Unity Bancorp (NASDAQ:UNTY) Releases Earnings Results, Beats Expectations By $0.03 EPS

Unity Bancorp (NASDAQ:UNTY) posted its earnings results on Tuesday. The financial services provider reported $1.20 earnings per share for the quarter, topping analysts’ consensus estimates of $1.17 by $0.03, Zacks reports. The company had revenue of $34.37 million during the quarter, compared to analyst estimates of $30.30 million. Unity Bancorp had a net margin of 28.72% and a return on equity of 15.66%.

Unity Bancorp Stock Performance

Shares of UNTY opened at $52.43 on Thursday. The company has a debt-to-equity ratio of 0.83, a current ratio of 1.15 and a quick ratio of 1.15. Unity Bancorp has a one year low of $30.28 and a one year high of $54.64. The company has a 50-day simple moving average of $46.23 and a two-hundred day simple moving average of $44.73. The firm has a market capitalization of $525.87 million, a PE ratio of 10.61 and a beta of 0.72.

Unity Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Friday, June 6th were issued a dividend of $0.14 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.07%. Unity Bancorp’s dividend payout ratio is currently 13.15%.

Insider Buying and Selling

In other Unity Bancorp news, Director Donald E. Jr. Souders sold 1,333 shares of the firm’s stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $41.23, for a total value of $54,959.59. Following the completion of the sale, the director directly owned 8,477 shares in the company, valued at $349,506.71. This trade represents a 13.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 29.68% of the stock is owned by company insiders.

Institutional Trading of Unity Bancorp

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Strs Ohio purchased a new stake in Unity Bancorp in the first quarter worth about $49,000. Jane Street Group LLC purchased a new stake in Unity Bancorp in the first quarter worth about $283,000. Empowered Funds LLC lifted its holdings in Unity Bancorp by 7.2% in the first quarter. Empowered Funds LLC now owns 37,456 shares of the financial services provider’s stock worth $1,524,000 after buying an additional 2,524 shares during the period. Finally, AQR Capital Management LLC lifted its holdings in Unity Bancorp by 70.8% in the first quarter. AQR Capital Management LLC now owns 11,419 shares of the financial services provider’s stock worth $465,000 after buying an additional 4,732 shares during the period. 42.31% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on UNTY shares. Wall Street Zen lowered shares of Unity Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, May 24th. Piper Sandler dropped their target price on shares of Unity Bancorp from $54.00 to $50.00 and set an “overweight” rating for the company in a report on Monday, April 14th.

Unity Bancorp Company Profile

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.