Unity Bancorp (NASDAQ:UNTY) President Sells $49,947.95 in Stock

Unity Bancorp, Inc. (NASDAQ:UNTY) President George Boyan sold 845 shares of the stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $59.11, for a total transaction of $49,947.95. Following the transaction, the president directly owned 31,519 shares of the company’s stock, valued at $1,863,088.09. The trade was a 2.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

George Boyan also recently made the following trade(s):

• On Thursday, September 3rd, George Boyan sold 6,504 shares of Unity Bancorp stock. The shares were sold at an average price of $59.16, for a total value of $384,776.64.

Unity Bancorp Trading Up 1.8%

NASDAQ:UNTY traded up $1.05 during trading hours on Friday, reaching $59.96. 35,808 shares of the stock were exchanged, compared to its average volume of 54,101. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.88. The business has a 50-day moving average of $58.61 and a two-hundred day moving average of $55.27. Unity Bancorp, Inc. has a twelve month low of $44.34 and a twelve month high of $62.50. The company has a market capitalization of $602.00 million, a price-to-earnings ratio of 10.43 and a beta of 0.61.

Unity Bancorp (NASDAQ:UNTY) last issued its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.42 earnings per share for the quarter, missing analysts’ consensus estimates of $1.44 by ($0.02). The firm had revenue of $33.75 million during the quarter, compared to analyst estimates of $34.62 million. Unity Bancorp had a net margin of 30.26% and a return on equity of 16.10%. On average, equities analysts predict that Unity Bancorp, Inc. will post 5.86 EPS for the current year.

Unity Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 17th. Shareholders of record on Thursday, September 3rd will be given a $0.17 dividend. The ex-dividend date of this dividend is Thursday, September 3rd. This represents a $0.68 annualized dividend and a yield of 1.1%. This is an increase from Unity Bancorp’s previous quarterly dividend of $0.16. Unity Bancorp’s dividend payout ratio is presently 11.13%.

Institutional Trading of Unity Bancorp

Large investors have recently made changes to their positions in the company. CWM LLC raised its holdings in Unity Bancorp by 38.0% in the fourth quarter. CWM LLC now owns 857 shares of the financial services provider’s stock valued at $44,000 after acquiring an additional 236 shares in the last quarter. Legal & General Group Plc acquired a new position in Unity Bancorp during the 2nd quarter worth approximately $44,000. Russell Investments Group Ltd. increased its position in shares of Unity Bancorp by 159.1% in the 3rd quarter. Russell Investments Group Ltd. now owns 987 shares of the financial services provider’s stock valued at $48,000 after purchasing an additional 606 shares during the last quarter. Strs Ohio purchased a new stake in shares of Unity Bancorp in the 1st quarter valued at approximately $49,000. Finally, Allworth Financial LP acquired a new stake in shares of Unity Bancorp in the 2nd quarter valued at $92,000. 42.31% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently commented on UNTY. Piper Sandler raised their price objective on shares of Unity Bancorp from $65.00 to $68.00 and gave the company an “overweight” rating in a research note on Friday, June 26th. Weiss Ratings reaffirmed a “buy (b+)” rating on shares of Unity Bancorp in a research note on Friday, July 31st. DA Davidson reissued a “buy” rating and issued a $68.00 price target on shares of Unity Bancorp in a research report on Wednesday, July 15th. Finally, Freedom Capital upgraded shares of Unity Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company’s stock. According to data from MarketBeat.com, Unity Bancorp currently has an average rating of “Buy” and a consensus price target of $65.50.

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.