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

Unity Bancorp, Inc. (NASDAQ:UNTY) announced a quarterly dividend on Friday, November 22nd,Wall Street Journal reports. Investors of record on Friday, December 13th will be given a dividend of 0.13 per share by the financial services provider on Tuesday, December 31st. This represents a $0.52 dividend on an annualized basis and a yield of 1.12%. The ex-dividend date is Friday, December 13th.

Unity Bancorp has increased its dividend by an average of 14.5% per year over the last three years and has raised its dividend every year for the last 11 years. Unity Bancorp has a payout ratio of 11.4% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Unity Bancorp to earn $4.53 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 11.5%.

Unity Bancorp Price Performance

UNTY opened at $46.61 on Friday. The stock has a market cap of $465.63 million, a price-to-earnings ratio of 11.98 and a beta of 0.99. Unity Bancorp has a 1 year low of $25.33 and a 1 year high of $48.08. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.97. The stock has a fifty day moving average price of $38.62 and a 200 day moving average price of $33.04.

Unity Bancorp (NASDAQ:UNTY) last released its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.10. The firm had revenue of $27.66 million during the quarter, compared to analysts’ expectations of $26.40 million. Unity Bancorp had a return on equity of 14.63% and a net margin of 24.46%. Analysts forecast that Unity Bancorp will post 4.01 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Vincent Geraci sold 1,043 shares of Unity Bancorp stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $44.98, for a total value of $46,914.14. Following the transaction, the director now directly owns 8,250 shares in the company, valued at approximately $371,085. The trade was a 11.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 28.88% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on UNTY. Piper Sandler reaffirmed an “overweight” rating and issued a $44.00 price target (up previously from $40.00) on shares of Unity Bancorp in a research report on Monday, October 14th. StockNews.com cut Unity Bancorp from a “buy” rating to a “hold” rating in a research 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.