Unity Bancorp (NASDAQ:UNTY) Director Sells $26,437.50 in Stock

Unity Bancorp, Inc. (NASDAQ:UNTY) Director Peter Maricondo sold 470 shares of the business’s stock in a transaction on Tuesday, October 20th. The shares were sold at an average price of $56.25, for a total value of $26,437.50. Following the completion of the transaction, the director owned 49,943 shares of the company’s stock, valued at $2,809,293.75. This trade represents a 0.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Unity Bancorp Trading Up 0.1%

Shares of Unity Bancorp stock opened at $58.14 on Friday. Unity Bancorp, Inc. has a fifty-two week low of $44.34 and a fifty-two week high of $62.50. The business’s fifty day moving average is $57.50 and its two-hundred day moving average is $56.54. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.88. The firm has a market cap of $583.73 million, a PE ratio of 9.63 and a beta of 0.65.

Unity Bancorp (NASDAQ:UNTY) last posted its quarterly earnings data on Tuesday, October 13th. The financial services provider reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.49 by $0.02. The business had revenue of $36.65 million for the quarter, compared to analysts’ expectations of $35.63 million. Unity Bancorp had a return on equity of 16.34% and a net margin of 31.00%. Analysts anticipate that Unity Bancorp, Inc. will post 5.93 earnings per share for the current year.

Unity Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 17th. Investors of record on Thursday, September 3rd were given a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a yield of 1.2%. This is a boost from Unity Bancorp’s previous quarterly dividend of $0.16. The ex-dividend date was Thursday, September 3rd. Unity Bancorp’s dividend payout ratio (DPR) is currently 11.26%.

Institutional Investors Weigh In On Unity Bancorp

A number of institutional investors have recently modified their holdings of UNTY. Legal & General Group Plc bought a new position in shares of Unity Bancorp during the second quarter valued at approximately $44,000. Allworth Financial LP acquired a new stake in shares of Unity Bancorp in the second quarter valued at approximately $92,000. Public Employees Retirement System of Ohio raised its holdings in shares of Unity Bancorp by 17.3% during the first quarter. Public Employees Retirement System of Ohio now owns 3,391 shares of the financial services provider’s stock valued at $176,000 after buying an additional 500 shares during the last quarter. Virtus Advisers LLC bought a new stake in shares of Unity Bancorp during the second quarter valued at approximately $213,000. Finally, Sterling Capital Management LLC boosted its position in shares of Unity Bancorp by 1,798.0% during the first quarter. Sterling Capital Management LLC now owns 4,650 shares of the financial services provider’s stock worth $241,000 after buying an additional 4,405 shares during the period. Institutional investors own 42.31% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. Weiss Ratings raised Unity Bancorp from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday, October 19th. Freedom Capital raised shares of Unity Bancorp from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 16th. Finally, DA Davidson reiterated a “buy” rating and issued a $68.00 price target on shares of Unity Bancorp in a research note on Tuesday, October 13th. Two equities research analysts have rated the stock with a Strong Buy rating and four have issued a Buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $65.50.

About Unity Bancorp

Unity Bancorp, Inc is the bank holding company for Unity Bank, a community-focused financial institution headquartered in Clinton, New Jersey. The bank provides banking and financial services to individuals, families, businesses and nonprofit organizations through locations primarily serving central New Jersey.

Unity Bank offers a range of deposit products, including checking, savings, money market and certificate of deposit accounts, as well as consumer, residential mortgage and commercial lending.