Unity Bancorp, Inc. (NASDAQ:UNTY) Plans Dividend Increase – $0.14 Per Share

Unity Bancorp, Inc. (NASDAQ:UNTY) declared a quarterly dividend on Thursday, February 27th, RTT News reports. Stockholders of record on Friday, March 14th will be paid a dividend of 0.14 per share by the financial services provider on Friday, March 28th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.32%. The ex-dividend date of this dividend is Friday, March 14th. This is a 7.7% increase from Unity Bancorp’s previous quarterly dividend of $0.13.

Unity Bancorp has raised its dividend payment by an average of 13.0% annually over the last three years and has raised its dividend every year for the last 12 years. Unity Bancorp has a dividend payout ratio of 10.3% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Unity Bancorp to earn $5.44 per share next year, which means the company should continue to be able to cover its $0.56 annual dividend with an expected future payout ratio of 10.3%.

Unity Bancorp Stock Up 3.7 %

NASDAQ UNTY opened at $42.50 on Wednesday. The stock’s 50 day moving average is $46.09 and its two-hundred day moving average is $41.89. Unity Bancorp has a 1-year low of $25.60 and a 1-year high of $51.22. The company has a market capitalization of $424.41 million, a price-to-earnings ratio of 10.47 and a beta of 0.95. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.97.

Unity Bancorp (NASDAQ:UNTY) last issued its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.05. Unity Bancorp had a net margin of 25.24% and a return on equity of 15.08%. Equities analysts forecast that Unity Bancorp will post 4.83 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on UNTY shares. Piper Sandler reaffirmed an “overweight” rating and issued a $54.00 price target (up from $53.00) on shares of Unity Bancorp in a report on Thursday, January 16th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $55.00 price objective (up previously from $51.00) on shares of Unity Bancorp in a research report on Thursday, January 16th.

Insider Buying and Selling at Unity Bancorp

In related news, Director Vincent Geraci sold 1,811 shares of the stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $50.82, for a total value of $92,035.02. Following the transaction, the director now directly owns 8,312 shares in the company, valued at $422,415.84. This represents a 17.89 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Mary E. Gross sold 3,300 shares of Unity Bancorp stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $48.04, for a total transaction of $158,532.00. Following the sale, the director now directly owns 18,479 shares of the company’s stock, valued at $887,731.16. This represents a 15.15 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 11,958 shares of company stock worth $575,602. Insiders own 28.88% of the company’s stock.

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.