Unity Bancorp, Inc. (NASDAQ:UNTY) SVP Sells $194,932.26 in Stock

Unity Bancorp, Inc. (NASDAQ:UNTY - Get Free Report) SVP David G. Bove sold 4,167 shares of the business's stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $46.78, for a total value of $194,932.26. Following the completion of the transaction, the senior vice president now directly owns 9,837 shares of the company's stock, valued at $460,174.86. The trade was a 29.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

Unity Bancorp Trading Up 1.5 %

Shares of UNTY traded up $0.69 during trading on Monday, reaching $47.50. 60,749 shares of the company traded hands, compared to its average volume of 20,207. Unity Bancorp, Inc. has a twelve month low of $25.33 and a twelve month high of $48.44. The stock has a market cap of $474.34 million, a PE ratio of 12.21 and a beta of 1.03. The stock has a 50-day simple moving average of $42.52 and a 200-day simple moving average of $35.15. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.97.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last announced its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.07 earnings per share for the quarter, beating analysts' consensus estimates of $0.97 by $0.10. The firm had revenue of $27.66 million during the quarter, compared to analysts' expectations of $26.40 million. Unity Bancorp had a net margin of 24.46% and a return on equity of 14.63%. On average, analysts anticipate that Unity Bancorp, Inc. will post 4.01 earnings per share for the current year.

Unity Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid a $0.13 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.52 dividend on an annualized basis and a yield of 1.09%. Unity Bancorp's dividend payout ratio is currently 13.37%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC lifted its position 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 buying an additional 1,328 shares during the last quarter. BNP Paribas Financial Markets lifted its position in shares of Unity Bancorp by 84.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 2,464 shares of the financial services provider's stock worth $84,000 after buying an additional 1,129 shares during the last quarter. Ritholtz Wealth Management purchased a new stake in shares of Unity Bancorp during the 2nd quarter worth approximately $202,000. Princeton Capital Management LLC purchased a new stake in shares of Unity Bancorp during the 3rd quarter worth approximately $208,000. Finally, Barclays PLC lifted its position in shares of Unity Bancorp by 93.1% during the 3rd quarter. Barclays PLC now owns 14,197 shares of the financial services provider's stock worth $484,000 after buying an additional 6,846 shares during the last quarter. Hedge funds and other institutional investors own 42.31% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Keefe, Bruyette & Woods lifted 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. Piper Sandler reissued an "overweight" rating and issued a $44.00 target price (up from $40.00) on shares of Unity Bancorp in a research note on Monday, October 14th. Finally, StockNews.com lowered Unity Bancorp from a "buy" rating to a "hold" rating in a research report on Tuesday, October 22nd.

About Unity Bancorp

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.