Unity Bancorp (NASDAQ:UNTY) Posts Earnings Results, Misses Estimates By $0.02 EPS

Unity Bancorp (NASDAQ:UNTY) released its quarterly earnings results on Tuesday. The financial services provider reported $1.42 earnings per share for the quarter, missing analysts’ consensus estimates of $1.44 by ($0.02), Zacks reports. Unity Bancorp had a net margin of 31.33% and a return on equity of 16.06%.

Unity Bancorp Trading Down 3.1%

UNTY traded down $1.80 during mid-day trading on Tuesday, hitting $55.55. 47,674 shares of the stock were exchanged, compared to its average volume of 52,094. The company has a market cap of $557.72 million, a PE ratio of 9.41 and a beta of 0.62. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.72. The firm’s fifty day moving average is $55.42 and its two-hundred day moving average is $53.83. Unity Bancorp has a 1-year low of $44.34 and a 1-year high of $60.86.

Unity Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Investors of record on Thursday, June 4th were issued a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Thursday, June 4th. Unity Bancorp’s payout ratio is currently 10.77%.

Insider Activity

In other Unity Bancorp news, Director Mary E. Gross sold 2,075 shares of the firm’s stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $56.01, for a total value of $116,220.75. Following the completion of the transaction, the director owned 18,479 shares of the company’s stock, valued at $1,035,008.79. This trade represents a 10.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Mark S. Brody sold 1,600 shares of the firm’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $55.23, for a total transaction of $88,368.00. Following the completion of the sale, the director directly owned 113,854 shares in the company, valued at approximately $6,288,156.42. This trade represents a 1.39% decrease in their position. The SEC filing for this sale provides additional information. 28.87% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Unity Bancorp

A number of institutional investors and hedge funds have recently modified their holdings of UNTY. Hsbc Holdings PLC boosted its position in shares of Unity Bancorp by 17.9% during the 4th quarter. Hsbc Holdings PLC now owns 5,299 shares of the financial services provider’s stock worth $271,000 after acquiring an additional 805 shares in the last quarter. NewEdge Advisors LLC lifted its stake in Unity Bancorp by 2,350.0% during the fourth quarter. NewEdge Advisors LLC now owns 4,949 shares of the financial services provider’s stock worth $256,000 after purchasing an additional 4,747 shares during the last quarter. Tudor Investment Corp ET AL acquired a new position in Unity Bancorp in the fourth quarter valued at approximately $952,000. Quadrature Capital Ltd acquired a new position in Unity Bancorp in the fourth quarter valued at approximately $411,000. Finally, Occudo Quantitative Strategies LP purchased a new position in Unity Bancorp in the fourth quarter valued at approximately $309,000. Institutional investors and hedge funds own 42.31% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Freedom Capital raised shares of Unity Bancorp to a “hold” rating in a research report on Friday, July 3rd. Piper Sandler boosted their price objective on shares of Unity Bancorp from $65.00 to $68.00 and gave the company an “overweight” rating in a report on Friday, June 26th. Brean Capital started coverage on Unity Bancorp in a research report on Wednesday, April 22nd. They issued a “buy” rating and a $61.00 target price on the stock. Weiss Ratings raised shares of Unity Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a research report on Monday, May 4th. Finally, DA Davidson initiated coverage on shares of Unity Bancorp in a report on Friday, May 15th. They issued a “buy” rating and a $68.00 price objective on the stock. Five investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.50.

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.