Unity Bancorp (NASDAQ:UNTY) Stock: Insider Peter Maricondo Sells 470 Shares

Unity Bancorp, Inc. (NASDAQ:UNTY) Director Peter Maricondo sold 470 shares of the company’s stock in a transaction on Tuesday, October 20th. The shares were sold at an average price of $56.25, for a total value of $26,437.50. Following the transaction, the director directly owned 49,943 shares in the company, valued at $2,809,293.75. This trade represents a 0.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Unity Bancorp Trading Up 2.1%

UNTY stock traded up $1.18 during midday trading on Thursday, reaching $57.76. The stock had a trading volume of 11,725 shares, compared to its average volume of 54,502. The firm has a market cap of $580.12 million, a price-to-earnings ratio of 9.56 and a beta of 0.65. Unity Bancorp, Inc. has a twelve month low of $44.34 and a twelve month high of $62.50. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.88. The business has a fifty day simple moving average of $57.64 and a two-hundred day simple moving average of $56.49.

Unity Bancorp (NASDAQ:UNTY) last released its earnings results on Tuesday, October 13th. The financial services provider reported $1.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.49 by $0.02. The company had revenue of $36.65 million for the quarter, compared to the consensus estimate of $35.63 million. Unity Bancorp had a net margin of 31.00% and a return on equity of 16.34%. As a group, research analysts expect that Unity Bancorp, Inc. will post 5.88 EPS for the current fiscal year.

Unity Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 17th. Stockholders of record on Thursday, September 3rd were given a dividend of $0.17 per share. The ex-dividend date was Thursday, September 3rd. This represents a $0.68 annualized dividend and a dividend yield of 1.2%. This is a positive change from Unity Bancorp’s previous quarterly dividend of $0.16. Unity Bancorp’s dividend payout ratio is presently 11.26%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Piper Sandler increased 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. DA Davidson reaffirmed a “buy” rating and set a $68.00 target price on shares of Unity Bancorp in a report on Tuesday, October 13th. Weiss Ratings upgraded shares of Unity Bancorp from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday. Finally, Freedom Capital upgraded shares of Unity Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 16th. Two equities research analysts have rated the stock with a Strong Buy rating and four have given a Buy rating to the company. Based on data from MarketBeat, Unity Bancorp presently has an average rating of “Buy” and a consensus target price of $65.50.

Institutional Trading of Unity Bancorp

A number of hedge funds have recently modified their holdings of the company. BlackRock Inc. bought a new position in shares of Unity Bancorp during the second quarter worth $32,299,000. Empowered Funds LLC raised its stake in Unity Bancorp by 9.5% during the 1st quarter. Empowered Funds LLC now owns 49,848 shares of the financial services provider’s stock worth $2,584,000 after buying an additional 4,308 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Unity Bancorp during the 2nd quarter worth $2,410,000. Bank of New York Mellon Corp acquired a new stake in Unity Bancorp during the 2nd quarter worth $1,976,000. Finally, Bank of America Corp DE bought a new position in Unity Bancorp during the second quarter worth about $1,240,000. 42.31% of the stock is currently owned by institutional investors and hedge funds.

Unity Bancorp Company Profile

Unity Bancorp, Inc is the bank holding company for Unity Bank, a community-focused financial institution headquartered in Clinton, New Jersey. The bank provides banking and financial services to individuals, families, businesses and nonprofit organizations through locations primarily serving central New Jersey.

Unity Bank offers a range of deposit products, including checking, savings, money market and certificate of deposit accounts, as well as consumer, residential mortgage and commercial lending.