Unity Bancorp, Inc. (NASDAQ:UNTY - Get Free Report) SVP David G. Bove sold 4,167 shares of the stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $46.78, for a total transaction of $194,932.26. Following the completion of the sale, the senior vice president now directly owns 9,837 shares in the company, valued at approximately $460,174.86. This trade represents a 29.76 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.
Unity Bancorp Trading Up 1.5 %
Shares of NASDAQ:UNTY opened at $47.50 on Tuesday. Unity Bancorp, Inc. has a twelve month low of $25.33 and a twelve month high of $48.44. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.97. The firm has a market cap of $474.34 million, a P/E ratio of 12.21 and a beta of 1.03. The company has a 50 day moving average of $42.52 and a 200-day moving average of $35.15.
Unity Bancorp (NASDAQ:UNTY - Get Free Report) last issued its quarterly earnings results on Friday, October 11th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.97 by $0.10. Unity Bancorp had a return on equity of 14.63% and a net margin of 24.46%. The firm had revenue of $27.66 million during the quarter, compared to analyst estimates of $26.40 million. As a group, analysts anticipate that Unity Bancorp, Inc. will post 4.01 earnings per share for the current fiscal year.
Unity Bancorp Announces Dividend
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The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 1.09%. The ex-dividend date of this dividend is Friday, December 13th. Unity Bancorp's payout ratio is 13.37%.
Analyst Upgrades and Downgrades
Several equities research analysts have commented on the stock. StockNews.com lowered shares of Unity Bancorp from a "buy" rating to a "hold" rating in a research note on Tuesday, October 22nd. Piper Sandler reaffirmed an "overweight" rating and set a $44.00 target price (up previously from $40.00) on shares of Unity Bancorp in a research note on Monday, October 14th. Finally, Keefe, Bruyette & Woods increased their price target on Unity Bancorp from $43.00 to $51.00 and gave the stock an "outperform" rating in a research note on Wednesday, December 4th.
Read Our Latest Stock Report on UNTY
Hedge Funds Weigh In On Unity Bancorp
Hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp grew its position in Unity Bancorp by 7.3% in the second quarter. Bank of New York Mellon Corp now owns 35,083 shares of the financial services provider's stock worth $1,037,000 after buying an additional 2,393 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Unity Bancorp by 2,329.8% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,385 shares of the financial services provider's stock worth $41,000 after acquiring an additional 1,328 shares in the last quarter. Panagora Asset Management Inc. grew its holdings in shares of Unity Bancorp by 2.4% in the 2nd quarter. Panagora Asset Management Inc. now owns 20,852 shares of the financial services provider's stock worth $617,000 after acquiring an additional 488 shares during the last quarter. Ritholtz Wealth Management purchased a new stake in shares of Unity Bancorp during the second quarter valued at $202,000. Finally, Dimensional Fund Advisors LP boosted its position in shares of Unity Bancorp by 1.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 478,877 shares of the financial services provider's stock valued at $14,159,000 after purchasing an additional 5,449 shares during the period. Institutional investors and hedge funds own 42.31% of the company's stock.
About Unity Bancorp
(
Get Free Report)
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.
Further Reading
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