Unity Bancorp (NASDAQ:UNTY) Announces Earnings Results

Unity Bancorp (NASDAQ:UNTY - Get Free Report) announced its quarterly earnings data on Wednesday. The financial services provider reported $1.13 EPS for the quarter, beating the consensus estimate of $1.08 by $0.05, Zacks reports. Unity Bancorp had a return on equity of 14.63% and a net margin of 24.46%.

Unity Bancorp Stock Up 4.8 %

Unity Bancorp stock traded up $2.07 during trading hours on Wednesday, hitting $45.40. The stock had a trading volume of 42,089 shares, compared to its average volume of 41,843. The stock's 50-day moving average price is $44.64 and its 200-day moving average price is $37.56. The stock has a market capitalization of $453.36 million, a P/E ratio of 11.67 and a beta of 1.03. Unity Bancorp has a 12-month low of $25.33 and a 12-month high of $48.44. 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 Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th were paid a dividend of $0.13 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.52 dividend on an annualized basis and a yield of 1.15%. Unity Bancorp's dividend payout ratio is currently 13.37%.

Insider Activity

In other news, SVP David G. Bove sold 4,167 shares of the business's stock in a transaction on Friday, December 13th. The stock was 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 owns 9,837 shares in the company, valued at $460,174.86. The trade was a 29.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Vincent Geraci sold 1,043 shares of the company's stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $44.98, for a total value of $46,914.14. Following the transaction, the director now directly owns 8,250 shares in the company, valued at approximately $371,085. The trade was a 11.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 10,810 shares of company stock worth $499,642 over the last 90 days. 28.88% of the stock is currently owned by insiders.

Analysts Set New Price Targets

UNTY has been the subject of a number of recent research reports. StockNews.com cut shares of Unity Bancorp from a "buy" rating to a "hold" rating in a research report on Tuesday, October 22nd. Piper Sandler reiterated an "overweight" rating and set a $44.00 target price (up from $40.00) on shares of Unity Bancorp in a report on Monday, October 14th. Finally, Keefe, Bruyette & Woods upped 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.

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.