Unity Bancorp (NASDAQ:UNTY) Posts Earnings Results, Beats Expectations By $0.05 EPS

Unity Bancorp (NASDAQ:UNTY) issued its quarterly earnings results on Wednesday. The financial services provider reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.05, Zacks reports. Unity Bancorp had a return on equity of 14.63% and a net margin of 24.46%.

Unity Bancorp Trading Up 1.7 %

NASDAQ:UNTY opened at $43.33 on Wednesday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.16 and a current ratio of 1.16. The company has a market capitalization of $432.69 million, a P/E ratio of 11.14 and a beta of 1.03. The stock’s 50 day moving average price is $44.64 and its 200 day moving average price is $37.56. Unity Bancorp has a 52 week low of $25.33 and a 52 week high of $48.44.

Unity Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were paid a $0.13 dividend. The ex-dividend date was Friday, December 13th. This represents a $0.52 annualized dividend and a dividend yield of 1.20%. Unity Bancorp’s payout ratio is 13.37%.

Analysts Set New Price Targets

UNTY has been the topic of several research analyst reports. Piper Sandler reaffirmed an “overweight” rating and set a $44.00 target price (up previously from $40.00) on shares of Unity Bancorp in a research note on Monday, October 14th. Keefe, Bruyette & Woods upped their price objective on shares of Unity Bancorp from $43.00 to $51.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Finally, StockNews.com lowered shares of Unity Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, October 22nd.

Insiders Place Their Bets

In related news, SVP David G. Bove sold 4,167 shares of Unity Bancorp stock in a transaction on Friday, December 13th. The shares were sold at an average price of $46.78, for a total value of $194,932.26. Following the completion of the sale, the senior vice president now owns 9,837 shares of the company’s stock, valued at approximately $460,174.86. The trade was a 29.76 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Peter E. Maricondo sold 2,800 shares of the stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $44.74, for a total transaction of $125,272.00. Following the transaction, the director now directly owns 39,522 shares in the company, valued at $1,768,214.28. The trade was a 6.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 10,810 shares of company stock valued at $499,642 over the last ninety days. Corporate insiders own 28.88% of the company’s stock.

About Unity Bancorp

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.