Unity Bancorp (NASDAQ:UNTY) Issues Earnings Results

Unity Bancorp (NASDAQ:UNTY) issued its quarterly earnings data on Wednesday. The financial services provider reported $1.13 EPS for the quarter, topping the consensus estimate of $1.08 by $0.05, Zacks reports. Unity Bancorp had a net margin of 24.46% and a return on equity of 14.63%.

Unity Bancorp Price Performance

Shares of UNTY opened at $46.25 on Friday. Unity Bancorp has a fifty-two week low of $25.33 and a fifty-two week high of $48.44. The firm’s 50-day simple moving average is $44.63 and its two-hundred day simple moving average is $37.61. The stock has a market cap of $462.04 million, a PE ratio of 11.89 and a beta of 1.03. 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 Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 1.12%. The ex-dividend date was Friday, December 13th. Unity Bancorp’s payout ratio is currently 13.37%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $55.00 price target (up previously from $51.00) on shares of Unity Bancorp in a research report on Thursday. Piper Sandler reiterated an “overweight” rating and set a $54.00 target price (up previously from $53.00) on shares of Unity Bancorp in a report on Thursday. Finally, StockNews.com cut Unity Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, October 22nd.

Insider Activity

In other Unity Bancorp news, SVP David G. Bove sold 4,167 shares of the firm’s stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $46.78, for a total transaction of $194,932.26. Following the completion of the sale, the senior vice president now directly owns 9,837 shares in the company, valued at approximately $460,174.86. This trade represents a 29.76 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Mark S. Brody sold 2,800 shares of Unity Bancorp stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $47.33, for a total transaction of $132,524.00. Following the completion of the transaction, the director now directly owns 70,002 shares of the company’s stock, valued at $3,313,194.66. This trade represents a 3.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 10,810 shares of company stock worth $499,642. Insiders own 28.88% 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.