Unity Bancorp (NASDAQ:UNTY) Announces Quarterly Earnings Results

Unity Bancorp (NASDAQ:UNTY) announced its earnings results on Tuesday. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.44 by ($0.02), Zacks reports. Unity Bancorp had a net margin of 31.33% and a return on equity of 16.06%.

Unity Bancorp Stock Down 1.6%

Shares of Unity Bancorp stock traded down $0.90 on Tuesday, reaching $56.45. 30,124 shares of the company were exchanged, compared to its average volume of 51,926. The stock’s 50 day moving average price is $55.42 and its 200-day moving average price is $53.83. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.17 and a quick ratio of 1.17. Unity Bancorp has a 1-year low of $44.34 and a 1-year high of $60.86. The company has a market cap of $566.72 million, a P/E ratio of 9.50 and a beta of 0.62.

Unity Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Investors of record on Thursday, June 4th were issued a $0.16 dividend. The ex-dividend date was Thursday, June 4th. This represents a $0.64 dividend on an annualized basis and a yield of 1.1%. Unity Bancorp’s dividend payout ratio (DPR) is 10.77%.

Insiders Place Their Bets

In other news, Director Mark S. Brody sold 1,600 shares of the stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $55.23, for a total value of $88,368.00. Following the transaction, the director owned 113,854 shares in the company, valued at approximately $6,288,156.42. This represents a 1.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Mary E. Gross sold 2,075 shares of the stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $56.01, for a total transaction of $116,220.75. Following the completion of the transaction, the director owned 18,479 shares in the company, valued at $1,035,008.79. This represents a 10.10% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 28.87% of the company’s stock.

Institutional Investors Weigh In On Unity Bancorp

Large investors have recently modified their holdings of the company. Russell Investments Group Ltd. grew its position in shares of Unity Bancorp by 159.1% during the third quarter. Russell Investments Group Ltd. now owns 987 shares of the financial services provider’s stock worth $48,000 after acquiring an additional 606 shares during the last quarter. Strs Ohio purchased a new stake in Unity Bancorp in the 1st quarter valued at $49,000. BNP Paribas Financial Markets raised its position in Unity Bancorp by 14.8% in the 2nd quarter. BNP Paribas Financial Markets now owns 2,883 shares of the financial services provider’s stock valued at $136,000 after purchasing an additional 372 shares during the last quarter. Quantbot Technologies LP acquired a new stake in Unity Bancorp during the 2nd quarter worth $141,000. Finally, Virtus Advisers LLC acquired a new stake in Unity Bancorp during the 3rd quarter worth $173,000. 42.31% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on UNTY shares. Piper Sandler upped their price target on Unity Bancorp from $65.00 to $68.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. Freedom Capital raised Unity Bancorp to a “hold” rating in a research note on Friday, July 3rd. Weiss Ratings raised Unity Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a research note on Monday, May 4th. DA Davidson initiated coverage on Unity Bancorp in a report on Friday, May 15th. They set a “buy” rating and a $68.00 price target on the stock. Finally, Brean Capital initiated 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 and one has issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $65.50.

About Unity Bancorp

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.