Unity Bancorp (NASDAQ:UNTY) Issues Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Unity Bancorp (NASDAQ:UNTY) posted its quarterly earnings data on Tuesday. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.37 by $0.03, FiscalAI reports. Unity Bancorp had a net margin of 30.76% and a return on equity of 15.88%. The business had revenue of $33.61 million during the quarter, compared to the consensus estimate of $33.59 million.

Unity Bancorp Stock Performance

Shares of UNTY stock opened at $56.24 on Tuesday. The firm’s 50 day moving average is $52.85 and its 200 day moving average is $51.43. The stock has a market capitalization of $563.52 million, a P/E ratio of 9.92 and a beta of 0.64. Unity Bancorp has a 12 month low of $38.01 and a 12 month high of $57.30. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.77.

Unity Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 20th. Stockholders of record on Friday, March 6th were given a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 1.1%. This is an increase from Unity Bancorp’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Friday, March 6th. Unity Bancorp’s payout ratio is presently 11.29%.

Analyst Ratings Changes

A number of research firms recently commented on UNTY. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Unity Bancorp in a report on Wednesday, January 21st. Piper Sandler raised their target price on Unity Bancorp from $64.00 to $65.00 and gave the stock an “overweight” rating in a research report on Thursday, January 15th. Finally, 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 note on Wednesday, January 14th. Three research analysts have rated the stock with a Buy rating, According to data from MarketBeat, Unity Bancorp presently has a consensus rating of “Buy” and a consensus target price of $65.00.

Insiders Place Their Bets

In other Unity Bancorp news, Director Robert H. Dallas II sold 7,725 shares of the business’s stock in a transaction on Friday, March 13th. The shares were sold at an average price of $49.60, for a total transaction of $383,160.00. Following the sale, the director owned 32,073 shares of the company’s stock, valued at $1,590,820.80. The trade was a 19.41% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Minsu Kim sold 750 shares of the stock in a transaction on Thursday, January 15th. The stock was sold at an average price of $56.13, for a total value of $42,097.50. Following the sale, the senior vice president owned 791 shares in the company, valued at approximately $44,398.83. This represents a 48.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 19,678 shares of company stock worth $1,003,769 in the last three months. Insiders own 28.87% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in UNTY. Hsbc Holdings PLC grew its holdings in Unity Bancorp by 5.1% during the 2nd quarter. Hsbc Holdings PLC now owns 6,056 shares of the financial services provider’s stock valued at $287,000 after buying an additional 295 shares in the last quarter. BNP Paribas Financial Markets grew its stake in Unity Bancorp by 14.8% during the second quarter. BNP Paribas Financial Markets now owns 2,883 shares of the financial services provider’s stock valued at $136,000 after acquiring an additional 372 shares in the last quarter. Rhumbline Advisers increased its holdings in Unity Bancorp by 3.7% during the 2nd quarter. Rhumbline Advisers now owns 10,805 shares of the financial services provider’s stock worth $509,000 after acquiring an additional 385 shares during the period. First Trust Advisors LP increased its holdings in Unity Bancorp by 6.8% during the 2nd quarter. First Trust Advisors LP now owns 6,402 shares of the financial services provider’s stock worth $301,000 after acquiring an additional 409 shares during the period. Finally, Polymer Capital Management US LLC boosted its holdings in Unity Bancorp by 8.0% in the 3rd quarter. Polymer Capital Management US LLC now owns 6,402 shares of the financial services provider’s stock valued at $313,000 after purchasing an additional 476 shares during the period. 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.