Insider Selling: Unity Bancorp (NASDAQ:UNTY) President Sells 6,504 Shares of Stock

Unity Bancorp, Inc. (NASDAQ:UNTY) President George Boyan sold 6,504 shares of the business’s stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $59.16, for a total transaction of $384,776.64. Following the completion of the sale, the president directly owned 25,015 shares in the company, valued at $1,479,887.40. This trade represents a 20.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Wednesday, September 2nd, George Boyan sold 845 shares of Unity Bancorp stock. The shares were sold at an average price of $59.11, for a total transaction of $49,947.95.

Unity Bancorp Price Performance

Shares of NASDAQ:UNTY traded up $1.05 during midday trading on Friday, reaching $59.96. 35,808 shares of the company’s stock were exchanged, compared to its average volume of 54,101. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.17 and a current ratio of 1.17. The company’s 50 day simple moving average is $58.61 and its two-hundred day simple moving average is $55.27. Unity Bancorp, Inc. has a 12 month low of $44.34 and a 12 month high of $62.50. The firm has a market capitalization of $602.00 million, a PE ratio of 10.43 and a beta of 0.61.

Unity Bancorp (NASDAQ:UNTY) last posted its earnings results 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). Unity Bancorp had a net margin of 30.26% and a return on equity of 16.10%. The business had revenue of $33.75 million during the quarter, compared to the consensus estimate of $34.62 million. Equities research analysts expect that Unity Bancorp, Inc. will post 5.86 earnings per share for the current fiscal year.

Unity Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 17th. Stockholders of record on Thursday, September 3rd will be paid a $0.17 dividend. The ex-dividend date is Thursday, September 3rd. This represents a $0.68 annualized dividend and a dividend 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 currently 11.13%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. DA Davidson restated a “buy” rating and set a $68.00 target price on shares of Unity Bancorp in a research report on Wednesday, July 15th. 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. Weiss Ratings reissued a “buy (b+)” rating on shares of Unity Bancorp in a report on Friday, July 31st. 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 issued a Buy rating to the company. According to data from MarketBeat.com, Unity Bancorp has an average rating of “Buy” and a consensus target price of $65.50.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in UNTY. CWM LLC increased its position in Unity Bancorp by 38.0% in the 4th 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 shares of Unity Bancorp during the second quarter worth approximately $44,000. Russell Investments Group Ltd. lifted 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 purchasing an additional 606 shares in the last quarter. Strs Ohio bought a new stake in shares of Unity Bancorp during the first quarter valued at approximately $49,000. Finally, Allworth Financial LP bought a new stake in shares of Unity Bancorp during the second quarter valued at approximately $92,000. Institutional investors and hedge funds own 42.31% of the company’s stock.

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.