Insider Selling: Unity Bancorp, Inc. (NASDAQ:UNTY) Director Sells 1,043 Shares of Stock

Unity Bancorp, Inc. (NASDAQ:UNTY) Director Vincent Geraci sold 1,043 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $44.98, for a total value of $46,914.14. Following the sale, the director now directly owns 8,250 shares in the company, valued at approximately $371,085. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Unity Bancorp Stock Performance

UNTY opened at $45.35 on Monday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.15 and a current ratio of 1.15. The company has a market cap of $452.59 million, a PE ratio of 11.66 and a beta of 0.99. The stock has a 50-day moving average of $36.00 and a 200-day moving average of $31.75. Unity Bancorp, Inc. has a 52-week low of $24.74 and a 52-week high of $46.17.

Unity Bancorp (NASDAQ:UNTY) last released its quarterly earnings results on Friday, October 11th. The financial services provider reported $1.07 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.10. Unity Bancorp had a net margin of 24.46% and a return on equity of 14.86%. The company had revenue of $27.66 million for the quarter, compared to analyst estimates of $26.40 million. As a group, equities research analysts forecast that Unity Bancorp, Inc. will post 4.01 earnings per share for the current fiscal year.

Unity Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 20th. Stockholders of record on Friday, September 6th were given a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 1.15%. The ex-dividend date of this dividend was Friday, September 6th. Unity Bancorp’s dividend payout ratio is currently 13.37%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on UNTY shares. Piper Sandler reissued an “overweight” rating and issued a $44.00 price target (up from $40.00) on shares of Unity Bancorp in a report on Monday, October 14th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $39.00 price target (up previously from $35.00) on shares of Unity Bancorp in a research report on Monday, July 15th. Finally, StockNews.com downgraded shares of Unity Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, October 22nd.

Hedge Funds Weigh In On Unity Bancorp

Several large investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC increased its position in Unity Bancorp by 2,329.8% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,385 shares of the financial services provider’s stock worth $41,000 after buying an additional 1,328 shares during the period. BNP Paribas Financial Markets grew its stake in shares of Unity Bancorp by 80.3% in the first quarter. BNP Paribas Financial Markets now owns 3,389 shares of the financial services provider’s stock worth $94,000 after acquiring an additional 1,509 shares during the last quarter. Hillsdale Investment Management Inc. increased its position in Unity Bancorp by 46.9% during the first quarter. Hillsdale Investment Management Inc. now owns 4,700 shares of the financial services provider’s stock worth $130,000 after acquiring an additional 1,500 shares during the period. Ritholtz Wealth Management acquired a new position in Unity Bancorp during the 2nd quarter valued at $202,000. Finally, Princeton Capital Management LLC acquired a new stake in Unity Bancorp in the 3rd quarter worth $208,000. Institutional investors and hedge funds own 42.31% 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.