Stock News Buzz: Unity Bancorp (NASDAQ:UNTY)

Unity Bancorp (NASDAQ:UNTY) stock observed trading -48.34% off 52-week high price. On the other end, the stock has been noted 45.66% away from low price over the last 52-weeks. The stock disclosed a move of -18.31% away from 50 day moving average and -36.15% away from 200 day moving average. Moving closer, we can see that shares have been trading 9.82% off 20-day moving average. It has market cap of $113.05M and dividend yield of 2.51%.

On April 17, 2020, Unity Bancorp (NASDAQ:UNTY) parent company of Unity Bank, notified net income of $5.4 million, or $0.49 per diluted share, for the quarter ended March 31, 2020, a 6.5% decrease compared to the $5.7 million, or $0.52 per diluted share reported for the prior year’s first quarter, primarily due to an increase of $1.0 million in our provision for loan losses, necessitated by impacts on the loan portfolio caused by COVID-19.

James A. Hughes, President and CEO, commented on the financial results: The COVID-19 pandemic has created turmoil around the globe.  Virtually all businesses have been impacted by the mandated business closures and restrictions.  Thankfully banking is an essential business and we are working very hard helping our customers with emergency funding, loan deferrals and assistance with the Paycheck Protection Program (PPP).  I am optimistic that with the funding of the PPP most businesses will rebound quickly and there will be a speedy recovery.  Nonetheless, there will likely be some level of increased credit losses, so we thought it was prudent to increase our provision for loan losses.  Growth was deliberately slowed in the first quarter as our resources were redirected to help our customers through the COVID-19 crisis.  We expect transitory growth in the second quarter due to the volume of PPP loans, which should leave our balance sheet quickly.  I am optimistic that America will rebound swiftly, and Community Banking will continue to prosper.  It is times like these that small businesses truly see the value in having a relationship with their community banker.  We are here to serve, and to help our small businesses grow.

The USA based company Unity Bancorp moved with change of 8.69% to $12.76 with the total traded volume of 21153 shares in recent session versus to an average volume of 17.89K. The stock was observed in the 5 days activity at -1.01%. The one month performance of stock was 11.34%. UNTY’s shares are at -40.68% for the quarter and driving a -40.62% return over the course of the past year and is now at -43.46% since this point in 2018.  Right now the stock beta is 1.2. The average volatility for the week and month was at 9.02% and 11.65% respectively. There are 8.86M shares outstanding and 7.83M shares are floated in market.

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