Insider Selling: Unity Bancorp, Inc. (NASDAQ:UNTY) Director Sells 2,800 Shares of Stock

Unity Bancorp, Inc. (NASDAQ:UNTY) Director Mark S. Brody sold 2,800 shares of Unity Bancorp stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $47.33, for a total value of $132,524.00. Following the completion of the sale, the director now owns 70,002 shares of the company’s stock, valued at $3,313,194.66. The trade was a 3.85 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

Unity Bancorp Stock Down 0.4 %

UNTY stock opened at $45.65 on Friday. The company has a market cap of $456.04 million, a price-to-earnings ratio of 11.74 and a beta of 0.99. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.16 and a current ratio of 1.16. The business’s 50-day moving average is $39.58 and its two-hundred day moving average is $33.51. Unity Bancorp, Inc. has a fifty-two week low of $25.33 and a fifty-two week high of $48.22.

Unity Bancorp (NASDAQ:UNTY) last issued its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.07 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.10. The firm had revenue of $27.66 million for the quarter, compared to analysts’ expectations of $26.40 million. Unity Bancorp had a net margin of 24.46% and a return on equity of 14.63%. As a group, analysts forecast that Unity Bancorp, Inc. will post 4.01 earnings per share for the current year.

Unity Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 1.14%. The ex-dividend date of this dividend is Friday, December 13th. Unity Bancorp’s dividend payout ratio is presently 13.37%.

Institutional Investors Weigh In On Unity Bancorp

Hedge funds and other institutional investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC grew its holdings in Unity Bancorp by 2,329.8% during the second quarter. Allspring Global Investments Holdings LLC now owns 1,385 shares of the financial services provider’s stock valued at $41,000 after purchasing an additional 1,328 shares during the period. BNP Paribas Financial Markets lifted its position in shares of Unity Bancorp by 84.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 2,464 shares of the financial services provider’s stock valued at $84,000 after buying an additional 1,129 shares in the last quarter. Ritholtz Wealth Management bought a new position in shares of Unity Bancorp during the 2nd quarter valued at approximately $202,000. Princeton Capital Management LLC purchased a new stake in Unity Bancorp in the 3rd quarter worth approximately $208,000. Finally, O Shaughnessy Asset Management LLC raised its stake in Unity Bancorp by 75.2% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 16,552 shares of the financial services provider’s stock worth $457,000 after acquiring an additional 7,104 shares during the period. 42.31% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on UNTY. StockNews.com downgraded shares of Unity Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. Piper Sandler restated an “overweight” rating and issued a $44.00 target price (up previously from $40.00) on shares of Unity Bancorp in a report on Monday, October 14th.

About Unity Bancorp

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