Shares of Unity Bancorp, Inc. (NASDAQ:UNTY) have earned an average broker rating score of 1.50 (Buy) from the two brokers that provide coverage for the stock, Zacks Investment Research reports. One equities research analyst has rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. Unity Bancorp’s rating score has improved by 25% from three months ago as a result of various analysts’ upgrades and downgrades.
Analysts have set a 1-year consensus target price of $24.00 for the company and are forecasting that the company will post $0.54 EPS for the current quarter, according to Zacks. Zacks has also assigned Unity Bancorp an industry rank of 145 out of 256 based on the ratings given to related companies.
A number of analysts recently commented on UNTY shares. ValuEngine downgraded shares of Unity Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, March 21st. Boenning Scattergood started coverage on shares of Unity Bancorp in a report on Tuesday, June 11th. They set a “buy” rating and a $24.00 price objective on the stock.
Unity Bancorp (NASDAQ:UNTY) last released its quarterly earnings data on Thursday, April 18th. The financial services provider reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.03. The firm had revenue of $16.24 million for the quarter. Unity Bancorp had a net margin of 28.43% and a return on equity of 16.51%. As a group, analysts predict that Unity Bancorp will post 2.19 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a dividend of $0.08 per share. The ex-dividend date was Thursday, June 13th. This represents a $0.32 dividend on an annualized basis and a yield of 1.48%. This is a boost from Unity Bancorp’s previous quarterly dividend of $0.07. Unity Bancorp’s payout ratio is presently 15.92%.
In other Unity Bancorp news, CFO Alan J. Bedner sold 6,000 shares of Unity Bancorp stock in a transaction dated Tuesday, June 11th. The shares were sold at an average price of $20.05, for a total transaction of $120,300.00. Following the completion of the transaction, the chief financial officer now owns 18,939 shares in the company, valued at $379,726.95. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Stephen Rooney sold 2,500 shares of Unity Bancorp stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $21.00, for a total transaction of $52,500.00. Following the transaction, the insider now owns 8,529 shares of the company’s stock, valued at approximately $179,109. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,500 shares of company stock valued at $384,270. 29.66% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Banc Funds Co. LLC raised its position in Unity Bancorp by 3.1% during the first quarter. Banc Funds Co. LLC now owns 832,832 shares of the financial services provider’s stock worth $15,724,000 after acquiring an additional 24,800 shares during the last quarter. Royce & Associates LP raised its position in Unity Bancorp by 14.6% during the first quarter. Royce & Associates LP now owns 412,968 shares of the financial services provider’s stock worth $7,797,000 after acquiring an additional 52,713 shares during the last quarter. BlackRock Inc. raised its position in Unity Bancorp by 3.4% during the fourth quarter. BlackRock Inc. now owns 392,197 shares of the financial services provider’s stock worth $8,141,000 after acquiring an additional 12,786 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Unity Bancorp by 2.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 381,504 shares of the financial services provider’s stock worth $7,919,000 after acquiring an additional 7,746 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in Unity Bancorp by 3.8% during the fourth quarter. Geode Capital Management LLC now owns 94,546 shares of the financial services provider’s stock worth $1,962,000 after acquiring an additional 3,499 shares during the last quarter. Institutional investors own 48.74% of the company’s stock.
About Unity Bancorp
Unity Bancorp, Inc operates as the holding company for Unity Bank that provides a range of banking products and services to individuals, small and medium sized businesses, and professional communities. The company offers personal and business checking accounts, time deposits, money market accounts, and regular savings accounts.
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