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

by · The Cerbat Gem

Unity Bancorp, Inc. (NASDAQ:UNTY – Get Free Report) Director Peter E. Maricondo sold 2,800 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $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 Securities & Exchange Commission, which is available through the SEC website.

Unity Bancorp Stock Performance

UNTY traded up $0.25 during trading on Thursday, hitting $45.50. 26,437 shares of the stock were exchanged, 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. Unity Bancorp, Inc. has a 1-year low of $25.33 and a 1-year high of $48.22. The stock has a fifty day moving average price of $40.44 and a two-hundred day moving average price 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 (NASDAQ:UNTY – Get Free Report) last released its earnings results 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. Unity Bancorp had a return on equity of 14.63% and a net margin of 24.46%. The business had revenue of $27.66 million for the quarter, compared to analyst estimates of $26.40 million. As a group, sell-side analysts predict that Unity Bancorp, Inc. will post 4.01 earnings per share for the current year.

Unity Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be given a $0.13 dividend. The ex-dividend date of this dividend 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 currently 13.37%.

Institutional Trading of Unity Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Unity Bancorp in the third quarter valued at about $623,000. Panagora Asset Management Inc. increased its position in Unity Bancorp by 2.4% in the 2nd quarter. Panagora Asset Management Inc. now owns 20,852 shares of the financial services provider’s stock valued at $617,000 after acquiring an additional 488 shares during the period. Bank of New York Mellon Corp increased its position in Unity Bancorp by 7.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 35,083 shares of the financial services provider’s stock valued at $1,037,000 after acquiring an additional 2,393 shares during the period. Vanguard Group Inc. increased its position in Unity Bancorp by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 414,036 shares of the financial services provider’s stock valued at $11,427,000 after acquiring an additional 3,170 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its position in Unity Bancorp by 2,329.8% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,385 shares of the financial services provider’s stock valued at $41,000 after acquiring an additional 1,328 shares during the period. 42.31% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Get Our Latest Stock Report on Unity Bancorp

Unity Bancorp Company Profile

(Get Free Report)

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.

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