George Boyan Sells 845 Shares of Unity Bancorp (NASDAQ:UNTY) Stock

Unity Bancorp, Inc. (NASDAQ:UNTY – Get Free Report) President George Boyan sold 845 shares of Unity Bancorp stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $59.11, for a total transaction of $49,947.95. Following the sale, the president directly owned 31,519 shares of the company’s stock, valued at $1,863,088.09. This represents a 2.61% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink.

George Boyan also recently made the following trade(s):

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• On Thursday, September 3rd, George Boyan sold 6,504 shares of Unity Bancorp stock. The stock was sold at an average price of $59.16, for a total value of $384,776.64.

Unity Bancorp Trading Up 1.8%

UNTY opened at $59.96 on Friday. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.88. The stock’s fifty day moving average is $58.62 and its two-hundred day moving average is $55.30. The company has a market capitalization of $602.18 million, a P/E ratio of 10.43 and a beta of 0.61. Unity Bancorp, Inc. has a 52 week low of $44.34 and a 52 week high of $62.50.

Unity Bancorp (NASDAQ:UNTY – Get Free Report) last issued its earnings results on Tuesday, July 14th. The financial services provider reported $1.42 earnings per share for the quarter, missing the consensus estimate of $1.44 by ($0.02). Unity Bancorp had a return on equity of 16.10% and a net margin of 30.26%.The firm had revenue of $33.75 million during the quarter, compared to analysts’ expectations of $34.62 million. Analysts forecast that Unity Bancorp, Inc. will post 5.86 earnings per share for the current year.

Unity Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 17th. Investors of record on Thursday, September 3rd will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 1.1%. This is a boost from Unity Bancorp’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Thursday, September 3rd. Unity Bancorp’s payout ratio is currently 11.83%.

Hedge Funds Weigh In On Unity Bancorp

Several hedge funds have recently modified their holdings of UNTY. Legal & General Group Plc acquired a new stake in Unity Bancorp in the 2nd quarter worth approximately $44,000. CWM LLC increased its stake in Unity Bancorp by 38.0% during the 4th quarter. CWM LLC now owns 857 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 236 shares in the last quarter. Russell Investments Group Ltd. increased its stake in Unity Bancorp by 159.1% during the 3rd quarter. Russell Investments Group Ltd. now owns 987 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 606 shares in the last quarter. Strs Ohio purchased a new position in shares of Unity Bancorp in the first quarter worth $49,000. Finally, Allworth Financial LP purchased a new position in shares of Unity Bancorp in the second quarter worth $92,000. Institutional investors and hedge funds own 42.31% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on UNTY. Piper Sandler upped their price target on shares of Unity Bancorp from $65.00 to $68.00 and gave the stock an “overweight” rating in a research report on Friday, June 26th. Freedom Capital raised shares of Unity Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 16th. Weiss Ratings reissued a “buy (b+)” rating on shares of Unity Bancorp in a research note on Friday, July 31st. Finally, DA Davidson reiterated a “buy” rating and issued a $68.00 target price on shares of Unity Bancorp in a research note on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $65.50.

View Our Latest Analysis on UNTY

Unity Bancorp Company Profile

(Get Free Report)

Unity Bancorp, Inc is a bank holding company headquartered in Morrisville, Pennsylvania, trading on the NASDAQ under the ticker UNTY. Through its primary subsidiary, Unity Bank, the company delivers a comprehensive suite of commercial and retail banking services to individuals, businesses and municipal clients in its regional markets.

Founded in 1906, Unity Bank maintains a network of conveniently located branches across Bucks County and adjacent areas of southeastern Pennsylvania. The company’s deposit portfolio includes checking and savings accounts, money market accounts and certificates of deposit, while its loan offerings encompass commercial real estate, construction and land development, agricultural and consumer lending solutions.

Beyond traditional deposit and lending activities, Unity Bancorp provides cash management and merchant services, as well as internet and mobile banking platforms designed to streamline day-to-day financial operations.

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