Unity Bancorp (NASDAQ:UNTY) Issues Earnings Results

Unity Bancorp (NASDAQ:UNTY) issued its quarterly earnings results on Wednesday. The financial services provider reported $1.13 earnings per share for the quarter, beating 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

NASDAQ:UNTY opened at $45.40 on Thursday. The company has a market capitalization of $453.55 million, a P/E ratio of 11.67 and a beta of 1.03. The business’s 50-day moving average is $44.64 and its 200 day moving average is $37.56. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.97. Unity Bancorp has a 12 month low of $25.33 and a 12 month high of $48.44.

Unity Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were given a dividend of $0.13 per share. The ex-dividend date was Friday, December 13th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.15%. Unity Bancorp’s payout ratio is 13.37%.

Insiders Place Their Bets

In other Unity Bancorp news, Director Peter E. Maricondo sold 2,800 shares of Unity Bancorp stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $44.74, for a total value of $125,272.00. Following the completion of the transaction, the director now directly owns 39,522 shares of the company’s stock, valued at $1,768,214.28. This trade represents a 6.62 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP David G. Bove sold 4,167 shares of the company’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 sale, the senior vice president now owns 9,837 shares in the company, valued at $460,174.86. This represents a 29.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 10,810 shares of company stock valued at $499,642 in the last quarter. 28.88% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on UNTY shares. StockNews.com lowered Unity Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, October 22nd. Keefe, Bruyette & Woods lifted their target price on Unity Bancorp from $43.00 to $51.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Finally, Piper Sandler restated an “overweight” rating and issued a $44.00 price target (up from $40.00) on shares of Unity Bancorp in a research note on Monday, October 14th.

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.