Unity Bancorp, Inc. (NASDAQ:UNTY) Announces Quarterly Dividend of $0.14

Unity Bancorp, Inc. (NASDAQ:UNTY) announced a quarterly dividend on Thursday, February 27th, RTT News reports. Investors 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 annualized dividend and a yield of 1.18%. This is an increase from Unity Bancorp’s previous quarterly dividend of $0.13.

Unity Bancorp has increased its dividend by an average of 13.0% per year over the last three years and has raised its dividend every year for the last 11 years. Unity Bancorp has a dividend payout ratio of 9.5% meaning its dividend is sufficiently covered by earnings. Analysts expect Unity Bancorp to earn $5.44 per share next year, which means the company should continue to be able to cover its $0.52 annual dividend with an expected future payout ratio of 9.6%.

Unity Bancorp Price Performance

Shares of NASDAQ:UNTY opened at $47.49 on Friday. The business has a 50 day moving average price of $46.20 and a 200 day moving average price of $41.22. Unity Bancorp has a twelve month low of $25.60 and a twelve month high of $51.22. The company has a market cap of $474.24 million, a price-to-earnings ratio of 11.70 and a beta of 1.03. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.97.

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

Wall Street Analysts Forecast Growth

Several research firms have commented on UNTY. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $55.00 price target (up previously from $51.00) on shares of Unity Bancorp in a report on Thursday, January 16th. Piper Sandler reaffirmed an “overweight” rating and issued a $54.00 price target (up previously from $53.00) on shares of Unity Bancorp in a report on Thursday, January 16th.

Insider Transactions at Unity Bancorp

In other news, Director Vincent Geraci sold 1,811 shares of the stock in a transaction that occurred on Thursday, February 6th. The stock was sold at an average price of $50.82, for a total value of $92,035.02. Following the completion of the transaction, the director now directly owns 8,312 shares of the company’s stock, valued at approximately $422,415.84. This represents a 17.89 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Peter E. Maricondo sold 2,800 shares of the stock in a transaction that occurred on Wednesday, December 4th. The stock was sold at an average price of $44.74, for a total value of $125,272.00. Following the completion of the transaction, the director now directly owns 39,522 shares of the company’s stock, valued at approximately $1,768,214.28. The trade was a 6.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 14,758 shares of company stock valued at $700,874. Corporate insiders own 28.88% 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.