Unity Bancorp (NASDAQ:UNTY) Posts Earnings Results, Beats Estimates By $0.02 EPS

Key Points

• Unity Bancorp beat quarterly earnings estimates: The bank reported EPS of $1.51, exceeding the $1.49 consensus, while revenue of $36.65 million surpassed expectations of $35.63 million.
• The quarterly dividend increased to $0.17 per share from $0.16, equivalent to $0.68 annually and a 1.2% yield.
• Analysts maintain a bullish outlook, with a consensus “Buy” rating and an average price target of $65.50, although company president George Boyan recently sold 6,504 shares.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) posted its quarterly earnings results on Tuesday. The financial services provider reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.49 by $0.02, FiscalAI reports. The firm had revenue of $36.65 million during the quarter, compared to analysts' expectations of $35.63 million. Unity Bancorp had a net margin of 30.26% and a return on equity of 16.10%.

Unity Bancorp Stock Up 1.9%

Shares of NASDAQ UNTY opened at $55.37 on Tuesday. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.88. Unity Bancorp has a 52 week low of $44.34 and a 52 week high of $62.50. The firm has a 50-day moving average price of $58.25 and a 200 day moving average price of $56.28. The stock has a market capitalization of $556.08 million, a price-to-earnings ratio of 9.63 and a beta of 0.65.

Unity Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 17th. Investors of record on Thursday, September 3rd were paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.2%. This is a positive change from Unity Bancorp's previous quarterly dividend of $0.16. The ex-dividend date was Thursday, September 3rd. Unity Bancorp's dividend payout ratio (DPR) is 11.83%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on UNTY shares. Freedom Capital raised Unity Bancorp from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 16th. Weiss Ratings reissued a "buy (b+)" rating on shares of Unity Bancorp in a research note on Friday, July 31st. Piper Sandler raised their price target on Unity Bancorp from $65.00 to $68.00 and gave the company an "overweight" rating in a report on Friday, June 26th. Finally, DA Davidson restated a "buy" rating and issued a $68.00 price target on shares of Unity Bancorp in a research note on Friday, September 11th. One investment analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and an average price target of $65.50.

Insider Buying and Selling

In other Unity Bancorp news, President George Boyan sold 6,504 shares of the company's stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $59.16, for a total transaction of $384,776.64. Following the transaction, the president directly owned 25,015 shares in the company, valued at approximately $1,479,887.40. This represents a 20.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 28.87% of the company's stock.

Unity Bancorp Company Profile

Unity Bancorp, Inc is the bank holding company for Unity Bank, a community-focused financial institution serving individuals, families and businesses in New Jersey and eastern Pennsylvania. Headquartered in Clinton, New Jersey, Unity Bank operates through a network of branches and provides relationship-based banking services to customers in its local markets.

The bank offers a range of deposit products, including checking, savings, money market accounts and certificates of deposit. Its lending activities include commercial and industrial loans, commercial real estate financing, residential mortgages, home equity loans and consumer loans.

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