Insider Selling: Unity Bancorp (NASDAQ:UNTY) Director Sells $352,273.60 in Stock

Unity Bancorp, Inc. (NASDAQ:UNTY) Director Robert Dallas II sold 7,088 shares of Unity Bancorp stock in a transaction dated Thursday, March 12th. The stock was sold at an average price of $49.70, for a total value of $352,273.60. Following the transaction, the director directly owned 39,798 shares in the company, valued at $1,977,960.60. The trade was a 15.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Unity Bancorp Trading Down 0.9%

Shares of UNTY stock opened at $49.28 on Thursday. The stock has a market cap of $493.79 million, a price-to-earnings ratio of 8.69 and a beta of 0.66. The stock has a 50-day moving average of $53.18 and a 200-day moving average of $51.35. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.77. Unity Bancorp, Inc. has a 1-year low of $36.65 and a 1-year high of $57.30.

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, topping analysts’ consensus estimates of $1.35 by $0.06. Unity Bancorp had a return on equity of 15.88% and a net margin of 30.76%.The company had revenue of $33.70 million for the quarter, compared to analyst estimates of $33.39 million. On average, equities research analysts forecast that Unity Bancorp, Inc. will post 4.83 earnings per share 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 issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 1.3%. The ex-dividend date is Friday, March 6th. This is a positive change from Unity Bancorp’s previous quarterly dividend of $0.15. Unity Bancorp’s dividend payout ratio (DPR) is 11.29%.

Institutional Trading of Unity Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Alliancebernstein L.P. raised its stake in Unity Bancorp by 2.4% during the 3rd quarter. Alliancebernstein L.P. now owns 357,310 shares of the financial services provider’s stock worth $17,462,000 after buying an additional 8,520 shares during the period. Geode Capital Management LLC grew its stake in Unity Bancorp by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 169,355 shares of the financial services provider’s stock valued at $8,761,000 after acquiring an additional 1,291 shares during the period. American Century Companies Inc. grew its stake in Unity Bancorp by 17.7% in the second quarter. American Century Companies Inc. now owns 163,312 shares of the financial services provider’s stock valued at $7,689,000 after acquiring an additional 24,528 shares during the period. Maltese Capital Management LLC increased its holdings in shares of Unity Bancorp by 2.4% during the fourth quarter. Maltese Capital Management LLC now owns 159,000 shares of the financial services provider’s stock valued at $8,223,000 after acquiring an additional 3,700 shares in the last quarter. Finally, Royce & Associates LP increased its holdings in shares of Unity Bancorp by 8.0% during the third quarter. Royce & Associates LP now owns 157,496 shares of the financial services provider’s stock valued at $7,697,000 after acquiring an additional 11,676 shares in the last quarter. 42.31% of the stock is owned by institutional investors.

Analysts Set New Price Targets

UNTY has been the topic of a number of analyst reports. Piper Sandler upped their price objective on shares of Unity Bancorp from $64.00 to $65.00 and gave the company an “overweight” rating in a research note on Thursday, January 15th. Weiss Ratings restated a “buy (b)” rating on shares of Unity Bancorp in a report on Wednesday, January 21st. Finally, Keefe, Bruyette & Woods upped their price target on shares of Unity Bancorp from $60.00 to $65.00 and gave the company an “outperform” rating in a research report on Wednesday, January 14th. Three analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $65.00.

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.