Unity Bancorp (NASDAQ:UNTY) Releases Earnings Results, Beats Expectations By $0.05 EPS

Unity Bancorp (NASDAQ:UNTY) announced its quarterly earnings data on Wednesday. The financial services provider reported $1.13 earnings per share 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 Price Performance

UNTY stock opened at $43.33 on Wednesday. Unity Bancorp has a one year low of $25.33 and a one year high of $48.44. The firm has a 50-day moving average of $44.64 and a two-hundred day moving average of $37.56. The firm has a market capitalization of $432.69 million, a PE ratio of 11.14 and a beta of 1.03. 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 Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th were issued a dividend of $0.13 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $0.52 annualized dividend and a yield of 1.20%. Unity Bancorp’s payout ratio is presently 13.37%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on UNTY shares. Piper Sandler restated an “overweight” rating and set a $44.00 price objective (up previously from $40.00) on shares of Unity Bancorp in a research report on Monday, October 14th. StockNews.com cut shares of Unity Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. Finally, Keefe, Bruyette & Woods upped their price target on Unity Bancorp from $43.00 to $51.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th.

Insider Transactions at Unity Bancorp

In other Unity Bancorp news, Director Vincent Geraci sold 1,043 shares of the firm’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $44.98, for a total transaction of $46,914.14. Following the completion of the sale, the director now directly owns 8,250 shares in the company, valued at approximately $371,085. This trade represents a 11.22 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Mark S. Brody sold 2,800 shares of the company’s stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $47.33, for a total value of $132,524.00. Following the completion of the transaction, the director now owns 70,002 shares in the company, valued at $3,313,194.66. This represents a 3.85 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 10,810 shares of company stock valued at $499,642 over the last ninety days. Corporate insiders own 28.88% of the company’s stock.

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.