Unity Bancorp (NASDAQ:UNTY) Shares Pass Above Fifty Day Moving Average – What’s Next?

Unity Bancorp, Inc. (NASDAQ:UNTY)’s stock price passed above its 50 day moving average during trading on Friday . The stock has a 50 day moving average of $37.04 and traded as high as $46.00. Unity Bancorp shares last traded at $45.34, with a volume of 31,747 shares.

Analyst Ratings Changes

A number of equities research analysts have weighed in on UNTY shares. StockNews.com lowered Unity Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, October 22nd. Piper Sandler restated an “overweight” rating and issued a $44.00 price objective (up from $40.00) on shares of Unity Bancorp in a report on Monday, October 14th.

Unity Bancorp Stock Down 0.7 %

The business’s 50 day moving average is $37.04 and its 200 day moving average is $32.24. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 1.04. The company has a market cap of $452.95 million, a P/E ratio of 11.66 and a beta of 0.99.

Unity Bancorp (NASDAQ:UNTY) last issued its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.97 by $0.10. The company had revenue of $27.66 million for the quarter, compared to the consensus estimate of $26.40 million. Unity Bancorp had a return on equity of 14.86% and a net margin of 24.46%. As a group, equities analysts anticipate that Unity Bancorp, Inc. will post 4.01 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Unity Bancorp news, Director Vincent Geraci sold 1,043 shares of Unity Bancorp stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $44.98, for a total transaction of $46,914.14. Following the completion of the sale, the director now owns 8,250 shares of the company’s stock, valued at approximately $371,085. The trade was a 11.22 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 28.88% of the company’s stock.

Institutional Trading of Unity Bancorp

Institutional investors and hedge funds have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC raised its stake in shares of Unity Bancorp by 2,329.8% during 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 increased its holdings in shares of Unity Bancorp by 84.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 2,464 shares of the financial services provider’s stock valued at $84,000 after purchasing an additional 1,129 shares in the last quarter. Hillsdale Investment Management Inc. lifted its stake in shares of Unity Bancorp by 46.9% in the 1st 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 during the second quarter worth $202,000. Finally, Princeton Capital Management LLC purchased a new stake in Unity Bancorp during the third quarter worth $208,000. 42.31% of the stock is currently owned by institutional investors and hedge funds.

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.