Unity Bancorp (NASDAQ:UNTY) President George Boyan Sells 6,504 Shares of Stock

Unity Bancorp, Inc. (NASDAQ:UNTY) President George Boyan sold 6,504 shares of the stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $59.16, for a total value of $384,776.64. Following the sale, the president owned 25,015 shares in the company, valued at $1,479,887.40. The trade was a 20.64% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

George Boyan also recently made the following trade(s):

• On Wednesday, September 2nd, George Boyan sold 845 shares of Unity Bancorp stock. The stock was sold at an average price of $59.11, for a total transaction of $49,947.95.

Unity Bancorp Stock Up 1.8%

Shares of UNTY opened at $59.96 on Friday. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.17 and a current ratio of 1.17. The firm has a market capitalization of $602.00 million, a price-to-earnings ratio of 10.43 and a beta of 0.61. The business’s fifty day moving average price is $58.62 and its two-hundred day moving average price is $55.30. Unity Bancorp, Inc. has a 52 week low of $44.34 and a 52 week high of $62.50.

Unity Bancorp (NASDAQ:UNTY) last posted its earnings results on Tuesday, July 14th. The financial services provider reported $1.42 earnings per share for the quarter, missing the consensus estimate of $1.44 by ($0.02). The business had revenue of $33.75 million for the quarter, compared to the consensus estimate of $34.62 million. Unity Bancorp had a return on equity of 16.10% and a net margin of 30.26%. On average, analysts predict that Unity Bancorp, Inc. will post 5.86 earnings per share for the current year.

Unity Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 17th. Shareholders of record on Thursday, September 3rd will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.1%. The ex-dividend date is Thursday, September 3rd. This is an increase from Unity Bancorp’s previous quarterly dividend of $0.16. Unity Bancorp’s dividend payout ratio (DPR) is presently 11.83%.

Analysts Set New Price Targets

UNTY has been the topic of a number of recent analyst reports. Weiss Ratings restated a “buy (b+)” rating on shares of Unity Bancorp in a report on Friday, July 31st. Piper Sandler raised their price target on Unity Bancorp from $65.00 to $68.00 and gave the company an “overweight” rating in a report on Friday, June 26th. Freedom Capital raised shares of Unity Bancorp from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 16th. Finally, DA Davidson reiterated a “buy” rating and issued a $68.00 price target on shares of Unity Bancorp in a research note on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $65.50.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in shares of Unity Bancorp during the second quarter worth $32,299,000. Alliancebernstein L.P. increased its position in Unity Bancorp by 2.4% during the third quarter. Alliancebernstein L.P. now owns 357,310 shares of the financial services provider’s stock worth $17,462,000 after acquiring an additional 8,520 shares during the period. Geode Capital Management LLC raised its stake in Unity Bancorp by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 169,355 shares of the financial services provider’s stock worth $8,761,000 after purchasing an additional 1,291 shares in the last quarter. Maltese Capital Management LLC raised its stake in Unity Bancorp by 2.4% in the 4th quarter. Maltese Capital Management LLC now owns 159,000 shares of the financial services provider’s stock worth $8,223,000 after purchasing an additional 3,700 shares in the last quarter. Finally, Bridgeway Capital Management LLC boosted its holdings in Unity Bancorp by 6.2% in the 3rd quarter. Bridgeway Capital Management LLC now owns 90,179 shares of the financial services provider’s stock valued at $4,407,000 after purchasing an additional 5,248 shares during the period. 42.31% of the stock is owned by institutional investors and hedge funds.

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.