Unity Bancorp, Inc. (NASDAQ:UNTY) Increases Dividend to $0.17 Per Share

Unity Bancorp, Inc. (NASDAQ:UNTY) declared a quarterly dividend on Thursday, August 20th. Stockholders of record on Thursday, September 3rd will be given a dividend of 0.17 per share by the financial services provider on Thursday, September 17th. 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, September 3rd. This is a 6.3% increase from Unity Bancorp’s previous quarterly dividend of $0.16.

Unity Bancorp has increased its dividend by an average of 0.1%annually over the last three years and has raised its dividend annually for the last 12 consecutive years. Unity Bancorp has a payout ratio of 11.6% meaning its dividend is sufficiently covered by earnings. Research analysts expect Unity Bancorp to earn $6.35 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 10.1%.

Unity Bancorp Price Performance

Shares of UNTY opened at $59.11 on Friday. The business’s 50 day moving average is $58.11 and its 200 day moving average is $55.04. The company has a market capitalization of $593.46 million, a PE ratio of 10.28 and a beta of 0.62. Unity Bancorp has a 12-month low of $44.34 and a 12-month high of $62.50. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.88.

Unity Bancorp (NASDAQ:UNTY) last posted its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.42 EPS for the quarter, missing analysts’ consensus estimates of $1.44 by ($0.02). Unity Bancorp had a return on equity of 16.10% and a net margin of 30.26%.The business had revenue of $33.75 million during the quarter, compared to analysts’ expectations of $34.62 million. Research analysts expect that Unity Bancorp will post 5.86 earnings per share for the current fiscal year.

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.