Unity Bancorp (NASDAQ:UNTY) Posts Quarterly Earnings Results

Unity Bancorp (NASDAQ:UNTY) posted its earnings results on Tuesday. The financial services provider reported $1.41 earnings per share (EPS) for the quarter, FiscalAI reports. The firm had revenue of $33.70 million during the quarter. Unity Bancorp had a net margin of 29.85% and a return on equity of 15.60%.

Unity Bancorp Stock Performance

Shares of NASDAQ:UNTY opened at $52.48 on Tuesday. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.15 and a quick ratio of 1.15. Unity Bancorp has a 1 year low of $36.65 and a 1 year high of $57.24. The firm has a market capitalization of $526.90 million, a PE ratio of 9.94 and a beta of 0.65. The business’s 50 day moving average price is $51.16 and its 200-day moving average price is $50.43.

Unity Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 19th. Stockholders of record on Friday, December 5th were paid a $0.15 dividend. The ex-dividend date of this dividend was Friday, December 5th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.1%. Unity Bancorp’s payout ratio is currently 11.36%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Piper Sandler increased their target price on shares of Unity Bancorp from $60.00 to $61.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 15th. Weiss Ratings reiterated a “buy (b)” rating on shares of Unity Bancorp in a research report on Wednesday, October 8th. Finally, Wall Street Zen cut Unity Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, November 15th. Three equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Unity Bancorp currently has an average rating of “Buy” and a consensus price target of $62.00.

Institutional Investors Weigh In On Unity Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in UNTY. JPMorgan Chase & Co. raised its position in shares of Unity Bancorp by 31.4% in the third quarter. JPMorgan Chase & Co. now owns 65,477 shares of the financial services provider’s stock valued at $3,200,000 after buying an additional 15,628 shares during the last quarter. Jacobs Levy Equity Management Inc. raised its holdings in Unity Bancorp by 3.4% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 20,088 shares of the financial services provider’s stock valued at $982,000 after acquiring an additional 665 shares during the last quarter. Virtus Advisers LLC purchased a new position in Unity Bancorp in the 3rd quarter worth approximately $173,000. Verition Fund Management LLC acquired a new position in shares of Unity Bancorp during the 3rd quarter worth approximately $261,000. Finally, Polymer Capital Management US LLC grew its position in shares of Unity Bancorp by 8.0% in the third quarter. Polymer Capital Management US LLC now owns 6,402 shares of the financial services provider’s stock valued at $313,000 after purchasing an additional 476 shares in the last quarter. Institutional investors and hedge funds own 42.31% of the company’s stock.

About Unity Bancorp

Unity Bancorp, Inc is a bank holding company headquartered in Morrisville, Pennsylvania, trading on the NASDAQ under the ticker UNTY. Through its primary subsidiary, Unity Bank, the company delivers a comprehensive suite of commercial and retail banking services to individuals, businesses and municipal clients in its regional markets.

Founded in 1906, Unity Bank maintains a network of conveniently located branches across Bucks County and adjacent areas of southeastern Pennsylvania. The company’s deposit portfolio includes checking and savings accounts, money market accounts and certificates of deposit, while its loan offerings encompass commercial real estate, construction and land development, agricultural and consumer lending solutions.

Beyond traditional deposit and lending activities, Unity Bancorp provides cash management and merchant services, as well as internet and mobile banking platforms designed to streamline day-to-day financial operations.