Insider Selling: Unity Bancorp (NASDAQ:UNTY) President Sells $49,947.95 in Stock

Unity Bancorp, Inc. (NASDAQ:UNTY) President George Boyan sold 845 shares of Unity Bancorp stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $59.11, for a total value of $49,947.95. Following the transaction, the president owned 31,519 shares of the company’s stock, valued at $1,863,088.09. The trade was a 2.61% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

George Boyan also recently made the following trade(s):

• On Thursday, September 3rd, George Boyan sold 6,504 shares of Unity Bancorp stock. The shares were sold at an average price of $59.16, for a total transaction of $384,776.64.

Unity Bancorp Price Performance

Shares of NASDAQ UNTY opened at $59.96 on Monday. Unity Bancorp, Inc. has a twelve month low of $44.34 and a twelve month high of $62.50. The firm has a market cap of $602.00 million, a P/E ratio of 10.43 and a beta of 0.61. The company has a 50 day moving average of $58.62 and a 200 day moving average of $55.31. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.88.

Unity Bancorp (NASDAQ:UNTY) last issued its earnings results on Tuesday, July 14th. The financial services provider reported $1.42 EPS for the quarter, missing the consensus estimate of $1.44 by ($0.02). The business had revenue of $33.75 million for the quarter, compared to analysts’ expectations of $34.62 million. Unity Bancorp had a net margin of 30.26% and a return on equity of 16.10%. As a group, research analysts expect that Unity Bancorp, Inc. will post 5.86 EPS for the current fiscal year.

Unity Bancorp Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 17th. Shareholders of record on Thursday, September 3rd will be given a $0.17 dividend. This is a boost from Unity Bancorp’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Thursday, September 3rd. This represents a $0.68 dividend on an annualized basis and a yield of 1.1%. Unity Bancorp’s payout ratio is presently 11.83%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on UNTY shares. Freedom Capital raised Unity Bancorp from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 16th. Weiss Ratings reaffirmed a “buy (b+)” rating on shares of Unity Bancorp in a report on Friday, July 31st. DA Davidson reiterated a “buy” rating and set a $68.00 price objective on shares of Unity Bancorp in a research report on Wednesday, July 15th. Finally, Piper Sandler increased their target price on Unity Bancorp from $65.00 to $68.00 and gave the company an “overweight” rating in a report on Friday, June 26th. One analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $65.50.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in UNTY. BlackRock Inc. purchased a new stake in Unity Bancorp in the 2nd quarter worth approximately $32,299,000. Alliancebernstein L.P. lifted its holdings in Unity Bancorp by 2.4% during the third quarter. Alliancebernstein L.P. now owns 357,310 shares of the financial services provider’s stock valued at $17,462,000 after purchasing an additional 8,520 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Unity Bancorp by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 169,355 shares of the financial services provider’s stock valued at $8,761,000 after purchasing an additional 1,291 shares in the last quarter. Maltese Capital Management LLC boosted its position in shares of Unity Bancorp by 2.4% in the fourth 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 during the period. Finally, Bridgeway Capital Management LLC boosted its position in shares of Unity Bancorp by 6.2% in the third 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 during the period. 42.31% of the stock is owned by hedge funds and other institutional investors.

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.