Insider Selling: Unity Bancorp, Inc. (NASDAQ:UNTY) Director Sells 2,800 Shares of Stock

Unity Bancorp, Inc. (NASDAQ:UNTY) Director Peter E. Maricondo sold 2,800 shares of Unity Bancorp stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $44.74, for a total value of $125,272.00. Following the transaction, the director now owns 39,522 shares in the company, valued at approximately $1,768,214.28. This trade represents a 6.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Unity Bancorp Stock Up 0.6 %

Shares of Unity Bancorp stock traded up $0.25 during midday trading on Thursday, hitting $45.50. The company’s stock had a trading volume of 26,437 shares, compared to its average volume of 27,462. The firm has a market capitalization of $454.55 million, a P/E ratio of 11.70 and a beta of 1.03. The stock has a 50-day simple moving average of $40.44 and a 200-day simple moving average of $34.05. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.97. Unity Bancorp, Inc. has a 1-year low of $25.33 and a 1-year high of $48.22.

Unity Bancorp (NASDAQ:UNTY) last issued its earnings results on Friday, October 11th. The financial services provider reported $1.07 EPS for the quarter, topping the consensus estimate of $0.97 by $0.10. The business 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%. As a group, sell-side analysts expect that Unity Bancorp, Inc. will post 4.01 earnings per share for the current year.

Unity Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be issued a dividend of $0.13 per share. The ex-dividend date is Friday, December 13th. This represents a $0.52 annualized dividend and a dividend yield of 1.14%. Unity Bancorp’s dividend payout ratio is 13.37%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on UNTY shares. Piper Sandler reiterated an “overweight” rating and set a $44.00 price target (up from $40.00) on shares of Unity Bancorp in a research report on Monday, October 14th. StockNews.com lowered Unity Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, October 22nd. Finally, Keefe, Bruyette & Woods raised their price objective on Unity Bancorp from $43.00 to $51.00 and gave the stock an “outperform” rating in a research note on Wednesday.

Institutional Trading of Unity Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP raised its holdings in Unity Bancorp by 1.2% during the second quarter. Dimensional Fund Advisors LP now owns 478,877 shares of the financial services provider’s stock valued at $14,159,000 after buying an additional 5,449 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Unity Bancorp by 0.8% in the first quarter. Vanguard Group Inc. now owns 414,036 shares of the financial services provider’s stock worth $11,427,000 after purchasing an additional 3,170 shares during the period. Geode Capital Management LLC increased its stake in shares of Unity Bancorp by 0.3% in the third quarter. Geode Capital Management LLC now owns 152,590 shares of the financial services provider’s stock worth $5,198,000 after purchasing an additional 492 shares during the period. State Street Corp increased its stake in shares of Unity Bancorp by 0.6% in the third quarter. State Street Corp now owns 94,750 shares of the financial services provider’s stock worth $3,227,000 after purchasing an additional 607 shares during the period. Finally, Bank of New York Mellon Corp increased its stake in shares of Unity Bancorp by 7.3% in the second quarter. Bank of New York Mellon Corp now owns 35,083 shares of the financial services provider’s stock worth $1,037,000 after purchasing an additional 2,393 shares during the period. 42.31% of the stock is currently owned by hedge funds and other institutional investors.

Unity Bancorp Company Profile

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.