Robert Dallas II Sells 7,088 Shares of Unity Bancorp (NASDAQ:UNTY) Stock

Unity Bancorp, Inc. (NASDAQ:UNTY) Director Robert Dallas II sold 7,088 shares of the stock in a transaction that occurred on Thursday, March 12th. The stock was sold at an average price of $49.70, for a total transaction of $352,273.60. Following the transaction, the director directly owned 39,798 shares in the company, valued at approximately $1,977,960.60. This represents a 15.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Unity Bancorp Price Performance

Shares of Unity Bancorp stock opened at $49.73 on Wednesday. The stock has a market capitalization of $498.29 million, a P/E ratio of 8.77 and a beta of 0.66. Unity Bancorp, Inc. has a twelve month low of $36.65 and a twelve month high of $57.30. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.77. The business’s fifty day moving average price is $53.22 and its 200 day moving average price is $51.37.

Unity Bancorp (NASDAQ:UNTY) last posted its earnings results on Tuesday, January 13th. The financial services provider reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.35 by $0.06. Unity Bancorp had a net margin of 30.76% and a return on equity of 15.88%. The firm had revenue of $33.70 million during the quarter, compared to the consensus estimate of $33.39 million. As a group, research analysts anticipate that Unity Bancorp, Inc. will post 4.83 earnings per share for the current year.

Unity Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Shareholders of record on Friday, March 6th will be given a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 1.3%. This is a boost from Unity Bancorp’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend is Friday, March 6th. Unity Bancorp’s dividend payout ratio is 11.29%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Alliancebernstein L.P. grew its holdings in Unity Bancorp by 2.4% during the 3rd quarter. Alliancebernstein L.P. now owns 357,310 shares of the financial services provider’s stock valued at $17,462,000 after purchasing an additional 8,520 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Unity Bancorp by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 169,355 shares of the financial services provider’s stock worth $8,761,000 after buying an additional 1,291 shares in the last quarter. American Century Companies Inc. boosted its position in Unity Bancorp by 17.7% in the 2nd quarter. American Century Companies Inc. now owns 163,312 shares of the financial services provider’s stock valued at $7,689,000 after buying an additional 24,528 shares during the last quarter. Maltese Capital Management LLC grew its stake in shares of Unity Bancorp by 2.4% during the fourth quarter. Maltese Capital Management LLC now owns 159,000 shares of the financial services provider’s stock valued at $8,223,000 after acquiring an additional 3,700 shares in the last quarter. Finally, Royce & Associates LP grew its stake in shares of Unity Bancorp by 8.0% during the third quarter. Royce & Associates LP now owns 157,496 shares of the financial services provider’s stock valued at $7,697,000 after acquiring an additional 11,676 shares in the last quarter. 42.31% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently weighed in on UNTY. Piper Sandler upped their target price on Unity Bancorp from $64.00 to $65.00 and gave the stock an “overweight” rating in a research report on Thursday, January 15th. Weiss Ratings reiterated a “buy (b)” rating on shares of Unity Bancorp in a report on Wednesday, January 21st. Finally, Keefe, Bruyette & Woods boosted their price target on Unity Bancorp from $60.00 to $65.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 14th. Three equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $65.00.

About Unity Bancorp

Unity Bancorp, Inc is a bank holding company headquartered in Morrisville, Pennsylvania, trading on the NASDAQ under the ticker UNTY. Through its primary subsidiary, Unity Bank, the company delivers a comprehensive suite of commercial and retail banking services to individuals, businesses and municipal clients in its regional markets.

Founded in 1906, Unity Bank maintains a network of conveniently located branches across Bucks County and adjacent areas of southeastern Pennsylvania. The company’s deposit portfolio includes checking and savings accounts, money market accounts and certificates of deposit, while its loan offerings encompass commercial real estate, construction and land development, agricultural and consumer lending solutions.

Beyond traditional deposit and lending activities, Unity Bancorp provides cash management and merchant services, as well as internet and mobile banking platforms designed to streamline day-to-day financial operations.