Unity Bancorp, Inc. (NASDAQ:UNTY – Get Free Report) Director Peter Maricondo sold 470 shares of the company’s stock in a transaction that occurred on Tuesday, October 20th. The shares were sold at an average price of $56.25, for a total transaction of $26,437.50. Following the transaction, the director owned 49,943 shares in the company, valued at $2,809,293.75. The trade was a 0.93% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website.
Unity Bancorp Trading Up 0.1%
NASDAQ UNTY opened at $58.14 on Friday. The company has a fifty day simple moving average of $57.50 and a two-hundred day simple moving average of $56.54. The stock has a market cap of $583.73 million, a P/E ratio of 9.63 and a beta of 0.65. Unity Bancorp, Inc. has a 12-month low of $44.34 and a 12-month high of $62.50. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.88.
Unity Bancorp (NASDAQ:UNTY – Get Free Report) last announced its quarterly earnings data on Tuesday, October 13th. The financial services provider reported $1.51 earnings per share for the quarter, beating analysts’ consensus estimates of $1.49 by $0.02. The firm had revenue of $36.65 million for the quarter, compared to analyst estimates of $35.63 million. Unity Bancorp had a net margin of 31.00% and a return on equity of 16.34%. On average, analysts forecast that Unity Bancorp, Inc. will post 5.93 earnings per share for the current year.
Unity Bancorp Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 17th. Stockholders of record on Thursday, September 3rd were paid a $0.17 dividend. The ex-dividend date was Thursday, September 3rd. This is a positive change from Unity Bancorp’s previous quarterly dividend of $0.16. This represents a $0.68 annualized dividend and a dividend yield of 1.2%. Unity Bancorp’s dividend payout ratio (DPR) is 11.26%.
Institutional Investors Weigh In On Unity Bancorp
Several hedge funds have recently added to or reduced their stakes in UNTY. Inspire Investing LLC boosted its stake in shares of Unity Bancorp by 1.6% in the third quarter. Inspire Investing LLC now owns 11,774 shares of the financial services provider’s stock worth $638,000 after buying an additional 180 shares during the last quarter. Hsbc Holdings PLC raised its position in Unity Bancorp by 22.0% during the second quarter. Hsbc Holdings PLC now owns 8,676 shares of the financial services provider’s stock valued at $509,000 after acquiring an additional 1,563 shares in the last quarter. Empowered Funds LLC acquired a new position in Unity Bancorp in the second quarter valued at approximately $1,517,000. Public Employees Retirement System of Ohio acquired a new position in Unity Bancorp in the second quarter valued at approximately $199,000. Finally, Bank of America Corp DE acquired a new position in Unity Bancorp in the second quarter valued at approximately $1,240,000. 42.31% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of equities research analysts recently commented on the company. Weiss Ratings raised Unity Bancorp from a “buy (b+)” rating to a “buy (a-)” rating in a report on Monday. Piper Sandler increased their price target on shares of Unity Bancorp from $65.00 to $68.00 and gave the stock an “overweight” rating in a report on Friday, June 26th. DA Davidson reissued a “buy” rating and set a $68.00 price target on shares of Unity Bancorp in a research report on Tuesday, October 13th. Finally, Freedom Capital raised shares of Unity Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 16th. Two equities research analysts have rated the stock with a Strong Buy rating and four have given a Buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $65.50.
Get Our Latest Report on Unity Bancorp
About Unity Bancorp
Unity Bancorp, Inc is the bank holding company for Unity Bank, a community-focused financial institution headquartered in Clinton, New Jersey. The bank provides banking and financial services to individuals, families, businesses and nonprofit organizations through locations primarily serving central New Jersey.
Unity Bank offers a range of deposit products, including checking, savings, money market and certificate of deposit accounts, as well as consumer, residential mortgage and commercial lending.
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