Unity Bancorp, Inc. (NASDAQ:UNTY) to Issue Quarterly Dividend of $0.13

Unity Bancorp, Inc. (NASDAQ:UNTY) announced a quarterly dividend on Friday, November 22nd,Wall Street Journal reports. Stockholders of record on Friday, December 13th will be given a dividend of 0.13 per share by the financial services provider on Tuesday, December 31st. This represents a $0.52 annualized dividend and a dividend yield of 1.12%. The ex-dividend date is Friday, December 13th.

Unity Bancorp has increased its dividend by an average of 14.5% per year over the last three years and has increased its dividend every year for the last 11 years. Unity Bancorp has a payout ratio of 11.4% meaning its dividend is sufficiently covered by earnings. Analysts expect Unity Bancorp to earn $4.53 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 11.5%.

Unity Bancorp Stock Up 1.6 %

UNTY traded up $0.73 during trading on Friday, reaching $46.61. 25,432 shares of the stock were exchanged, compared to its average volume of 19,760. The stock has a market cap of $465.63 million, a P/E ratio of 11.79 and a beta of 0.99. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.16 and a current ratio of 1.16. The stock’s 50 day moving average price is $38.35 and its two-hundred day moving average price is $32.86. Unity Bancorp has a twelve month low of $25.33 and a twelve month high of $48.08.

Unity Bancorp (NASDAQ:UNTY) last issued its earnings results on Friday, October 11th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.10. The business had revenue of $27.66 million during the quarter, compared to the consensus estimate of $26.40 million. Unity Bancorp had a net margin of 24.46% and a return on equity of 14.63%. Equities analysts expect that Unity Bancorp will post 4.01 EPS for the current year.

Insider Transactions at Unity Bancorp

In other Unity Bancorp news, Director Vincent Geraci sold 1,043 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $44.98, for a total transaction of $46,914.14. Following the transaction, the director now owns 8,250 shares in the company, valued at $371,085. This trade represents a 11.22 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 28.88% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the company. StockNews.com lowered Unity Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. Piper Sandler reiterated an “overweight” rating and issued a $44.00 price objective (up from $40.00) on shares of Unity Bancorp in a report on Monday, October 14th.

Unity Bancorp Company Profile

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.