Unity Bancorp, Inc. (NASDAQ:UNTY) Announces Quarterly Dividend of $0.13

Unity Bancorp, Inc. (NASDAQ:UNTY) declared a quarterly dividend on Thursday, November 21st,Wall Street Journal reports. Shareholders of record on Friday, December 13th will be paid a dividend of 0.13 per share by the financial services provider on Tuesday, December 31st. This represents a $0.52 annualized dividend and a yield of 1.14%. The ex-dividend date of this dividend is Friday, December 13th.

Unity Bancorp has raised its dividend by an average of 14.5% per year over the last three years and has increased its dividend every year for the last 11 years. Unity Bancorp has a payout ratio of 11.4% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Unity Bancorp to earn $4.53 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 11.5%.

Unity Bancorp Trading Up 0.9 %

Shares of UNTY stock opened at $45.81 on Wednesday. Unity Bancorp has a fifty-two week low of $25.33 and a fifty-two week high of $48.22. The stock’s fifty day moving average price is $41.12 and its two-hundred day moving average price is $34.48. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.16 and a current ratio of 1.16. The company has a market cap of $457.64 million, a PE ratio of 11.78 and a beta of 1.02.

Unity Bancorp (NASDAQ:UNTY) last released its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.07 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.10. The business had revenue of $27.66 million for the quarter, compared to analyst estimates of $26.40 million. Unity Bancorp had a return on equity of 14.63% and a net margin of 24.46%. Equities analysts predict that Unity Bancorp will post 4.01 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on UNTY shares. Piper Sandler reaffirmed an “overweight” rating and set a $44.00 price target (up from $40.00) on shares of Unity Bancorp in a report on Monday, October 14th. Keefe, Bruyette & Woods boosted their target price on shares of Unity Bancorp from $43.00 to $51.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Finally, StockNews.com downgraded shares of Unity Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd.

Insider Activity

In related news, Director Mark S. Brody sold 2,800 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $47.33, for a total value of $132,524.00. Following the completion of the sale, the director now directly owns 70,002 shares in the company, valued at $3,313,194.66. This represents a 3.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Vincent Geraci sold 1,043 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $44.98, for a total value of $46,914.14. Following the transaction, the director now directly owns 8,250 shares of the company’s stock, valued at approximately $371,085. This represents a 11.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 6,643 shares of company stock valued at $304,710 over the last quarter. 28.88% of the stock is owned by company insiders.

About Unity Bancorp

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.