Key Points
- Unity Bancorp Director Mark Brody sold 1,600 shares on May 27 at an average price of $55.23, totaling $88,368. After the sale, he still owned 113,854 shares, reducing his stake by 1.39%.
- The company recently beat earnings expectations, reporting $1.40 per share versus the $1.37 consensus, with revenue of $33.61 million. Analysts now expect full-year earnings of 5.84 per share.
- Unity Bancorp announced a quarterly dividend of $0.16 per share, payable June 18 to shareholders of record on June 4. That equals an annualized dividend yield of about 1.1%.
Unity Bancorp, Inc. (NASDAQ:UNTY - Get Free Report) Director Mark Brody sold 1,600 shares of the business's stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $55.23, for a total transaction of $88,368.00. Following the completion of the transaction, the director owned 113,854 shares in the company, valued at approximately $6,288,156.42. The trade was a 1.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Unity Bancorp Stock Down 0.7%
UNTY opened at $55.86 on Friday. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.72. The stock has a market cap of $560.83 million, a price-to-earnings ratio of 9.40 and a beta of 0.60. Unity Bancorp, Inc. has a twelve month low of $41.67 and a twelve month high of $57.30. The company's 50-day moving average price is $53.30 and its two-hundred day moving average price is $52.73.
Unity Bancorp (NASDAQ:UNTY - Get Free Report) last released its earnings results on Tuesday, April 14th. The financial services provider reported $1.40 earnings per share for the quarter, beating analysts' consensus estimates of $1.37 by $0.03. The firm had revenue of $33.61 million for the quarter, compared to analysts' expectations of $33.59 million. Unity Bancorp had a net margin of 31.33% and a return on equity of 16.06%. As a group, equities analysts expect that Unity Bancorp, Inc. will post 5.84 earnings per share for the current year.
Unity Bancorp Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, June 18th. Shareholders of record on Thursday, June 4th will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Thursday, June 4th. Unity Bancorp's payout ratio is presently 10.77%.
Analyst Upgrades and Downgrades
A number of research analysts have recently commented on the company. DA Davidson assumed coverage on Unity Bancorp in a research report on Friday, May 15th. They set a "buy" rating and a $68.00 price target on the stock. Weiss Ratings raised Unity Bancorp from a "buy (b)" rating to a "buy (b+)" rating in a research report on Monday, May 4th. Finally, Brean Capital assumed coverage on Unity Bancorp in a research report on Wednesday, April 22nd. They set a "buy" rating and a $61.00 price target on the stock. Five investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock has an average rating of "Buy" and an average price target of $64.75.
Read Our Latest Stock Report on UNTY
Institutional Trading of Unity Bancorp
A number of institutional investors have recently modified their holdings of the business. Alliancebernstein L.P. lifted its stake in shares of Unity Bancorp by 2.4% during the 3rd quarter. Alliancebernstein L.P. now owns 357,310 shares of the financial services provider's stock valued at $17,462,000 after buying an additional 8,520 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Unity Bancorp by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 169,355 shares of the financial services provider's stock valued at $8,761,000 after buying an additional 1,291 shares in the last quarter. Maltese Capital Management LLC lifted its holdings in Unity Bancorp by 2.4% during the 4th quarter. Maltese Capital Management LLC now owns 159,000 shares of the financial services provider's stock worth $8,223,000 after purchasing an additional 3,700 shares in the last quarter. Royce & Associates LP lifted its holdings in Unity Bancorp by 8.0% during the 3rd quarter. Royce & Associates LP now owns 157,496 shares of the financial services provider's stock worth $7,697,000 after purchasing an additional 11,676 shares in the last quarter. Finally, Bridgeway Capital Management LLC lifted its holdings in Unity Bancorp by 6.2% during the 3rd quarter. Bridgeway Capital Management LLC now owns 90,179 shares of the financial services provider's stock worth $4,407,000 after purchasing an additional 5,248 shares in the last quarter. 42.31% of the stock is currently owned by hedge funds and other institutional investors.
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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