Key Points
- Unity Bancorp director Peter Maricondo sold 470 shares at an average price of $56.25, generating $26,437.50 and reducing his ownership by 0.93%.
- The company reported quarterly EPS of $1.51, beating estimates by $0.02, while revenue of $36.65 million also exceeded expectations.
- Unity Bancorp raised its quarterly dividend from $0.16 to $0.17 per share, and analysts maintain a consensus “Buy” rating with a $65.50 target price.
Unity Bancorp, Inc. (NASDAQ:UNTY - Get Free Report) Director Peter Maricondo sold 470 shares of Unity Bancorp stock in a transaction dated Tuesday, October 20th. The shares were sold at an average price of $56.25, for a total value of $26,437.50. Following the completion of the sale, the director owned 49,943 shares of the company's stock, valued at $2,809,293.75. The trade was a 0.93% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Unity Bancorp Stock Up 2.7%
NASDAQ:UNTY opened at $58.11 on Friday. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.17 and a quick ratio of 1.17. Unity Bancorp, Inc. has a 1-year low of $44.34 and a 1-year high of $62.50. The company has a 50-day moving average of $57.57 and a 200 day moving average of $56.52. The firm has a market cap of $583.42 million, a PE ratio of 9.86 and a beta of 0.65.
Unity Bancorp (NASDAQ:UNTY - Get Free Report) last posted its earnings results on Tuesday, October 13th. The financial services provider reported $1.51 EPS for the quarter, beating analysts' consensus estimates of $1.49 by $0.02. The business had revenue of $36.65 million for the quarter, compared to the consensus estimate of $35.63 million. Unity Bancorp had a net margin of 31.00% and a return on equity of 16.34%. As a group, research analysts anticipate that Unity Bancorp, Inc. will post 5.93 EPS for the current fiscal year.
Unity Bancorp Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 17th. Stockholders of record on Thursday, September 3rd were given a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Thursday, September 3rd. This is a boost from Unity Bancorp's previous quarterly dividend of $0.16. Unity Bancorp's dividend payout ratio is currently 11.26%.
Analyst Upgrades and Downgrades
UNTY has been the topic of a number of recent research reports. Freedom Capital upgraded shares of Unity Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 16th. Weiss Ratings raised shares of Unity Bancorp from a "buy (b+)" rating to a "buy (a-)" rating in a report on Monday. Piper Sandler boosted their price objective on shares of Unity Bancorp from $65.00 to $68.00 and gave the stock an "overweight" rating in a research note on Friday, June 26th. Finally, DA Davidson reissued a "buy" rating and issued a $68.00 price objective on shares of Unity Bancorp in a research note on Tuesday, October 13th. Two analysts have rated the stock with a Strong Buy rating and four have given a Buy rating to the company. Based on data from MarketBeat, Unity Bancorp currently has an average rating of "Buy" and a consensus target price of $65.50.
View Our Latest Stock Analysis on UNTY
Institutional Investors Weigh In On Unity Bancorp
Hedge funds have recently made changes to their positions in the stock. Inspire Investing LLC boosted its position in Unity Bancorp by 1.6% during the third quarter. Inspire Investing LLC now owns 11,774 shares of the financial services provider's stock valued at $638,000 after purchasing an additional 180 shares in the last quarter. Hsbc Holdings PLC grew its stake in Unity Bancorp by 22.0% in the second quarter. Hsbc Holdings PLC now owns 8,676 shares of the financial services provider's stock valued at $509,000 after purchasing an additional 1,563 shares during the last quarter. Empowered Funds LLC bought a new position in Unity Bancorp in the second quarter worth about $1,517,000. Public Employees Retirement System of Ohio bought a new position in Unity Bancorp in the second quarter worth about $199,000. Finally, Bank of America Corp DE bought a new position in Unity Bancorp in the second quarter worth about $1,240,000. 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 the bank holding company for Unity Bank, a community-focused financial institution headquartered in Clinton, New Jersey. The bank provides banking and financial services to individuals, families, businesses and nonprofit organizations through locations primarily serving central New Jersey.
Unity Bank offers a range of deposit products, including checking, savings, money market and certificate of deposit accounts, as well as consumer, residential mortgage and commercial lending.
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