Unity Bancorp (NASDAQ:UNTY) Issues Earnings Results

Unity Bancorp (NASDAQ:UNTY) released its quarterly earnings results on Friday. The financial services provider reported $1.13 EPS for the quarter, topping the consensus estimate of $1.12 by $0.01, Zacks reports. Unity Bancorp had a return on equity of 15.08% and a net margin of 25.24%.

Unity Bancorp Trading Down 4.1 %

UNTY opened at $39.53 on Friday. The business has a fifty day moving average price of $44.21 and a 200 day moving average price of $43.09. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.16 and a quick ratio of 1.16. Unity Bancorp has a 12 month low of $25.60 and a 12 month high of $51.22. The stock has a market capitalization of $397.59 million, a price-to-earnings ratio of 9.74 and a beta of 0.80.

Unity Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were paid a $0.14 dividend. This is a boost from Unity Bancorp’s previous quarterly dividend of $0.13. This represents a $0.56 annualized dividend and a dividend yield of 1.42%. The ex-dividend date of this dividend was Friday, March 14th. Unity Bancorp’s dividend payout ratio (DPR) is presently 13.79%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Piper Sandler reissued an “overweight” rating and set a $54.00 target price (up previously from $53.00) on shares of Unity Bancorp in a research note on Thursday, January 16th. Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $55.00 price objective (up previously from $51.00) on shares of Unity Bancorp in a research note on Thursday, January 16th.

Insider Activity

In other news, SVP James Joseph Donovan sold 1,080 shares of the business’s stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $48.88, for a total transaction of $52,790.40. Following the completion of the sale, the senior vice president now owns 4,975 shares in the company, valued at approximately $243,178. The trade was a 17.84 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Mark S. Brody sold 1,600 shares of the company’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $48.32, for a total transaction of $77,312.00. Following the completion of the transaction, the director now owns 71,802 shares of the company’s stock, valued at approximately $3,469,472.64. The trade was a 2.18 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 7,791 shares of company stock worth $380,669. 29.68% of the stock is currently owned by company insiders.

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.