Unity Bancorp, Inc. Declares Quarterly Dividend of $0.16 (NASDAQ:UNTY)

Unity Bancorp, Inc. (NASDAQ:UNTY) announced a quarterly dividend on Thursday, May 21st. Stockholders of record on Thursday, June 4th will be given a dividend of 0.16 per share by the financial services provider on Thursday, June 18th. This represents a c) dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Thursday, June 4th.

Unity Bancorp has raised its dividend payment by an average of 0.1%per year over the last three years and has increased its dividend every year for the last 12 years. Unity Bancorp has a dividend payout ratio of 11.6% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Unity Bancorp to earn $6.30 per share next year, which means the company should continue to be able to cover its $0.64 annual dividend with an expected future payout ratio of 10.2%.

Unity Bancorp Trading Up 1.6%

UNTY opened at $55.30 on Friday. The company’s 50 day moving average is $52.64 and its 200-day moving average is $52.37. Unity Bancorp has a 1-year low of $41.67 and a 1-year high of $57.30. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.72. The company has a market cap of $555.21 million, a P/E ratio of 9.31 and a beta of 0.60.

Unity Bancorp (NASDAQ:UNTY) last posted its quarterly earnings results on Tuesday, April 14th. The financial services provider reported $1.40 earnings per share for the quarter, beating analysts’ consensus estimates of $1.37 by $0.03. Unity Bancorp had a net margin of 31.33% and a return on equity of 16.06%. The company had revenue of $33.61 million for the quarter, compared to the consensus estimate of $33.59 million. Equities research analysts predict that Unity Bancorp will post 5.84 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Weiss Ratings upgraded shares of Unity Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a research note on Monday, May 4th. DA Davidson assumed coverage on shares of Unity Bancorp in a report on Friday, May 15th. They issued a “buy” rating and a $68.00 price objective for the company. Finally, Brean Capital assumed coverage on shares of Unity Bancorp in a report on Wednesday, April 22nd. They issued a “buy” rating and a $61.00 price objective for the company. Five equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Unity Bancorp has an average rating of “Buy” and a consensus price target of $64.75.

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.