Unity Bancorp (NASDAQ:UNTY) Director Robert Dallas II Sells 7,088 Shares of Stock

Unity Bancorp, Inc. (NASDAQ:UNTY) Director Robert Dallas II sold 7,088 shares of the stock in a transaction that occurred on Thursday, March 12th. The shares were sold at an average price of $49.70, for a total transaction of $352,273.60. Following the sale, the director directly owned 39,798 shares of the company’s stock, valued at $1,977,960.60. This represents a 15.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Unity Bancorp Trading Up 0.3%

Shares of NASDAQ UNTY traded up $0.16 during midday trading on Monday, reaching $50.17. The stock had a trading volume of 57,501 shares, compared to its average volume of 47,787. The firm has a market cap of $502.70 million, a price-to-earnings ratio of 8.85 and a beta of 0.66. Unity Bancorp, Inc. has a twelve month low of $36.65 and a twelve month high of $57.30. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.16 and a current ratio of 1.16. The company’s 50 day moving average price is $53.30 and its 200 day moving average price is $51.40.

Unity Bancorp (NASDAQ:UNTY) last posted its quarterly earnings data on Tuesday, January 13th. The financial services provider reported $1.41 EPS for the quarter, beating analysts’ consensus estimates of $1.35 by $0.06. Unity Bancorp had a net margin of 30.76% and a return on equity of 15.88%. The company had revenue of $33.70 million for the quarter, compared to analyst estimates of $33.39 million. As a group, sell-side analysts expect that Unity Bancorp, Inc. will post 4.83 EPS for the current year.

Unity Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 6th will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 1.3%. This is an increase from Unity Bancorp’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Friday, March 6th. Unity Bancorp’s payout ratio is currently 11.29%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Keefe, Bruyette & Woods lifted their price objective on Unity Bancorp from $60.00 to $65.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 14th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Unity Bancorp in a research note on Wednesday, January 21st. Finally, Piper Sandler lifted their target price on Unity Bancorp from $64.00 to $65.00 and gave the stock an “overweight” rating in a report on Thursday, January 15th. Three research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $65.00.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Ameritas Investment Partners Inc. grew its holdings in Unity Bancorp by 41.7% in the second quarter. Ameritas Investment Partners Inc. now owns 748 shares of the financial services provider’s stock worth $35,000 after purchasing an additional 220 shares during the period. CWM LLC raised its holdings in shares of Unity Bancorp by 38.0% during the fourth quarter. CWM LLC now owns 857 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 236 shares during the period. Russell Investments Group Ltd. raised its holdings 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 valued at $48,000 after purchasing an additional 606 shares during the period. Strs Ohio bought a new position in shares of Unity Bancorp during the 1st quarter worth about $49,000. Finally, State of Alaska Department of Revenue boosted its position in shares of Unity Bancorp by 261.1% during the 4th quarter. State of Alaska Department of Revenue now owns 1,412 shares of the financial services provider’s stock worth $72,000 after purchasing an additional 1,021 shares in the last quarter. 42.31% of the stock is owned by institutional investors.

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.