Unity Bancorp (NASDAQ:UNTY) Director Mary Gross Sells 2,075 Shares

Key Points

• Director Mary Gross sold 2,075 shares on April 17 at an average price of $56.01 for total proceeds of $116,220.75, trimming her stake by ~10.1% to 18,479 shares (about $1.04M).
• Dividend increase: Unity Bancorp raised its quarterly dividend to $0.16 ($0.64 annualized), a ~1.2% yield and a payout ratio of 10.77%, up from the prior $0.15 quarterly dividend.
• Analyst sentiment is positive—three analysts have Buy ratings and the consensus price target is $65 after recent upward revisions from Piper Sandler and Keefe, Bruyette & Woods.

Unity Bancorp, Inc. (NASDAQ:UNTY - Get Free Report) Director Mary Gross sold 2,075 shares of the stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $56.01, for a total value of $116,220.75. Following the transaction, the director directly owned 18,479 shares in the company, valued at approximately $1,035,008.79. The trade was a 10.10% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Unity Bancorp Trading Down 1.2%

Unity Bancorp stock traded down $0.65 during midday trading on Monday, reaching $54.46. 35,887 shares of the stock traded hands, compared to its average volume of 50,939. The firm has a market cap of $545.69 million, a PE ratio of 9.17 and a beta of 0.64. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.77. The company has a 50-day simple moving average of $52.74 and a two-hundred day simple moving average of $51.58. Unity Bancorp, Inc. has a 12-month low of $40.33 and a 12-month high of $57.30.

Unity Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 20th. Investors of record on Friday, March 6th were issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.2%. This is an increase from Unity Bancorp's previous quarterly dividend of $0.15. The ex-dividend date was Friday, March 6th. Unity Bancorp's dividend payout ratio (DPR) is presently 10.77%.

Institutional Trading of Unity Bancorp

A number of large investors have recently made changes to their positions in UNTY. CWM LLC raised its holdings in Unity Bancorp by 38.0% in the fourth quarter. CWM LLC now owns 857 shares of the financial services provider's stock valued at $44,000 after acquiring an additional 236 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in Unity Bancorp by 159.1% during the 3rd quarter. Russell Investments Group Ltd. now owns 987 shares of the financial services provider's stock worth $48,000 after acquiring an additional 606 shares in the last quarter. Strs Ohio acquired a new position in Unity Bancorp during the 1st quarter worth approximately $49,000. State of Alaska Department of Revenue increased its position in shares of Unity Bancorp by 261.1% in the 4th quarter. State of Alaska Department of Revenue now owns 1,412 shares of the financial services provider's stock valued at $72,000 after purchasing an additional 1,021 shares during the last quarter. Finally, AlphaQuest LLC acquired a new stake in shares of Unity Bancorp in the 3rd quarter valued at $91,000. 42.31% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. Piper Sandler increased their target price on shares of Unity Bancorp from $64.00 to $65.00 and gave the stock an "overweight" rating in a report on Thursday, January 15th. Keefe, Bruyette & Woods boosted their price target on shares of Unity Bancorp from $60.00 to $65.00 and gave the stock an "outperform" rating in a research note on Wednesday, January 14th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Unity Bancorp in a research note on Wednesday, January 21st. Three investment analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $65.00.

Unity Bancorp Company Profile

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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