Key Points
- Unity Bancorp President George Boyan sold 6,504 shares for $384,776.64 at an average price of $59.16, reducing his direct ownership by 20.64% to 25,015 shares. He also sold 845 shares the previous day.
- Unity Bancorp’s latest quarterly results fell slightly short of expectations, with $1.42 in earnings per share versus the $1.44 consensus and revenue of $33.75 million versus $34.62 million expected.
- The company increased its quarterly dividend to $0.17 per share, equivalent to a 1.1% yield, while analysts maintained a consensus “Buy” rating with an average price target of $65.50.
Unity Bancorp, Inc. (NASDAQ:UNTY - Get Free Report) President George Boyan sold 845 shares of the firm's stock in a transaction dated Wednesday, September 2nd. The shares were sold at an average price of $59.11, for a total value of $49,947.95. Following the sale, the president owned 31,519 shares in the company, valued at approximately $1,863,088.09. The trade was a 2.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.
George Boyan also recently made the following trade(s):
- On Thursday, September 3rd, George Boyan sold 6,504 shares of Unity Bancorp stock. The stock was sold at an average price of $59.16, for a total value of $384,776.64.
Unity Bancorp Stock Up 1.8%
NASDAQ UNTY opened at $59.96 on Friday. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.88. Unity Bancorp, Inc. has a fifty-two week low of $44.34 and a fifty-two week high of $62.50. The business has a 50 day moving average price of $58.62 and a two-hundred day moving average price of $55.30. The stock has a market cap of $602.00 million, a PE ratio of 10.43 and a beta of 0.61.
Unity Bancorp (NASDAQ:UNTY - Get Free Report) last posted its earnings results on Tuesday, July 14th. The financial services provider reported $1.42 EPS for the quarter, missing analysts' consensus estimates of $1.44 by ($0.02). The firm had revenue of $33.75 million for the quarter, compared to analyst estimates of $34.62 million. Unity Bancorp had a return on equity of 16.10% and a net margin of 30.26%. As a group, sell-side analysts predict that Unity Bancorp, Inc. will post 5.86 EPS for the current fiscal year.
Unity Bancorp Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 17th. Shareholders of record on Thursday, September 3rd will be given a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Thursday, September 3rd. This is an increase from Unity Bancorp's previous quarterly dividend of $0.16. Unity Bancorp's dividend payout ratio is currently 11.83%.
Institutional Inflows and Outflows
A number of large investors have recently bought and sold shares of the company. BlackRock Inc. bought a new stake in shares of Unity Bancorp in the 2nd quarter valued at approximately $32,299,000. Alliancebernstein L.P. increased its stake in Unity Bancorp by 2.4% during the third quarter. Alliancebernstein L.P. now owns 357,310 shares of the financial services provider's stock valued at $17,462,000 after purchasing an additional 8,520 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Unity Bancorp by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 169,355 shares of the financial services provider's stock worth $8,761,000 after purchasing an additional 1,291 shares during the period. Maltese Capital Management LLC lifted its position in shares of Unity Bancorp by 2.4% in the 4th quarter. Maltese Capital Management LLC now owns 159,000 shares of the financial services provider's stock worth $8,223,000 after buying an additional 3,700 shares during the last quarter. Finally, Bridgeway Capital Management LLC boosted its holdings in shares of Unity Bancorp by 6.2% in the 3rd quarter. Bridgeway Capital Management LLC now owns 90,179 shares of the financial services provider's stock valued at $4,407,000 after buying an additional 5,248 shares during the period. Institutional investors own 42.31% of the company's stock.
Analysts Set New Price Targets
A number of brokerages recently commented on UNTY. Piper Sandler increased their price target on Unity Bancorp from $65.00 to $68.00 and gave the company an "overweight" rating in a report on Friday, June 26th. Weiss Ratings reaffirmed a "buy (b+)" rating on shares of Unity Bancorp in a research report on Friday, July 31st. Freedom Capital upgraded Unity Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 16th. Finally, DA Davidson restated a "buy" rating and issued a $68.00 price target on shares of Unity Bancorp in a research note on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $65.50.
Read Our Latest Report on Unity Bancorp
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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