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

Unity Bancorp, Inc. (NASDAQ:UNTY) declared a quarterly dividend on Thursday, August 15th, Zacks reports. Stockholders of record on Friday, September 6th will be given a dividend of 0.13 per share by the financial services provider on Friday, September 20th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date of this dividend is Friday, September 6th.

Unity Bancorp has increased its dividend payment by an average of 14.5% annually over the last three years and has raised its dividend every year for the last 11 years. Unity Bancorp has a payout ratio of 12.1% indicating that its dividend is sufficiently covered by earnings. Analysts expect Unity Bancorp to earn $4.24 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 12.3%.

Unity Bancorp Price Performance

NASDAQ UNTY opened at $33.62 on Wednesday. Unity Bancorp has a 1 year low of $22.50 and a 1 year high of $35.66. The company has a fifty day simple moving average of $31.78 and a 200 day simple moving average of $28.78. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 1.04. The company has a market cap of $335.53 million, a P/E ratio of 8.87 and a beta of 1.01.

Unity Bancorp (NASDAQ:UNTY) last issued its quarterly earnings results on Friday, July 12th. The financial services provider reported $0.93 EPS for the quarter, missing the consensus estimate of $0.94 by ($0.01). Unity Bancorp had a return on equity of 14.71% and a net margin of 24.37%. The business had revenue of $25.46 million during the quarter, compared to the consensus estimate of $25.81 million. On average, sell-side analysts predict that Unity Bancorp will post 3.8 EPS for the current year.

Analyst Ratings Changes

Several research firms have issued reports on UNTY. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $39.00 price target (up from $35.00) on shares of Unity Bancorp in a research report on Monday, July 15th. StockNews.com upgraded Unity Bancorp from a “hold” rating to a “buy” rating in a research report on Friday, August 30th.

Insiders Place Their Bets

In other Unity Bancorp news, SVP James Joseph Donovan sold 750 shares of Unity Bancorp stock in a transaction on Friday, July 26th. The stock was sold at an average price of $34.97, for a total value of $26,227.50. Following the completion of the transaction, the senior vice president now owns 166 shares in the company, valued at approximately $5,805.02. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Unity Bancorp news, SVP Minsu Kim sold 2,264 shares of the company’s stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $34.90, for a total transaction of $79,013.60. Following the transaction, the senior vice president now owns 3,975 shares of the company’s stock, valued at approximately $138,727.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP James Joseph Donovan sold 750 shares of Unity Bancorp stock in a transaction on Friday, July 26th. The shares were sold at an average price of $34.97, for a total value of $26,227.50. Following the completion of the sale, the senior vice president now directly owns 166 shares of the company’s stock, valued at $5,805.02. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 3,046 shares of company stock valued at $106,265. 28.88% of the stock is currently owned by insiders.

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.