Unity Bancorp (NASDAQ:UNTY) Issues Quarterly Earnings Results

Unity Bancorp (NASDAQ:UNTY) issued its quarterly earnings data on Friday. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.01, Zacks reports. Unity Bancorp had a return on equity of 15.08% and a net margin of 25.24%.

Unity Bancorp Stock Performance

NASDAQ UNTY opened at $39.53 on Friday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.16 and a current ratio of 1.16. The stock’s fifty day moving average is $44.21 and its two-hundred day moving average is $43.09. The firm has a market capitalization of $397.59 million, a P/E ratio of 9.74 and a beta of 0.80. Unity Bancorp has a fifty-two week low of $25.60 and a fifty-two week high of $51.22.

Unity Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were issued a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 1.42%. The ex-dividend date of this dividend was Friday, March 14th. This is a boost from Unity Bancorp’s previous quarterly dividend of $0.13. Unity Bancorp’s dividend payout ratio (DPR) is currently 13.79%.

Analyst Ratings Changes

Several research firms have recently weighed in on UNTY. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $55.00 target price (up from $51.00) on shares of Unity Bancorp in a report on Thursday, January 16th. Piper Sandler reissued an “overweight” rating and issued a $54.00 price objective (up from $53.00) on shares of Unity Bancorp in a research note on Thursday, January 16th.

Insiders Place Their Bets

In other Unity Bancorp news, Director Vincent Geraci sold 1,811 shares of the firm’s stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $50.82, for a total transaction of $92,035.02. Following the completion of the sale, the director now owns 8,312 shares of the company’s stock, valued at $422,415.84. This trade represents a 17.89 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mary E. Gross sold 3,300 shares of the firm’s stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $48.04, for a total value of $158,532.00. Following the sale, the director now directly owns 18,479 shares of the company’s stock, valued at $887,731.16. The trade was a 15.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 7,791 shares of company stock valued at $380,669 in the last three months. 29.68% of the stock is currently owned by insiders.

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.