Unity Bancorp (NASDAQ:UNTY) Issues Earnings Results

Unity Bancorp (NASDAQ:UNTY – Get Rating) issued its earnings results on Thursday. The financial services provider reported $0.85 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.81 by $0.04, MarketWatch Earnings reports. Unity Bancorp had a return on equity of 18.69% and a net margin of 37.25%.

Shares of Unity Bancorp stock opened at $28.35 on Friday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.06 and a current ratio of 1.06. Unity Bancorp has a 52 week low of $20.32 and a 52 week high of $31.37. The stock has a 50 day moving average price of $28.33 and a two-hundred day moving average price of $27.03. The stock has a market capitalization of $296.48 million, a PE ratio of 8.29 and a beta of 1.17.

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 25th. Shareholders of record on Friday, March 11th were paid a $0.10 dividend. The ex-dividend date was Thursday, March 10th. This represents a $0.40 dividend on an annualized basis and a yield of 1.41%. Unity Bancorp’s dividend payout ratio (DPR) is presently 11.70%.

A number of equities research analysts have weighed in on the company. Zacks Investment Research downgraded Unity Bancorp from a “buy” rating to a “hold” rating in a report on Wednesday, March 30th. StockNews.com started coverage on Unity Bancorp in a research note on Thursday, March 31st. They issued a “buy” rating for the company. Finally, Piper Sandler started coverage on Unity Bancorp in a research note on Thursday, April 7th. They issued an “overweight” rating and a $33.00 price objective for the company.

In related news, Director Donald E. Jr. Souders sold 4,400 shares of Unity Bancorp stock in a transaction that occurred on Monday, January 31st. The stock was sold at an average price of $29.35, for a total transaction of $129,140.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Stephen Rooney sold 2,800 shares of Unity Bancorp stock in a transaction that occurred on Wednesday, February 2nd. The shares were sold at an average price of $29.14, for a total value of $81,592.00. The disclosure for this sale can be found here. Insiders sold 13,299 shares of company stock valued at $389,572 in the last three months. Insiders own 32.35% of the company’s stock.

Large investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. boosted its position in shares of Unity Bancorp by 8,053.8% during the fourth quarter. JPMorgan Chase & Co. now owns 1,060 shares of the financial services provider’s stock valued at $27,000 after buying an additional 1,047 shares during the last quarter. Royal Bank of Canada lifted its holdings in Unity Bancorp by 515.7% during the second quarter. Royal Bank of Canada now owns 3,011 shares of the financial services provider’s stock worth $66,000 after acquiring an additional 2,522 shares during the period. Citadel Advisors LLC bought a new stake in Unity Bancorp during the second quarter worth $245,000. Goldman Sachs Group Inc. lifted its holdings in Unity Bancorp by 6.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 13,063 shares of the financial services provider’s stock worth $343,000 after acquiring an additional 768 shares during the period. Finally, Susquehanna International Group LLP lifted its holdings in Unity Bancorp by 65.1% during the fourth quarter. Susquehanna International Group LLP now owns 17,929 shares of the financial services provider’s stock worth $471,000 after acquiring an additional 7,068 shares during the period. 49.70% of the stock is currently owned by institutional investors.

Unity Bancorp Company Profile (Get Rating)

Unity Bancorp, Inc operates as the holding company for Unity Bank that provides commercial and retail banking products and services to individuals, small and medium sized businesses, and professional communities. The company offers personal and business checking accounts, time deposits, money market accounts, and regular savings accounts, as well as noninterest and interest-bearing demand deposits.

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