George Boyan Sells 6,504 Shares of Unity Bancorp (NASDAQ:UNTY) Stock

Unity Bancorp, Inc. (NASDAQ:UNTY) President George Boyan sold 6,504 shares of the stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $59.16, for a total value of $384,776.64. Following the completion of the sale, the president owned 25,015 shares of the company’s stock, valued at $1,479,887.40. The trade was a 20.64% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

George Boyan also recently made the following trade(s):

• On Wednesday, September 2nd, George Boyan sold 845 shares of Unity Bancorp stock. The shares were sold at an average price of $59.11, for a total value of $49,947.95.

Unity Bancorp Price Performance

Shares of Unity Bancorp stock opened at $59.96 on Friday. The company has a market capitalization of $602.00 million, a price-to-earnings ratio of 10.43 and a beta of 0.61. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.88. The stock’s 50-day simple moving average is $58.62 and its 200-day simple moving average is $55.30. Unity Bancorp, Inc. has a 52 week low of $44.34 and a 52 week high of $62.50.

Unity Bancorp (NASDAQ:UNTY) last released its earnings results on Tuesday, July 14th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.44 by ($0.02). The business had revenue of $33.75 million for the quarter, compared to analysts’ expectations of $34.62 million. Unity Bancorp had a return on equity of 16.10% and a net margin of 30.26%. As a group, analysts expect that Unity Bancorp, Inc. will post 5.86 earnings per share for the current fiscal year.

Unity Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 17th. Shareholders of record on Thursday, September 3rd will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.1%. The ex-dividend date is Thursday, September 3rd. This is a positive change from Unity Bancorp’s previous quarterly dividend of $0.16. Unity Bancorp’s dividend payout ratio is currently 11.83%.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. DA Davidson reissued a “buy” rating and issued a $68.00 target price on shares of Unity Bancorp in a report on Wednesday, July 15th. Weiss Ratings reaffirmed a “buy (b+)” rating on shares of Unity Bancorp in a research note on Friday, July 31st. Freedom Capital raised shares of Unity Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 16th. Finally, Piper Sandler lifted their price target on shares of Unity Bancorp from $65.00 to $68.00 and gave the company an “overweight” rating in a report on Friday, June 26th. One analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $65.50.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. California State Teachers Retirement System grew its position in Unity Bancorp by 1,426.5% in the second quarter. California State Teachers Retirement System now owns 6,045 shares of the financial services provider’s stock worth $355,000 after acquiring an additional 5,649 shares in the last quarter. Hsbc Holdings PLC raised its position in Unity Bancorp by 22.0% during the second quarter. Hsbc Holdings PLC now owns 8,676 shares of the financial services provider’s stock valued at $509,000 after purchasing an additional 1,563 shares during the period. Empowered Funds LLC bought a new stake in shares of Unity Bancorp in the 2nd quarter valued at approximately $1,517,000. Public Employees Retirement System of Ohio bought a new stake in shares of Unity Bancorp in the 2nd quarter valued at approximately $199,000. Finally, Bank of America Corp DE purchased a new position in shares of Unity Bancorp in the 2nd quarter worth approximately $1,240,000. Institutional investors own 42.31% of the company’s stock.

Unity Bancorp Company Profile

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.