Unity Bancorp, Inc. (NASDAQ:UNTY) Announces Quarterly Dividend of $0.13

Unity Bancorp, Inc. (NASDAQ:UNTY) declared a quarterly dividend on Thursday, May 16th, Zacks reports. Shareholders of record on Friday, June 7th will be given a dividend of 0.13 per share by the financial services provider on Friday, June 21st. This represents a $0.52 annualized dividend and a yield of 1.86%. The ex-dividend date is Friday, June 7th.

Unity Bancorp has raised its dividend by an average of 14.5% annually over the last three years and has increased its dividend every year for the last 11 years. Unity Bancorp has a dividend payout ratio of 12.4% indicating that its dividend is sufficiently covered by earnings. Analysts expect Unity Bancorp to earn $4.17 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 12.5%.

Unity Bancorp Stock Performance

UNTY opened at $27.94 on Friday. The company has a current ratio of 1.18, a quick ratio of 1.18 and a debt-to-equity ratio of 1.16. The business’s 50 day moving average is $27.27 and its 200-day moving average is $27.42. The stock has a market cap of $280.52 million, a PE ratio of 7.33 and a beta of 1.04. Unity Bancorp has a twelve month low of $21.83 and a twelve month high of $30.70.

Unity Bancorp (NASDAQ:UNTY) last announced its earnings results on Friday, April 12th. The financial services provider reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.91 by $0.02. Unity Bancorp had a return on equity of 15.23% and a net margin of 24.92%. The firm had revenue of $25.56 million for the quarter, compared to the consensus estimate of $25.15 million. On average, analysts predict that Unity Bancorp will post 3.81 earnings per share for the current year.

Insiders Place Their Bets

In other Unity Bancorp news, Director Vincent Geraci sold 2,600 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $27.19, for a total value of $70,694.00. Following the completion of the sale, the director now directly owns 1,043 shares of the company’s stock, valued at approximately $28,359.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Unity Bancorp news, Director Vincent Geraci sold 2,600 shares of the company’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $27.19, for a total value of $70,694.00. Following the transaction, the director now owns 1,043 shares of the company’s stock, valued at $28,359.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO James A. Hughes sold 1,156 shares of Unity Bancorp stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $27.28, for a total value of $31,535.68. Following the completion of the transaction, the chief executive officer now owns 137,735 shares in the company, valued at $3,757,410.80. The disclosure for this sale can be found here. 28.88% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised shares of Unity Bancorp from a “hold” rating to a “buy” rating in a research note on Monday, May 13th.

Unity Bancorp Company Profile

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.