George Boyan Sells 845 Shares of Unity Bancorp (NASDAQ:UNTY) Stock

Unity Bancorp, Inc. (NASDAQ:UNTY) President George Boyan sold 845 shares of the firm’s stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $59.11, for a total value of $49,947.95. Following the completion of the sale, the president owned 31,519 shares in the company, valued at approximately $1,863,088.09. This represents a 2.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

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

• On Thursday, September 3rd, George Boyan sold 6,504 shares of Unity Bancorp stock. The stock was sold at an average price of $59.16, for a total value of $384,776.64.

Unity Bancorp Stock Up 1.8%

Shares of UNTY traded up $1.05 during mid-day trading on Friday, reaching $59.96. The company’s stock had a trading volume of 35,808 shares, compared to its average volume of 54,101. Unity Bancorp, Inc. has a 12-month low of $44.34 and a 12-month high of $62.50. The stock has a market cap of $602.00 million, a PE ratio of 10.43 and a beta of 0.61. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.17 and a quick ratio of 1.17. The company’s 50 day moving average is $58.61 and its 200 day moving average is $55.27.

Unity Bancorp (NASDAQ:UNTY) last issued its earnings results on Tuesday, July 14th. The financial services provider reported $1.42 earnings per share 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 analyst estimates of $34.62 million. Unity Bancorp had a return on equity of 16.10% and a net margin of 30.26%. Equities analysts anticipate that Unity Bancorp, Inc. will post 5.86 EPS for the current fiscal year.

Unity Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 17th. Shareholders of record on Thursday, September 3rd will be issued a dividend of $0.17 per share. The ex-dividend date of this dividend is Thursday, September 3rd. This is an increase from Unity Bancorp’s previous quarterly dividend of $0.16. This represents a $0.68 dividend on an annualized basis and a yield of 1.1%. Unity Bancorp’s dividend payout ratio is 11.13%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. California State Teachers Retirement System lifted its stake 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 valued at $355,000 after buying an additional 5,649 shares during the last quarter. Hsbc Holdings PLC grew its position in shares of Unity Bancorp by 22.0% during the second quarter. Hsbc Holdings PLC now owns 8,676 shares of the financial services provider’s stock worth $509,000 after acquiring an additional 1,563 shares during the last quarter. Empowered Funds LLC acquired a new position in shares of Unity Bancorp in the 2nd quarter valued at $1,517,000. Public Employees Retirement System of Ohio purchased a new stake in Unity Bancorp in the 2nd quarter valued at $199,000. Finally, Bank of America Corp DE purchased a new stake in Unity Bancorp in the 2nd quarter valued at $1,240,000. Institutional investors and hedge funds own 42.31% of the company’s stock.

Wall Street Analysts Forecast Growth

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

About Unity Bancorp

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.