Unity Bancorp (NASDAQ:UNTY) Issues Earnings Results

Unity Bancorp (NASDAQ:UNTY - Get Free Report) issued its quarterly earnings results on Friday. The financial services provider reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.01, Zacks reports. The company had revenue of $29.35 million during the quarter, compared to analysts' expectations of $28.81 million. Unity Bancorp had a net margin of 25.24% and a return on equity of 15.08%. During the same period last year, the business earned $0.93 EPS.

Unity Bancorp Stock Performance

Shares of UNTY traded down $0.35 during midday trading on Wednesday, reaching $40.32. The stock had a trading volume of 10,307 shares, compared to its average volume of 27,418. The firm has a market cap of $405.54 million, a PE ratio of 9.93 and a beta of 0.80. The firm has a 50 day simple moving average of $43.61 and a 200-day simple moving average of $43.22. Unity Bancorp has a one year low of $25.60 and a one year high of $51.22. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.97.

Unity Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were paid a $0.14 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $0.56 dividend on an annualized basis and a yield of 1.39%. This is a boost from Unity Bancorp's previous quarterly dividend of $0.13. Unity Bancorp's dividend payout ratio (DPR) is currently 13.15%.

Insider Activity

In other news, Director Vincent Geraci sold 1,811 shares of the stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $50.82, for a total value of $92,035.02. Following the transaction, the director now directly owns 8,312 shares of the company's stock, valued at $422,415.84. This represents a 17.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Mary E. Gross sold 3,300 shares of the firm's stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $48.04, for a total transaction of $158,532.00. Following the sale, the director now owns 18,479 shares of the company's stock, valued at approximately $887,731.16. This represents a 15.15 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 7,791 shares of company stock valued at $380,669. 29.68% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on UNTY shares. Piper Sandler decreased their target price on shares of Unity Bancorp from $54.00 to $50.00 and set an "overweight" rating for the company in a research report on Monday. Keefe, Bruyette & Woods restated an "outperform" rating and issued a $55.00 price objective (up previously from $51.00) on shares of Unity Bancorp in a report on Thursday, January 16th.

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.