Unity Bancorp (NASDAQ:UNTY) Issues Quarterly 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 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 Trading Up 4.8 %

Unity Bancorp stock opened at $45.40 on Thursday. Unity Bancorp has a one year low of $25.33 and a one year high of $48.44. The business’s fifty day moving average is $44.64 and its 200 day moving average is $37.56. The stock has a market capitalization of $453.55 million, a PE ratio of 11.67 and a beta of 1.03. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.16 and a quick ratio of 1.16.

Unity Bancorp Announces Dividend

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

Insiders Place Their Bets

In other Unity Bancorp news, SVP David G. Bove sold 4,167 shares of the business’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $46.78, for a total transaction of $194,932.26. Following the completion of the sale, the senior vice president now directly owns 9,837 shares in the company, valued at $460,174.86. The trade was a 29.76 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Peter E. Maricondo sold 2,800 shares of the company’s stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $44.74, for a total transaction of $125,272.00. Following the sale, the director now directly owns 39,522 shares of the company’s stock, valued at $1,768,214.28. The trade was a 6.62 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 10,810 shares of company stock valued at $499,642. 28.88% of the stock is owned by insiders.

Analysts Set New Price Targets

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

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.