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

Unity Bancorp, Inc. (NASDAQ:UNTY) crossed 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 trading hands.

Analyst Ratings Changes

A number of research firms recently commented on UNTY. Piper Sandler reiterated an “overweight” rating and set a $44.00 price objective (up previously from $40.00) on shares of Unity Bancorp in a research report on Monday, October 14th. StockNews.com lowered Unity Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, October 22nd.

Unity Bancorp Stock Down 0.7 %

The company has a market capitalization of $452.95 million, a PE ratio of 11.66 and a beta of 0.99. 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’s 50 day moving average is $37.04 and its two-hundred day moving average is $32.24.

Unity Bancorp (NASDAQ:UNTY) last issued its earnings results on Friday, October 11th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.10. Unity Bancorp had a return on equity of 14.86% and a net margin of 24.46%. The firm had revenue of $27.66 million for the quarter, compared to analysts’ expectations of $26.40 million. On average, analysts anticipate that Unity Bancorp, Inc. will post 4.01 earnings per share for the current year.

Insider Activity at Unity Bancorp

In related 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 value of $46,914.14. Following the completion of the transaction, the director now owns 8,250 shares in the company, valued at approximately $371,085. This trade represents a 11.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 28.88% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Unity Bancorp

Several institutional investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC lifted its position in Unity Bancorp by 2,329.8% in the second quarter. Allspring Global Investments Holdings LLC now owns 1,385 shares of the financial services provider’s stock worth $41,000 after buying an additional 1,328 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of 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 worth $84,000 after acquiring an additional 1,129 shares during the last quarter. Hillsdale Investment Management Inc. boosted its stake in shares of Unity Bancorp by 46.9% during the 1st quarter. Hillsdale Investment Management Inc. now owns 4,700 shares of the financial services provider’s stock worth $130,000 after purchasing an additional 1,500 shares during the period. Princeton Capital Management LLC bought a new position in Unity Bancorp during the 3rd quarter valued at about $208,000. Finally, Ritholtz Wealth Management purchased a new stake in Unity Bancorp in the 2nd quarter worth about $202,000. 42.31% of the stock is owned by institutional investors.

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.