Unity Bancorp (NASDAQ:UNTY) Releases Quarterly Earnings Results, Beats Expectations By $0.05 EPS

Unity Bancorp (NASDAQ:UNTY) announced its quarterly earnings data on Wednesday. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.05, Zacks reports. Unity Bancorp had a net margin of 24.46% and a return on equity of 14.63%.

Unity Bancorp Trading Up 1.7 %

Shares of Unity Bancorp stock opened at $43.33 on Wednesday. The company’s fifty day moving average price is $44.64 and its two-hundred day moving average price is $37.56. The firm has a market capitalization of $432.69 million, a PE ratio of 11.14 and a beta of 1.03. Unity Bancorp has a 52-week low of $25.33 and a 52-week high of $48.44. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.16 and a quick ratio of 1.16.

Unity Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th were paid 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 1.20%. Unity Bancorp’s dividend payout ratio is currently 13.37%.

Analyst Ratings Changes

A number of brokerages have weighed in on UNTY. Keefe, Bruyette & Woods increased their price target on shares of Unity Bancorp from $43.00 to $51.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. StockNews.com cut shares of Unity Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, October 22nd. Finally, Piper Sandler restated an “overweight” rating and set a $44.00 price target (up from $40.00) on shares of Unity Bancorp in a research note on Monday, October 14th.

Insider Transactions at Unity Bancorp

In related news, SVP David G. Bove sold 4,167 shares of the stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $46.78, for a total value of $194,932.26. Following the completion of the transaction, the senior vice president now owns 9,837 shares of the company’s stock, valued at $460,174.86. This represents a 29.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Peter E. Maricondo sold 2,800 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $44.74, for a total transaction of $125,272.00. Following the transaction, the director now owns 39,522 shares of the company’s stock, valued at approximately $1,768,214.28. This represents a 6.62 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 10,810 shares of company stock valued at $499,642. Company insiders own 28.88% of the company’s stock.

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.