Insider Selling: Unity Bancorp (NASDAQ:UNTY) Director Sells 7,088 Shares of Stock

Unity Bancorp, Inc. (NASDAQ:UNTY) Director Robert Dallas II sold 7,088 shares of Unity Bancorp stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $49.70, for a total transaction of $352,273.60. Following the sale, the director directly owned 39,798 shares in the company, valued at $1,977,960.60. This trade represents a 15.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Unity Bancorp Price Performance

UNTY stock traded up $0.16 during trading on Monday, reaching $50.17. 57,501 shares of the company were exchanged, compared to its average volume of 47,787. The company has a market capitalization of $502.70 million, a price-to-earnings ratio of 8.85 and a beta of 0.66. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.16 and a quick ratio of 1.16. The company has a 50-day moving average of $53.30 and a two-hundred day moving average of $51.40. Unity Bancorp, Inc. has a twelve month low of $36.65 and a twelve month high of $57.30.

Unity Bancorp (NASDAQ:UNTY) last issued its earnings results on Tuesday, January 13th. The financial services provider reported $1.41 earnings per share for the quarter, beating analysts’ consensus estimates of $1.35 by $0.06. The firm had revenue of $33.70 million for the quarter, compared to analyst estimates of $33.39 million. Unity Bancorp had a net margin of 30.76% and a return on equity of 15.88%. As a group, equities analysts predict that Unity Bancorp, Inc. will post 4.83 earnings per share for the current fiscal year.

Unity Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Stockholders of record on Friday, March 6th will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date is Friday, March 6th. This is a positive change from Unity Bancorp’s previous quarterly dividend of $0.15. Unity Bancorp’s dividend payout ratio is currently 11.29%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on UNTY. Weiss Ratings restated a “buy (b)” rating on shares of Unity Bancorp in a research report on Wednesday, January 21st. Piper Sandler increased their target price on Unity Bancorp from $64.00 to $65.00 and gave the company an “overweight” rating in a research report on Thursday, January 15th. Finally, Keefe, Bruyette & Woods boosted their price target on Unity Bancorp from $60.00 to $65.00 and gave the stock an “outperform” rating in a report on Wednesday, January 14th. Three investment analysts have rated the stock with a Buy rating, According to MarketBeat, Unity Bancorp has a consensus rating of “Buy” and an average target price of $65.00.

Hedge Funds Weigh In On Unity Bancorp

A number of hedge funds have recently modified their holdings of UNTY. American Century Companies Inc. lifted its holdings in Unity Bancorp by 17.7% during the 2nd quarter. American Century Companies Inc. now owns 163,312 shares of the financial services provider’s stock worth $7,689,000 after buying an additional 24,528 shares during the period. Gator Capital Management LLC increased its stake in shares of Unity Bancorp by 40.2% in the second quarter. Gator Capital Management LLC now owns 33,256 shares of the financial services provider’s stock valued at $1,566,000 after buying an additional 9,530 shares during the period. Principal Financial Group Inc. acquired a new stake in shares of Unity Bancorp in the third quarter valued at about $550,000. Los Angeles Capital Management LLC bought a new position in shares of Unity Bancorp during the second quarter worth about $279,000. Finally, Squarepoint Ops LLC bought a new position in shares of Unity Bancorp during the second quarter worth about $498,000. Institutional investors and hedge funds own 42.31% of the company’s stock.

Unity Bancorp Company Profile

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.