Insider Selling: Unity Bancorp, Inc. (NASDAQ:UNTY) Director Sells 3,300 Shares of Stock

Unity Bancorp, Inc. (NASDAQ:UNTY) Director Mary E. Gross sold 3,300 shares of the stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $48.04, for a total value of $158,532.00. Following the transaction, the director now owns 18,479 shares in the company, valued at $887,731.16. This trade represents a 15.15 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Unity Bancorp Trading Up 1.2 %

Shares of NASDAQ UNTY traded up $0.60 during mid-day trading on Wednesday, hitting $48.69. The stock had a trading volume of 2,305 shares, compared to its average volume of 39,745. The firm has a market cap of $486.41 million, a P/E ratio of 11.95 and a beta of 1.03. 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 business has a 50 day moving average price of $44.99 and a two-hundred day moving average price of $38.90. Unity Bancorp, Inc. has a 1 year low of $25.33 and a 1 year high of $49.03.

Unity Bancorp (NASDAQ:UNTY) last issued its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.13 EPS for the quarter, beating the consensus estimate of $1.08 by $0.05. Unity Bancorp had a net margin of 25.24% and a return on equity of 15.08%. On average, equities analysts anticipate that Unity Bancorp, Inc. will post 4.83 EPS for the current fiscal year.

Unity Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 1.07%. The ex-dividend date of this dividend was Friday, December 13th. Unity Bancorp’s dividend payout ratio (DPR) is currently 12.81%.

Hedge Funds Weigh In On Unity Bancorp

Several hedge funds have recently made changes to their positions in the business. Empowered Funds LLC boosted its holdings in Unity Bancorp by 4.9% in the fourth quarter. Empowered Funds LLC now owns 34,932 shares of the financial services provider’s stock valued at $1,523,000 after acquiring an additional 1,629 shares in the last quarter. Foundations Investment Advisors LLC purchased a new stake in shares of Unity Bancorp in the 4th quarter worth about $219,000. Inspire Investing LLC purchased a new stake in shares of Unity Bancorp in the 4th quarter worth about $845,000. SG Americas Securities LLC bought a new stake in shares of Unity Bancorp during the 4th quarter valued at about $135,000. Finally, JPMorgan Chase & Co. increased its position in shares of Unity Bancorp by 79.3% during the third quarter. JPMorgan Chase & Co. now owns 88,231 shares of the financial services provider’s stock valued at $3,005,000 after buying an additional 39,033 shares during the period. 42.31% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $54.00 target price (up previously from $53.00) on shares of Unity Bancorp in a report on Thursday, January 16th. StockNews.com cut Unity Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, October 22nd. Finally, Keefe, Bruyette & Woods reissued an “outperform” rating and issued a $55.00 target price (up previously from $51.00) on shares of Unity Bancorp in a research note on Thursday, January 16th.

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.