Boenning Scattergood Comments on Unity Bancorp, Inc.’s FY2020 Earnings (NASDAQ:UNTY)

Unity Bancorp, Inc. (NASDAQ:UNTY) – Investment analysts at Boenning Scattergood raised their FY2020 earnings per share estimates for shares of Unity Bancorp in a research note issued to investors on Friday, September 18th. Boenning Scattergood analyst E. Zwick now anticipates that the financial services provider will post earnings of $2.09 per share for the year, up from their previous estimate of $2.08.

Several other equities analysts have also weighed in on UNTY. Zacks Investment Research upgraded Unity Bancorp from a “strong sell” rating to a “hold” rating in a research note on Saturday, July 18th. DA Davidson restated a “buy” rating on shares of Unity Bancorp in a research note on Monday, September 14th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company. Unity Bancorp presently has an average rating of “Hold” and a consensus target price of $20.50.

Shares of Unity Bancorp stock opened at $11.60 on Monday. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 1.40. Unity Bancorp has a twelve month low of $8.76 and a twelve month high of $24.70. The business has a 50-day moving average price of $13.21 and a 200 day moving average price of $13.60. The firm has a market cap of $123.88 million, a PE ratio of 5.66 and a beta of 1.28.

Unity Bancorp (NASDAQ:UNTY) last released its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.47 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.11. The business had revenue of $18.34 million during the quarter, compared to analyst estimates of $17.60 million. Unity Bancorp had a return on equity of 13.99% and a net margin of 25.79%.

A number of large investors have recently bought and sold shares of the business. Citigroup Inc. increased its stake in Unity Bancorp by 50.1% during the 1st quarter. Citigroup Inc. now owns 2,372 shares of the financial services provider’s stock worth $28,000 after buying an additional 792 shares in the last quarter. Acadian Asset Management LLC increased its stake in Unity Bancorp by 5.1% during the 1st quarter. Acadian Asset Management LLC now owns 22,173 shares of the financial services provider’s stock worth $260,000 after buying an additional 1,078 shares in the last quarter. Bank of America Corp DE increased its stake in Unity Bancorp by 12.5% during the 2nd quarter. Bank of America Corp DE now owns 11,224 shares of the financial services provider’s stock worth $161,000 after buying an additional 1,248 shares in the last quarter. BlackRock Inc. increased its stake in Unity Bancorp by 0.4% during the 1st quarter. BlackRock Inc. now owns 419,038 shares of the financial services provider’s stock worth $4,903,000 after buying an additional 1,581 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Unity Bancorp by 24.3% during the 1st quarter. JPMorgan Chase & Co. now owns 13,762 shares of the financial services provider’s stock worth $160,000 after buying an additional 2,692 shares in the last quarter. Institutional investors own 49.59% of the company’s stock.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Shareholders of record on Friday, September 11th will be paid a dividend of $0.08 per share. The ex-dividend date is Thursday, September 10th. This represents a $0.32 annualized dividend and a yield of 2.76%. Unity Bancorp’s dividend payout ratio (DPR) is currently 14.95%.

About Unity Bancorp

Unity Bancorp, Inc operates as the holding company for Unity Bank that provides a range of banking products and services to individuals, small and medium sized businesses, and professional communities. The company offers personal and business checking accounts, time deposits, money market accounts, and regular savings accounts.

See Also: Outstanding Shares

Earnings History and Estimates for Unity Bancorp (NASDAQ:UNTY)

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