Insider Selling: Unity Bancorp (NASDAQ:UNTY) Director Sells $116,220.75 in Stock

Unity Bancorp, Inc. (NASDAQ:UNTY) Director Mary Gross sold 2,075 shares of the business’s stock in a transaction that occurred on Friday, April 17th. The shares were sold at an average price of $56.01, for a total value of $116,220.75. Following the completion of the sale, the director directly owned 18,479 shares in the company, valued at approximately $1,035,008.79. The trade was a 10.10% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Unity Bancorp Stock Down 0.4%

Shares of NASDAQ UNTY opened at $52.44 on Thursday. The firm has a market cap of $525.45 million, a price-to-earnings ratio of 8.83 and a beta of 0.64. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.77. Unity Bancorp, Inc. has a 52-week low of $41.00 and a 52-week high of $57.30. The business’s 50 day moving average is $52.62 and its two-hundred day moving average is $51.66.

Unity Bancorp (NASDAQ:UNTY) last announced its earnings results on Tuesday, April 14th. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.37 by $0.03. The company had revenue of $33.61 million for the quarter, compared to analyst estimates of $33.59 million. Unity Bancorp had a return on equity of 16.36% and a net margin of 31.33%. Research analysts predict that Unity Bancorp, Inc. will post 5.76 EPS for the current year.

Unity Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 20th. Shareholders of record on Friday, March 6th were given a $0.16 dividend. The ex-dividend date of this dividend was Friday, March 6th. This is a positive change from Unity Bancorp’s previous quarterly dividend of $0.15. This represents a $0.64 dividend on an annualized basis and a yield of 1.2%. Unity Bancorp’s dividend payout ratio is presently 10.77%.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Piper Sandler boosted their target price on Unity Bancorp from $64.00 to $65.00 and gave the company an “overweight” rating in a research report on Thursday, January 15th. Weiss Ratings reissued a “buy (b)” rating on shares of Unity Bancorp in a research report on Monday. Keefe, Bruyette & Woods boosted their target price on Unity Bancorp from $60.00 to $65.00 and gave the company an “outperform” rating in a research report on Wednesday, January 14th. Finally, Brean Capital initiated coverage on shares of Unity Bancorp in a research note on Wednesday. They issued a “buy” rating and a $61.00 price target for the company. Four investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Unity Bancorp presently has a consensus rating of “Buy” and a consensus target price of $63.67.

Hedge Funds Weigh In On Unity Bancorp

Several institutional investors have recently modified their holdings of the business. Sterling Capital Management LLC grew its stake in shares of Unity Bancorp by 1,798.0% in the first quarter. Sterling Capital Management LLC now owns 4,650 shares of the financial services provider’s stock worth $241,000 after acquiring an additional 4,405 shares in the last quarter. Wesbanco Bank Inc. acquired a new position in shares of Unity Bancorp in the first quarter worth $1,083,000. Hsbc Holdings PLC grew its stake in shares of Unity Bancorp by 17.9% in the fourth quarter. Hsbc Holdings PLC now owns 5,299 shares of the financial services provider’s stock worth $271,000 after acquiring an additional 805 shares in the last quarter. NewEdge Advisors LLC grew its stake in shares of Unity Bancorp by 2,350.0% in the fourth quarter. NewEdge Advisors LLC now owns 4,949 shares of the financial services provider’s stock worth $256,000 after acquiring an additional 4,747 shares in the last quarter. Finally, Tudor Investment Corp ET AL acquired a new position in shares of Unity Bancorp in the fourth quarter worth $952,000. Institutional investors and hedge funds own 42.31% of the company’s stock.

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.