Insider Selling: Unity Bancorp, Inc. (NASDAQ:UNTY) Director Sells 1,600 Shares of Stock

Unity Bancorp, Inc. (NASDAQ:UNTY) Director Mark S. Brody sold 1,600 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $48.32, for a total value of $77,312.00. Following the sale, the director now owns 71,802 shares of the company’s stock, valued at approximately $3,469,472.64. This represents a 2.18 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Unity Bancorp Stock Up 1.9 %

Shares of NASDAQ:UNTY opened at $49.92 on Thursday. The business’s 50 day moving average is $45.22 and its 200 day moving average is $39.43. Unity Bancorp, Inc. has a 12-month low of $25.33 and a 12-month high of $50.36. The stock has a market cap of $498.70 million, a price-to-earnings ratio of 12.30 and a beta of 1.03. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.97.

Unity Bancorp (NASDAQ:UNTY) last posted its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.05. Unity Bancorp had a net margin of 25.24% and a return on equity of 15.08%. On average, sell-side analysts forecast that Unity Bancorp, Inc. will post 4.83 earnings per share for the current fiscal year.

Unity Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were issued a dividend of $0.13 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.52 dividend on an annualized basis and a yield of 1.04%. Unity Bancorp’s dividend payout ratio (DPR) is currently 12.81%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. BNP Paribas Financial Markets grew its position in Unity Bancorp by 84.6% during the third quarter. BNP Paribas Financial Markets now owns 2,464 shares of the financial services provider’s stock valued at $84,000 after buying an additional 1,129 shares during the period. Barclays PLC increased its stake in shares of Unity Bancorp by 93.1% during the 3rd quarter. Barclays PLC now owns 14,197 shares of the financial services provider’s stock worth $484,000 after purchasing an additional 6,846 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Unity Bancorp in the 3rd quarter worth approximately $623,000. JPMorgan Chase & Co. lifted its stake in Unity Bancorp by 79.3% in the third quarter. JPMorgan Chase & Co. now owns 88,231 shares of the financial services provider’s stock valued at $3,005,000 after purchasing an additional 39,033 shares during the last quarter. Finally, Inspire Investing LLC bought a new position in Unity Bancorp during the fourth quarter valued at $845,000. Hedge funds and other institutional investors own 42.31% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. StockNews.com downgraded shares of Unity Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, October 22nd. Piper Sandler reiterated an “overweight” rating and set a $54.00 price objective (up from $53.00) on shares of Unity Bancorp in a report on Thursday, January 16th. Finally, Keefe, Bruyette & Woods restated an “outperform” rating and issued a $55.00 target price (up previously from $51.00) on shares of Unity Bancorp in a report on Thursday, January 16th.

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.