Unity Bancorp, Inc. (NASDAQ:UNTY) Announces $0.16 Quarterly Dividend

Unity Bancorp, Inc. (NASDAQ:UNTY) announced a quarterly dividend on Thursday, May 21st. Shareholders of record on Thursday, June 4th will be given a dividend of 0.16 per share by the financial services provider on Thursday, June 18th. This represents a c) dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Thursday, June 4th.

Unity Bancorp has raised its dividend by an average of 0.1%annually over the last three years and has raised its dividend every year for the last 12 years. Unity Bancorp has a payout ratio of 11.6% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Unity Bancorp to earn $6.30 per share next year, which means the company should continue to be able to cover its $0.64 annual dividend with an expected future payout ratio of 10.2%.

Unity Bancorp Stock Performance

NASDAQ UNTY opened at $55.30 on Friday. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.72. The company has a market capitalization of $555.27 million, a P/E ratio of 9.31 and a beta of 0.60. Unity Bancorp has a 12-month low of $41.67 and a 12-month high of $57.30. The firm has a 50-day moving average price of $52.64 and a two-hundred day moving average price of $52.37.

Unity Bancorp (NASDAQ:UNTY) last posted its quarterly earnings data on Tuesday, April 14th. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.37 by $0.03. The firm had revenue of $33.61 million during the quarter, compared to the consensus estimate of $33.59 million. Unity Bancorp had a net margin of 31.33% and a return on equity of 16.06%. Analysts anticipate that Unity Bancorp will post 5.84 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Mary E. Gross sold 2,075 shares of the company’s stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $56.01, for a total transaction of $116,220.75. Following the completion of the transaction, the director directly owned 18,479 shares in the company, valued at $1,035,008.79. This represents a 10.10% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert H. Dallas II sold 7,725 shares of the company’s stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $49.60, for a total transaction of $383,160.00. Following the transaction, the director owned 32,073 shares of the company’s stock, valued at approximately $1,590,820.80. This represents a 19.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 16,888 shares of company stock worth $851,654. 28.87% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Unity Bancorp

A number of institutional investors have recently added to or reduced their stakes in the stock. Alliancebernstein L.P. increased its position in Unity Bancorp by 2.4% during the 3rd quarter. Alliancebernstein L.P. now owns 357,310 shares of the financial services provider’s stock worth $17,462,000 after purchasing an additional 8,520 shares in the last quarter. Geode Capital Management LLC increased its position in Unity Bancorp by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 169,355 shares of the financial services provider’s stock worth $8,761,000 after purchasing an additional 1,291 shares in the last quarter. Maltese Capital Management LLC increased its position in Unity Bancorp by 2.4% during the 4th quarter. Maltese Capital Management LLC now owns 159,000 shares of the financial services provider’s stock worth $8,223,000 after purchasing an additional 3,700 shares in the last quarter. Royce & Associates LP increased its position in Unity Bancorp by 8.0% during the 3rd quarter. Royce & Associates LP now owns 157,496 shares of the financial services provider’s stock worth $7,697,000 after purchasing an additional 11,676 shares in the last quarter. Finally, Bridgeway Capital Management LLC increased its position in Unity Bancorp by 6.2% during the 3rd quarter. Bridgeway Capital Management LLC now owns 90,179 shares of the financial services provider’s stock worth $4,407,000 after purchasing an additional 5,248 shares in the last quarter. 42.31% of the stock is currently owned by institutional investors and hedge funds.

About Unity Bancorp

Unity Bancorp, Inc is a bank holding company headquartered in Morrisville, Pennsylvania, trading on the NASDAQ under the ticker UNTY. Through its primary subsidiary, Unity Bank, the company delivers a comprehensive suite of commercial and retail banking services to individuals, businesses and municipal clients in its regional markets.

Founded in 1906, Unity Bank maintains a network of conveniently located branches across Bucks County and adjacent areas of southeastern Pennsylvania. The company’s deposit portfolio includes checking and savings accounts, money market accounts and certificates of deposit, while its loan offerings encompass commercial real estate, construction and land development, agricultural and consumer lending solutions.

Beyond traditional deposit and lending activities, Unity Bancorp provides cash management and merchant services, as well as internet and mobile banking platforms designed to streamline day-to-day financial operations.