Unity Bancorp (NASDAQ:UNTY) President George Boyan Sells 6,504 Shares of Stock

Key Points

• Unity Bancorp President George Boyan sold 6,504 shares for approximately $384,777, reducing his direct ownership by 20.64% to 25,015 shares. He also sold 845 shares the previous day.
• Unity Bancorp shares rose 1.8% to $59.96, near the company’s 52-week high of $62.50. Analysts maintain a consensus “Buy” rating with an average price target of $65.50.
• The company increased its quarterly dividend from $0.16 to $0.17 per share, implying an annualized dividend of $0.68 and a 1.1% yield; recent quarterly earnings and revenue slightly missed analyst expectations.

Unity Bancorp, Inc. (NASDAQ:UNTY - Get Free Report) President George Boyan sold 6,504 shares of the firm's stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $59.16, for a total value of $384,776.64. Following the sale, the president directly owned 25,015 shares of the company's stock, valued at $1,479,887.40. This trade represents a 20.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

George Boyan also recently made the following trade(s):

• On Wednesday, September 2nd, George Boyan sold 845 shares of Unity Bancorp stock. The shares were sold at an average price of $59.11, for a total value of $49,947.95.

Unity Bancorp Stock Up 1.8%

Shares of NASDAQ UNTY traded up $1.05 during trading hours on Friday, hitting $59.96. The stock had a trading volume of 35,808 shares, compared to its average volume of 54,101. The firm's 50-day moving average price is $58.61 and its two-hundred day moving average price is $55.27. Unity Bancorp, Inc. has a 52 week low of $44.34 and a 52 week high of $62.50. The company has a market capitalization of $602.00 million, a P/E ratio of 10.43 and a beta of 0.61. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.17 and a current ratio of 1.17.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last issued its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.42 earnings per share for the quarter, missing the consensus estimate of $1.44 by ($0.02). The business had revenue of $33.75 million for the quarter, compared to the consensus estimate of $34.62 million. Unity Bancorp had a net margin of 30.26% and a return on equity of 16.10%. Analysts anticipate that Unity Bancorp, Inc. will post 5.86 EPS for the current fiscal year.

Unity Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 17th. Investors of record on Thursday, September 3rd will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Thursday, September 3rd. This is a boost from Unity Bancorp's previous quarterly dividend of $0.16. Unity Bancorp's dividend payout ratio (DPR) is presently 11.13%.

Hedge Funds Weigh In On Unity Bancorp

Several large investors have recently bought and sold shares of UNTY. CWM LLC grew its position in Unity Bancorp by 38.0% in the 4th quarter. CWM LLC now owns 857 shares of the financial services provider's stock worth $44,000 after purchasing an additional 236 shares during the last quarter. Hsbc Holdings PLC grew its position in Unity Bancorp by 5.1% during the second quarter. Hsbc Holdings PLC now owns 6,056 shares of the financial services provider's stock worth $287,000 after buying an additional 295 shares in the last quarter. Gator Capital Management LLC increased its stake in Unity Bancorp by 0.9% during the fourth quarter. Gator Capital Management LLC now owns 33,851 shares of the financial services provider's stock valued at $1,751,000 after acquiring an additional 315 shares during the period. BNP Paribas Financial Markets raised its holdings in Unity Bancorp by 14.8% in the 2nd quarter. BNP Paribas Financial Markets now owns 2,883 shares of the financial services provider's stock valued at $136,000 after acquiring an additional 372 shares in the last quarter. Finally, Rhumbline Advisers raised its holdings in Unity Bancorp by 3.7% in the 2nd quarter. Rhumbline Advisers now owns 10,805 shares of the financial services provider's stock valued at $509,000 after acquiring an additional 385 shares in the last quarter. 42.31% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Piper Sandler increased their target price on shares of Unity Bancorp from $65.00 to $68.00 and gave the stock an "overweight" rating in a research report on Friday, June 26th. Freedom Capital upgraded Unity Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 16th. DA Davidson reissued a "buy" rating and set a $68.00 price objective on shares of Unity Bancorp in a report on Wednesday, July 15th. Finally, Weiss Ratings reissued a "buy (b+)" rating on shares of Unity Bancorp in a research note on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $65.50.

About Unity Bancorp

Unity Bancorp, Inc is a bank holding company headquartered in Morrisville, Pennsylvania, trading on the NASDAQ under the ticker UNTY. Through its primary subsidiary, Unity Bank, the company delivers a comprehensive suite of commercial and retail banking services to individuals, businesses and municipal clients in its regional markets.

Founded in 1906, Unity Bank maintains a network of conveniently located branches across Bucks County and adjacent areas of southeastern Pennsylvania. The company's deposit portfolio includes checking and savings accounts, money market accounts and certificates of deposit, while its loan offerings encompass commercial real estate, construction and land development, agricultural and consumer lending solutions.

Beyond traditional deposit and lending activities, Unity Bancorp provides cash management and merchant services, as well as internet and mobile banking platforms designed to streamline day-to-day financial operations.

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