Robert Dallas II Sells 7,725 Shares of Unity Bancorp (NASDAQ:UNTY) Stock

Unity Bancorp, Inc. (NASDAQ:UNTY) Director Robert Dallas II sold 7,725 shares of the stock in a transaction that occurred on Friday, March 13th. The stock was sold at an average price of $49.60, for a total transaction of $383,160.00. Following the sale, the director owned 32,073 shares in the company, valued at $1,590,820.80. This represents a 19.41% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Unity Bancorp Stock Performance

Shares of NASDAQ:UNTY opened at $49.73 on Wednesday. Unity Bancorp, Inc. has a 1 year low of $36.65 and a 1 year high of $57.30. The stock has a market capitalization of $498.29 million, a price-to-earnings ratio of 8.77 and a beta of 0.66. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.16 and a quick ratio of 1.16. The company’s 50 day simple moving average is $53.22 and its 200 day simple moving average is $51.37.

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

Unity Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Investors of record on Friday, March 6th will be paid 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 payout ratio is 11.29%.

Institutional Investors Weigh In On Unity Bancorp

Hedge funds have recently modified their holdings of the company. Alliancebernstein L.P. increased its holdings in Unity Bancorp by 2.4% in the 3rd quarter. Alliancebernstein L.P. now owns 357,310 shares of the financial services provider’s stock worth $17,462,000 after purchasing an additional 8,520 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Unity Bancorp by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 169,355 shares of the financial services provider’s stock worth $8,761,000 after purchasing an additional 1,291 shares during the last quarter. American Century Companies Inc. increased its stake in shares of Unity Bancorp by 17.7% in the second 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 period. Maltese Capital Management LLC increased its stake in shares of Unity Bancorp by 2.4% in 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 buying an additional 3,700 shares during the period. Finally, Royce & Associates LP raised its holdings in Unity Bancorp by 8.0% in the 3rd quarter. Royce & Associates LP now owns 157,496 shares of the financial services provider’s stock valued at $7,697,000 after buying an additional 11,676 shares during the last quarter. Institutional investors and hedge funds own 42.31% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on UNTY shares. Piper Sandler boosted their target price on Unity Bancorp from $64.00 to $65.00 and gave the stock an “overweight” rating in a research note on Thursday, January 15th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Unity Bancorp in a report on Wednesday, January 21st. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Unity Bancorp from $60.00 to $65.00 and gave the company an “outperform” rating in a research note on Wednesday, January 14th. Three investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average 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.