Key Points
- Director Mary Gross sold 2,075 shares on April 17 at an average price of $56.01 for a total of $116,220.75, cutting her stake by 10.10% to 18,479 shares (about $1.035M).
- Unity Bancorp raised its quarterly dividend to $0.16 (annualized $0.64), implying a 1.2% yield and a dividend payout ratio of 10.77%.
- Analysts hold a consensus "Buy" rating with an average price target of $65; the stock trades near its 52-week high ($57.30) and has a market cap of about $545.7M and a P/E of 9.17.
Unity Bancorp, Inc. (NASDAQ:UNTY - Get Free Report) Director Mary Gross sold 2,075 shares of the firm's stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $56.01, for a total transaction of $116,220.75. Following the sale, the director owned 18,479 shares of the company's stock, valued at $1,035,008.79. This trade represents a 10.10% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.
Unity Bancorp Stock Performance
NASDAQ UNTY opened at $54.46 on Tuesday. Unity Bancorp, Inc. has a 52-week low of $40.33 and a 52-week high of $57.30. The company has a 50-day simple moving average of $52.71 and a 200 day simple moving average of $51.62. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.16 and a current ratio of 1.16. The company has a market capitalization of $545.69 million, a PE ratio of 9.17 and a beta of 0.64.
Unity Bancorp Increases Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, March 20th. Shareholders of record on Friday, March 6th were given a $0.16 dividend. This is an increase from Unity Bancorp's previous quarterly dividend of $0.15. This represents a $0.64 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend was Friday, March 6th. Unity Bancorp's dividend payout ratio (DPR) is 10.77%.
Wall Street Analysts Forecast Growth
A number of analysts have issued reports on the company. Piper Sandler raised their target price on Unity Bancorp from $64.00 to $65.00 and gave the stock an "overweight" rating in a research report on Thursday, January 15th. Weiss Ratings reissued a "buy (b)" rating on shares of Unity Bancorp in a research report on Wednesday, January 21st. Finally, Keefe, Bruyette & Woods raised their target price on Unity Bancorp from $60.00 to $65.00 and gave the stock an "outperform" rating in a research report on Wednesday, January 14th. Three equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has an average rating of "Buy" and an average price target of $65.00.
Get Our Latest Report on Unity Bancorp
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently bought and sold shares of the business. CWM LLC boosted its holdings in Unity Bancorp by 38.0% in the 4th quarter. CWM LLC now owns 857 shares of the financial services provider's stock worth $44,000 after buying an additional 236 shares during the period. Gator Capital Management LLC grew its position in shares of Unity Bancorp by 0.8% in the third quarter. Gator Capital Management LLC now owns 33,536 shares of the financial services provider's stock valued at $1,639,000 after purchasing an additional 280 shares in the last quarter. Hsbc Holdings PLC grew its position in shares of Unity Bancorp by 5.1% in the second quarter. Hsbc Holdings PLC now owns 6,056 shares of the financial services provider's stock valued at $287,000 after purchasing an additional 295 shares in the last quarter. BNP Paribas Financial Markets grew its position in shares of Unity Bancorp by 14.8% in the second quarter. BNP Paribas Financial Markets now owns 2,883 shares of the financial services provider's stock valued at $136,000 after purchasing an additional 372 shares in the last quarter. Finally, Rhumbline Advisers grew its position in shares of Unity Bancorp by 3.7% in the second quarter. Rhumbline Advisers now owns 10,805 shares of the financial services provider's stock valued at $509,000 after purchasing an additional 385 shares in the last quarter. 42.31% of the stock is owned by institutional investors.
About Unity Bancorp
(
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.
Further Reading
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