Unity Bancorp (NASDAQ:UNTY) Announces Earnings Results

Unity Bancorp (NASDAQ:UNTY - Get Free Report) issued its earnings results on Friday. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.01, Zacks reports. The firm had revenue of $29.35 million for 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 quarter last year, the business earned $0.93 earnings per share.

Unity Bancorp Stock Down 0.7 %

Shares of Unity Bancorp stock traded down $0.27 on Wednesday, reaching $40.40. The company's stock had a trading volume of 8,897 shares, compared to its average volume of 27,415. Unity Bancorp has a 52 week low of $25.60 and a 52 week high of $51.22. The firm's fifty day simple moving average is $43.61 and its two-hundred day simple moving average is $43.22. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.97. The company has a market capitalization of $406.34 million, a price-to-earnings ratio of 9.95 and a beta of 0.80.

Unity Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were given a $0.14 dividend. The ex-dividend date was Friday, March 14th. This is a boost from Unity Bancorp's previous quarterly dividend of $0.13. This represents a $0.56 annualized dividend and a yield of 1.39%. Unity Bancorp's dividend payout ratio is 13.15%.

Insider Activity at Unity Bancorp

In related news, Director Mark S. Brody sold 1,600 shares of the stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $48.32, for a total transaction of $77,312.00. Following the transaction, the director now owns 71,802 shares in the company, valued at $3,469,472.64. This represents a 2.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mary E. Gross sold 3,300 shares of Unity Bancorp stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $48.04, for a total transaction of $158,532.00. Following the completion of the sale, the director now directly owns 18,479 shares of the company's stock, valued at approximately $887,731.16. This trade represents a 15.15 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 7,791 shares of company stock valued at $380,669 over the last ninety days. Insiders own 29.68% of the company's stock.

Wall Street Analyst Weigh In

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

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.