Unity Bancorp (NASDAQ:UNTY) Director Peter Maricondo Sells 470 Shares of Company Stock

Unity Bancorp, Inc. (NASDAQ:UNTY) Director Peter Maricondo sold 470 shares of the company’s stock in a transaction dated Tuesday, October 20th. The shares were sold at an average price of $56.25, for a total transaction of $26,437.50. Following the transaction, the director owned 49,943 shares in the company, valued at $2,809,293.75. The trade was a 0.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Unity Bancorp Stock Performance

Unity Bancorp stock opened at $58.11 on Friday. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.17 and a quick ratio of 1.17. Unity Bancorp, Inc. has a 1-year low of $44.34 and a 1-year high of $62.50. The firm has a market capitalization of $583.42 million, a P/E ratio of 9.86 and a beta of 0.65. The company’s 50-day moving average is $57.57 and its 200 day moving average is $56.52.

Unity Bancorp (NASDAQ:UNTY) last announced its earnings results on Tuesday, October 13th. The financial services provider reported $1.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.49 by $0.02. The business had revenue of $36.65 million during the quarter, compared to analyst estimates of $35.63 million. Unity Bancorp had a return on equity of 16.34% and a net margin of 31.00%. Research analysts forecast that Unity Bancorp, Inc. will post 5.93 EPS for the current year.

Unity Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 17th. Investors of record on Thursday, September 3rd were paid a dividend of $0.17 per share. The ex-dividend date of this dividend was Thursday, September 3rd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.2%. This is an increase from Unity Bancorp’s previous quarterly dividend of $0.16. Unity Bancorp’s dividend payout ratio is 11.26%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Weiss Ratings raised Unity Bancorp from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Monday. Freedom Capital upgraded Unity Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 16th. DA Davidson reiterated a “buy” rating and set a $68.00 target price on shares of Unity Bancorp in a research report on Tuesday, October 13th. Finally, Piper Sandler boosted their target price 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. Two research analysts have rated the stock with a Strong Buy rating and four have issued a Buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $65.50.

Institutional Trading of Unity Bancorp

A number of large investors have recently modified their holdings of the company. BlackRock Inc. bought a new position in Unity Bancorp in the second quarter worth approximately $32,299,000. Empowered Funds LLC increased its holdings in Unity Bancorp by 9.5% during the 1st quarter. Empowered Funds LLC now owns 49,848 shares of the financial services provider’s stock worth $2,584,000 after purchasing an additional 4,308 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Unity Bancorp during the 2nd quarter valued at $2,410,000. Bank of New York Mellon Corp bought a new stake in Unity Bancorp during the 2nd quarter valued at $1,976,000. Finally, Bank of America Corp DE bought a new stake in Unity Bancorp during the 2nd quarter valued at $1,240,000. Hedge funds and other institutional investors own 42.31% of the company’s stock.

About Unity Bancorp

Unity Bancorp, Inc is the bank holding company for Unity Bank, a community-focused financial institution headquartered in Clinton, New Jersey. The bank provides banking and financial services to individuals, families, businesses and nonprofit organizations through locations primarily serving central New Jersey.

Unity Bank offers a range of deposit products, including checking, savings, money market and certificate of deposit accounts, as well as consumer, residential mortgage and commercial lending.