Unity Bancorp (NASDAQ:UNTY) SVP Sells $42,097.50 in Stock

Unity Bancorp, Inc. (NASDAQ:UNTY) SVP Minsu Kim sold 750 shares of the stock in a transaction dated Thursday, January 15th. The stock was sold at an average price of $56.13, for a total transaction of $42,097.50. Following the sale, the senior vice president directly owned 791 shares in the company, valued at $44,398.83. This represents a 48.67% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Unity Bancorp Stock Performance

NASDAQ:UNTY traded down $1.38 during mid-day trading on Friday, reaching $54.01. 45,522 shares of the stock were exchanged, compared to its average volume of 50,111. Unity Bancorp, Inc. has a 1 year low of $36.65 and a 1 year high of $57.24. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.72. The company has a 50 day simple moving average of $51.71 and a 200-day simple moving average of $50.54. The stock has a market capitalization of $542.26 million, a P/E ratio of 9.53 and a beta of 0.65.

Unity Bancorp (NASDAQ:UNTY) last released its quarterly earnings results on Tuesday, January 13th. The financial services provider reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.35 by $0.06. The business had revenue of $33.70 million for the quarter, compared to analysts’ expectations of $33.39 million. Unity Bancorp had a return on equity of 16.19% and a net margin of 30.76%. Analysts anticipate that Unity Bancorp, Inc. will post 4.83 earnings per share for the current fiscal year.

Unity Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 19th. Stockholders of record on Friday, December 5th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Friday, December 5th. This represents a $0.60 annualized dividend and a dividend yield of 1.1%. Unity Bancorp’s payout ratio is 11.36%.

Hedge Funds Weigh In On Unity Bancorp

Several hedge funds and other institutional investors have recently made changes to their positions in UNTY. Ameritas Investment Partners Inc. increased its position in Unity Bancorp by 41.7% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 748 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 220 shares in the last quarter. Russell Investments Group Ltd. increased its holdings in Unity Bancorp by 159.1% in the third quarter. Russell Investments Group Ltd. now owns 987 shares of the financial services provider’s stock worth $48,000 after purchasing an additional 606 shares in the last quarter. Strs Ohio acquired a new position in shares of Unity Bancorp during the 1st quarter valued at $49,000. AlphaQuest LLC bought a new position in shares of Unity Bancorp during the 3rd quarter worth about $91,000. Finally, BNP Paribas Financial Markets boosted its holdings in Unity Bancorp by 14.8% in the second quarter. BNP Paribas Financial Markets now owns 2,883 shares of the financial services provider’s stock worth $136,000 after acquiring an additional 372 shares in the last quarter. 42.31% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have weighed in on UNTY shares. Piper Sandler upped their target price on Unity Bancorp from $64.00 to $65.00 and gave the stock an “overweight” rating in a research report on Thursday. Keefe, Bruyette & Woods lifted their price target on shares of Unity Bancorp from $60.00 to $65.00 and gave the stock an “outperform” rating in a research note on Wednesday. Weiss Ratings reiterated a “buy (b)” rating on shares of Unity Bancorp in a research report on Wednesday, October 8th. Finally, Wall Street Zen lowered Unity Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, November 15th. Three equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $65.00.

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.