Unity Bancorp (NASDAQ:UNTY) Shares Pass Below 200 Day Moving Average of $27.60

Unity Bancorp, Inc. (NASDAQ:UNTY)’s share price passed below its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $27.60 and traded as low as $26.32. Unity Bancorp shares last traded at $26.33, with a volume of 3,564 shares trading hands.

Analysts Set New Price Targets

Separately, StockNews.com downgraded shares of Unity Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday, May 29th.

Unity Bancorp Trading Down 2.2 %

The firm has a market cap of $258.63 million, a PE ratio of 6.76 and a beta of 1.04. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 1.16. The company’s 50 day moving average price is $27.06 and its two-hundred day moving average price is $27.60.

Unity Bancorp (NASDAQ:UNTY) last announced its earnings results on Friday, April 12th. The financial services provider reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.02. Unity Bancorp had a net margin of 24.92% and a return on equity of 15.23%. The business had revenue of $25.56 million for the quarter, compared to the consensus estimate of $25.15 million. As a group, sell-side analysts forecast that Unity Bancorp, Inc. will post 3.81 EPS for the current year.

Unity Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 21st. Stockholders of record on Friday, June 7th will be paid a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 2.02%. The ex-dividend date is Friday, June 7th. Unity Bancorp’s dividend payout ratio is currently 13.65%.

Insider Activity

In related news, Director Vincent Geraci sold 2,600 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $27.19, for a total value of $70,694.00. Following the transaction, the director now owns 1,043 shares of the company’s stock, valued at approximately $28,359.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 28.88% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. O Shaughnessy Asset Management LLC increased its stake in Unity Bancorp by 75.2% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 16,552 shares of the financial services provider’s stock worth $457,000 after buying an additional 7,104 shares during the period. Hillsdale Investment Management Inc. increased its stake in 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 worth $130,000 after buying an additional 1,500 shares during the period. Vanguard Group Inc. grew its holdings in Unity Bancorp by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 414,036 shares of the financial services provider’s stock worth $11,427,000 after acquiring an additional 3,170 shares in the last quarter. Inspire Investing LLC bought a new position in Unity Bancorp during the 1st quarter worth about $884,000. Finally, Empowered Funds LLC grew its holdings in Unity Bancorp by 7.7% during the 1st quarter. Empowered Funds LLC now owns 29,535 shares of the financial services provider’s stock worth $815,000 after acquiring an additional 2,100 shares in the last quarter. Hedge funds and other institutional investors 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.