% and a net margin of 25.24%. On average, sell-side analysts predict that Unity Bancorp, Inc. will post 4.83 EPS for the current year.

Unity Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th were paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 1.02%. The ex-dividend date was Friday, December 13th. Unity Bancorp’s dividend payout ratio (DPR) is presently 12.81%.

Insider Activity

In other Unity Bancorp news, SVP David G. Bove sold 4,167 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $46.78, for a total transaction of $194,932.26. Following the completion of the transaction, the senior vice president now owns 9,837 shares in the company, valued at $460,174.86. The trade was a 29.76 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP James Joseph Donovan sold 1,080 shares of the firm’s stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $48.88, for a total value of $52,790.40. Following the completion of the sale, the senior vice president now owns 4,975 shares in the company, valued at approximately $243,178. This represents a 17.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 15,747 shares of company stock valued at $741,363. 28.88% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Unity Bancorp

Several large investors have recently modified their holdings of the company. Allworth Financial LP acquired a new position in shares of Unity Bancorp in the fourth quarter valued at approximately $67,000. BNP Paribas Financial Markets increased its stake in Unity Bancorp by 84.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 2,464 shares of the financial services provider’s stock valued at $84,000 after buying an additional 1,129 shares during the period. SG Americas Securities LLC purchased a new position in Unity Bancorp during the 4th quarter worth $135,000. Princeton Capital Management LLC purchased a new stake in shares of Unity Bancorp in the third quarter valued at about $208,000. Finally, Los Angeles Capital Management LLC acquired a new position in shares of Unity Bancorp during the fourth quarter worth about $218,000. 42.31% of the stock is owned by institutional investors and hedge funds.

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.