Unity Bancorp, Inc. (UNTY) To Go Ex-Dividend on December 5th

Unity Bancorp, Inc. (NASDAQ:UNTY) announced a quarterly dividend on Thursday, November 20th. Shareholders of record on Friday, December 5th will be given a dividend of 0.15 per share by the financial services provider on Friday, December 19th. This represents a c) dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Friday, December 5th.

Unity Bancorp has raised its dividend by an average of 0.1%per year over the last three years and has raised its dividend annually for the last 12 consecutive years. Unity Bancorp has a payout ratio of 10.9% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Unity Bancorp to earn $5.44 per share next year, which means the company should continue to be able to cover its $0.60 annual dividend with an expected future payout ratio of 11.0%.

Unity Bancorp Price Performance

UNTY traded up $0.84 during trading on Wednesday, reaching $51.27. The company’s stock had a trading volume of 9,991 shares, compared to its average volume of 45,733. The company has a market cap of $514.70 million, a price-to-earnings ratio of 9.71 and a beta of 0.64. The firm has a fifty day simple moving average of $48.23 and a two-hundred day simple moving average of $48.57. Unity Bancorp has a 1 year low of $36.65 and a 1 year high of $54.64. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.72.

Unity Bancorp (NASDAQ:UNTY) last posted its quarterly earnings results on Tuesday, October 14th. The financial services provider reported $1.33 EPS for the quarter, beating the consensus estimate of $1.28 by $0.05. Unity Bancorp had a return on equity of 15.60% and a net margin of 29.85%.The firm had revenue of $32.35 million during the quarter, compared to analysts’ expectations of $31.35 million. As a group, analysts anticipate that Unity Bancorp will post 4.83 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have issued reports on UNTY shares. Wall Street Zen downgraded Unity Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, November 15th. Piper Sandler upped their price objective on shares of Unity Bancorp from $60.00 to $61.00 and gave the company an “overweight” rating in a report on Wednesday, October 15th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Unity Bancorp in a research report on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Unity Bancorp currently has a consensus rating of “Buy” and an average target price of $62.00.

Unity Bancorp Company Profile

Unity Bancorp, Inc operates as a bank holding company for Unity Bank that provides range of commercial and retail banking services to individuals, small and medium sized businesses, and professional communities. It offers personal and business checking accounts, time deposits, money market accounts, savings accounts, and retirement accounts, as well as noninterest and interest-bearing demand deposits.