Unity Bancorp, Inc. (NASDAQ:UNTY – Get Free Report)’s stock price passed above its 50-day moving average during trading on Monday . The stock has a 50-day moving average of $33.80 and traded as high as $39.60. Unity Bancorp shares last traded at $38.02, with a volume of 99,830 shares trading hands.
Analysts Set New Price Targets
Several brokerages have recently commented on UNTY. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $39.00 price target (up previously from $35.00) on shares of Unity Bancorp in a research note on Monday, July 15th. StockNews.com lowered shares of Unity Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday. Finally, Piper Sandler reissued an “overweight” rating and issued a $44.00 price target (up from $40.00) on shares of Unity Bancorp in a research note on Monday, October 14th.
View Our Latest Report on UNTY
Unity Bancorp Price Performance
Unity Bancorp Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, September 6th were given a dividend of $0.13 per share. The ex-dividend date of this dividend was Friday, September 6th. This represents a $0.52 annualized dividend and a dividend yield of 1.37%. Unity Bancorp’s dividend payout ratio is presently 13.37%.
Insider Activity at Unity Bancorp
In other Unity Bancorp news, SVP James Joseph Donovan sold 750 shares of the firm’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $34.97, for a total value of $26,227.50. Following the completion of the transaction, the senior vice president now owns 166 shares of the company’s stock, valued at $5,805.02. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Company insiders own 28.88% of the company’s stock.
Institutional Investors Weigh In On Unity Bancorp
Hedge funds have recently bought and sold shares of the stock. Dimensional Fund Advisors LP increased its stake in shares of Unity Bancorp by 1.2% during the second quarter. Dimensional Fund Advisors LP now owns 478,877 shares of the financial services provider’s stock worth $14,159,000 after buying an additional 5,449 shares during the period. Vanguard Group Inc. increased its position in shares of Unity Bancorp by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 414,036 shares of the financial services provider’s stock valued at $11,427,000 after purchasing an additional 3,170 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Unity Bancorp by 7.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 35,083 shares of the financial services provider’s stock valued at $1,037,000 after purchasing an additional 2,393 shares in the last quarter. Inspire Investing LLC purchased a new stake in shares of Unity Bancorp during the 1st quarter worth $884,000. Finally, Empowered Funds LLC grew its stake in shares of Unity Bancorp by 7.7% during the first quarter. Empowered Funds LLC now owns 29,535 shares of the financial services provider’s stock worth $815,000 after purchasing an additional 2,100 shares in the last quarter. Institutional investors and hedge funds own 42.31% of the company’s stock.
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.
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