David G. Bove Sells 4,167 Shares of Unity Bancorp, Inc. (NASDAQ:UNTY) Stock

Unity Bancorp, Inc. (NASDAQ:UNTY) SVP David G. Bove sold 4,167 shares of the firm’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $46.78, for a total transaction of $194,932.26. Following the completion of the transaction, the senior vice president now directly owns 9,837 shares in the company, valued at $460,174.86. This trade represents a 29.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Unity Bancorp Stock Down 2.8 %

UNTY stock opened at $46.16 on Wednesday. Unity Bancorp, Inc. has a one year low of $25.33 and a one year high of $48.44. The firm has a market cap of $460.95 million, a PE ratio of 11.87 and a beta of 1.03. The firm’s 50 day moving average price is $42.80 and its 200-day moving average price is $35.28. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.16 and a current ratio of 1.16.

Unity Bancorp (NASDAQ:UNTY) last posted its earnings results on Friday, October 11th. The financial services provider reported $1.07 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.10. The company had revenue of $27.66 million for the quarter, compared to the consensus estimate of $26.40 million. Unity Bancorp had a return on equity of 14.63% and a net margin of 24.46%. On average, equities research analysts anticipate that Unity Bancorp, Inc. will post 4.01 EPS for the current year.

Unity Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be given a $0.13 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.52 dividend on an annualized basis and a yield of 1.13%. Unity Bancorp’s payout ratio is currently 13.37%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC lifted its holdings in shares of Unity Bancorp by 2,329.8% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,385 shares of the financial services provider’s stock worth $41,000 after acquiring an additional 1,328 shares during the last quarter. BNP Paribas Financial Markets raised its position in Unity Bancorp by 84.6% in the third quarter. BNP Paribas Financial Markets now owns 2,464 shares of the financial services provider’s stock valued at $84,000 after purchasing an additional 1,129 shares during the period. Ritholtz Wealth Management acquired a new position in Unity Bancorp during the second quarter worth $202,000. Princeton Capital Management LLC purchased a new position in shares of Unity Bancorp during the third quarter worth $208,000. Finally, Barclays PLC boosted its position in shares of Unity Bancorp by 93.1% during the third quarter. Barclays PLC now owns 14,197 shares of the financial services provider’s stock worth $484,000 after buying an additional 6,846 shares during the period. Hedge funds and other institutional investors own 42.31% of the company’s stock.

Wall Street Analyst Weigh In

UNTY has been the topic of a number of analyst reports. StockNews.com downgraded Unity Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, October 22nd. Piper Sandler reiterated an “overweight” rating and set a $44.00 price target (up previously from $40.00) on shares of Unity Bancorp in a report on Monday, October 14th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of Unity Bancorp from $43.00 to $51.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th.

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.