Insider Selling: Unity Bancorp, Inc. (NASDAQ:UNTY) SVP Sells $194,932.26 in Stock

Unity Bancorp, Inc. (NASDAQ:UNTY) SVP David G. Bove sold 4,167 shares of the stock in a transaction on Friday, December 13th. The shares were sold at an average price of $46.78, for a total value of $194,932.26. Following the sale, the senior vice president now directly owns 9,837 shares in the company, valued at $460,174.86. This trade represents a 29.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Unity Bancorp Stock Down 6.8 %

UNTY stock opened at $43.03 on Thursday. The company has a market cap of $429.70 million, a price-to-earnings ratio of 11.06 and a beta of 1.03. 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 business’s 50-day moving average is $43.00 and its two-hundred day moving average is $35.33. Unity Bancorp, Inc. has a fifty-two week low of $25.33 and a fifty-two week high of $48.44.

Unity Bancorp (NASDAQ:UNTY) last issued its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.07 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.10. The firm had revenue of $27.66 million for the quarter, compared to analysts’ expectations of $26.40 million. Unity Bancorp had a net margin of 24.46% and a return on equity of 14.63%. As a group, analysts forecast that Unity Bancorp, Inc. will post 4.01 earnings per share for the current year.

Unity Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 1.21%. The ex-dividend date is Friday, December 13th. Unity Bancorp’s dividend payout ratio is presently 13.37%.

Institutional Investors Weigh In On Unity Bancorp

A number of hedge funds have recently modified their holdings of the business. Dimensional Fund Advisors LP raised its holdings in Unity Bancorp by 1.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 478,877 shares of the financial services provider’s stock worth $14,159,000 after purchasing an additional 5,449 shares during the period. Geode Capital Management LLC raised its stake in shares of Unity Bancorp by 0.3% in the third quarter. Geode Capital Management LLC now owns 152,590 shares of the financial services provider’s stock worth $5,198,000 after buying an additional 492 shares during the period. State Street Corp lifted its position in shares of Unity Bancorp by 0.6% during the 3rd quarter. State Street Corp now owns 94,750 shares of the financial services provider’s stock valued at $3,227,000 after buying an additional 607 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Unity Bancorp by 7.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 35,083 shares of the financial services provider’s stock valued at $1,037,000 after acquiring an additional 2,393 shares during the period. Finally, Empowered Funds LLC increased its holdings in Unity Bancorp by 5.1% in the 3rd quarter. Empowered Funds LLC now owns 33,303 shares of the financial services provider’s stock worth $1,134,000 after acquiring an additional 1,608 shares in the last quarter. Institutional investors own 42.31% of the company’s stock.

Analyst Ratings Changes

UNTY has been the topic of several research analyst reports. Keefe, Bruyette & Woods upped their target price on shares of Unity Bancorp from $43.00 to $51.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. StockNews.com downgraded shares of Unity Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, October 22nd. Finally, Piper Sandler reiterated an “overweight” rating and set a $44.00 target price (up from $40.00) on shares of Unity Bancorp in a research note on Monday, October 14th.

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.