Insider Selling: Unity Bancorp, Inc. (NASDAQ:UNTY) SVP Sells 4,167 Shares of Stock

Unity Bancorp, Inc. (NASDAQ:UNTY) SVP David G. Bove sold 4,167 shares of Unity Bancorp stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $46.78, for a total value of $194,932.26. Following the completion of the transaction, the senior vice president now directly owns 9,837 shares in the company, valued at approximately $460,174.86. This represents a 29.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Unity Bancorp Stock Up 0.6 %

UNTY traded up $0.28 during midday trading on Monday, hitting $47.09. The company had a trading volume of 6,166 shares, compared to its average volume of 19,980. The stock’s 50 day moving average price is $42.23 and its 200 day moving average price is $35.01. Unity Bancorp, Inc. has a 52 week low of $25.33 and a 52 week high of $48.22. The company has a market capitalization of $470.24 million, a price-to-earnings ratio of 12.03 and a beta of 1.03. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.97.

Unity Bancorp (NASDAQ:UNTY) last issued its earnings results on Friday, October 11th. The financial services provider reported $1.07 EPS for the quarter, beating the consensus estimate of $0.97 by $0.10. Unity Bancorp had a return on equity of 14.63% and a net margin of 24.46%. The company had revenue of $27.66 million during the quarter, compared to the consensus estimate of $26.40 million. On average, research analysts anticipate that Unity Bancorp, Inc. will post 4.01 earnings per share for the current fiscal year.

Unity Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued a dividend of $0.13 per share. The ex-dividend date is Friday, December 13th. This represents a $0.52 annualized dividend and a dividend yield of 1.10%. Unity Bancorp’s dividend payout ratio is 13.37%.

Hedge Funds Weigh In On Unity Bancorp

Large investors have recently modified their holdings of the company. Panagora Asset Management Inc. lifted its position in Unity Bancorp by 2.4% in the 2nd quarter. Panagora Asset Management Inc. now owns 20,852 shares of the financial services provider’s stock valued at $617,000 after acquiring an additional 488 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Unity Bancorp by 0.3% in the third quarter. Geode Capital Management LLC now owns 152,590 shares of the financial services provider’s stock worth $5,198,000 after purchasing an additional 492 shares during the last quarter. State Street Corp lifted its holdings in shares of Unity Bancorp by 0.6% in the third quarter. State Street Corp now owns 94,750 shares of the financial services provider’s stock valued at $3,227,000 after purchasing an additional 607 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Unity Bancorp by 84.6% in the third quarter. BNP Paribas Financial Markets now owns 2,464 shares of the financial services provider’s stock valued at $84,000 after purchasing an additional 1,129 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in shares of Unity Bancorp by 2,329.8% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,385 shares of the financial services provider’s stock worth $41,000 after acquiring an additional 1,328 shares in the last quarter. 42.31% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Keefe, Bruyette & Woods upped their price objective on shares of Unity Bancorp from $43.00 to $51.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Piper Sandler reaffirmed an “overweight” rating and set a $44.00 target price (up previously from $40.00) on shares of Unity Bancorp in a research note on Monday, October 14th. Finally, StockNews.com cut Unity Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd.

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.