Unity Bancorp (NASDAQ:UNTY) Posts Earnings Results, Beats Expectations By $0.03 EPS

Unity Bancorp (NASDAQ:UNTY - Get Free Report) announced its quarterly earnings results on Tuesday. The financial services provider reported $1.20 EPS for the quarter, beating the consensus estimate of $1.17 by $0.03, Zacks reports. The business had revenue of $34.37 million for the quarter, compared to analyst estimates of $30.30 million. Unity Bancorp had a return on equity of 15.66% and a net margin of 28.72%.

Unity Bancorp Price Performance

UNTY traded up $0.06 during trading on Friday, hitting $52.66. The company's stock had a trading volume of 92,142 shares, compared to its average volume of 38,847. The firm's 50 day moving average price is $46.40 and its two-hundred day moving average price is $44.79. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.83. Unity Bancorp has a 12 month low of $30.28 and a 12 month high of $54.64. The stock has a market capitalization of $528.13 million, a price-to-earnings ratio of 10.66 and a beta of 0.72.

Unity Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were given a $0.14 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $0.56 annualized dividend and a yield of 1.06%. Unity Bancorp's payout ratio is 11.34%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on UNTY shares. Wall Street Zen lowered Unity Bancorp from a "buy" rating to a "hold" rating in a research note on Saturday, May 24th. Keefe, Bruyette & Woods boosted their price target on Unity Bancorp from $55.00 to $63.00 and gave the company an "outperform" rating in a research note on Friday. Finally, Piper Sandler decreased their price target on Unity Bancorp from $54.00 to $50.00 and set an "overweight" rating on the stock in a research note on Monday, April 14th.

Insider Transactions at Unity Bancorp

In other Unity Bancorp news, Director Donald E. Jr. Souders sold 1,333 shares of Unity Bancorp stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $41.23, for a total value of $54,959.59. Following the completion of the transaction, the director owned 8,477 shares in the company, valued at approximately $349,506.71. The trade was a 13.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 29.68% of the company's stock.

Hedge Funds Weigh In On Unity Bancorp

Institutional investors have recently bought and sold shares of the business. Strs Ohio bought a new position in Unity Bancorp in the 1st quarter valued at $49,000. Jane Street Group LLC bought a new stake in shares of Unity Bancorp during the first quarter worth $283,000. AQR Capital Management LLC raised its position in shares of Unity Bancorp by 70.8% during the first quarter. AQR Capital Management LLC now owns 11,419 shares of the financial services provider's stock worth $465,000 after acquiring an additional 4,732 shares during the last quarter. Finally, Empowered Funds LLC raised its position in shares of Unity Bancorp by 7.2% during the first quarter. Empowered Funds LLC now owns 37,456 shares of the financial services provider's stock worth $1,524,000 after acquiring an additional 2,524 shares during the last quarter. Institutional investors own 42.31% of the company's stock.

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.