Unity Bancorp, Inc. (NASDAQ:UNTY – Get Rating) shares passed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $27.91 and traded as low as $25.85. Unity Bancorp shares last traded at $26.09, with a volume of 12,748 shares.
Wall Street Analysts Forecast Growth
Separately, StockNews.com raised shares of Unity Bancorp from a “hold” rating to a “buy” rating in a research note on Friday, August 12th.
Unity Bancorp Price Performance
The business’s 50-day simple moving average is $27.79 and its 200 day simple moving average is $27.91. The company has a market capitalization of $274.18 million, a P/E ratio of 7.35 and a beta of 1.03. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.79.
Unity Bancorp (NASDAQ:UNTY – Get Rating) last posted its earnings results on Thursday, July 14th. The financial services provider reported $0.88 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.01). Unity Bancorp had a net margin of 38.44% and a return on equity of 18.01%. The business had revenue of $24.51 million during the quarter, compared to analyst estimates of $23.79 million. As a group, sell-side analysts anticipate that Unity Bancorp, Inc. will post 3.69 EPS for the current year.
Unity Bancorp Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 23rd. Shareholders of record on Friday, September 9th will be given a dividend of $0.11 per share. The ex-dividend date is Thursday, September 8th. This represents a $0.44 dividend on an annualized basis and a yield of 1.69%. Unity Bancorp’s payout ratio is presently 12.39%.
Hedge Funds Weigh In On Unity Bancorp
Several hedge funds have recently made changes to their positions in the business. 683 Capital Management LLC bought a new position in Unity Bancorp in the fourth quarter valued at about $420,000. River Oaks Capital LLC lifted its position in shares of Unity Bancorp by 106.3% during the 1st quarter. River Oaks Capital LLC now owns 70,500 shares of the financial services provider’s stock valued at $1,973,000 after buying an additional 36,330 shares during the last quarter. Hillsdale Investment Management Inc. lifted its position in shares of Unity Bancorp by 14.3% during the 1st quarter. Hillsdale Investment Management Inc. now owns 3,200 shares of the financial services provider’s stock valued at $90,000 after buying an additional 400 shares during the last quarter. Royce & Associates LP lifted its holdings in Unity Bancorp by 4.1% during the 1st quarter. Royce & Associates LP now owns 140,967 shares of the financial services provider’s stock worth $3,944,000 after purchasing an additional 5,561 shares in the last quarter. Finally, Qube Research & Technologies Ltd purchased a new stake in shares of Unity Bancorp in the 1st quarter valued at about $238,000. 50.16% of the stock is owned by institutional investors.
About Unity Bancorp
Unity Bancorp, Inc operates as the holding company for Unity Bank that provides commercial and retail banking products and services to individuals, small and medium sized businesses, and professional communities. The company offers personal and business checking accounts, time deposits, money market accounts, and regular savings accounts, as well as noninterest and interest-bearing demand deposits.
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