Unity Bancorp, Inc. (NASDAQ:UNTY) – Equities research analysts at Boenning Scattergood raised their Q3 2020 EPS estimates for shares of Unity Bancorp in a research note issued to investors on Wednesday, July 15th. Boenning Scattergood analyst E. Zwick now expects that the financial services provider will post earnings of $0.53 per share for the quarter, up from their previous estimate of $0.52. Boenning Scattergood currently has a “Outperform” rating and a $21.00 target price on the stock. Boenning Scattergood also issued estimates for Unity Bancorp’s FY2020 earnings at $2.04 EPS.
Unity Bancorp (NASDAQ:UNTY) last posted its quarterly earnings results on Friday, April 17th. The financial services provider reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.48 by $0.01. The firm had revenue of $17.79 million during the quarter, compared to analysts’ expectations of $17.10 million. Unity Bancorp had a net margin of 26.82% and a return on equity of 14.80%.
UNTY has been the subject of a number of other reports. ValuEngine cut shares of Unity Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, April 2nd. Zacks Investment Research raised shares of Unity Bancorp from a “sell” rating to a “hold” rating in a report on Thursday, June 25th. One research analyst has rated the stock with a sell rating, one has given a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $20.50.
NASDAQ UNTY opened at $13.81 on Friday. Unity Bancorp has a 52-week low of $8.76 and a 52-week high of $24.70. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 1.09. The stock has a market capitalization of $150.30 million, a P/E ratio of 6.55 and a beta of 1.31. The firm has a 50-day moving average price of $14.29 and a 200 day moving average price of $16.22.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Citigroup Inc. boosted its position in Unity Bancorp by 50.1% during the first quarter. Citigroup Inc. now owns 2,372 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 792 shares during the last quarter. Advisor Group Holdings Inc. acquired a new position in shares of Unity Bancorp in the 1st quarter valued at $41,000. Barclays PLC boosted its holdings in shares of Unity Bancorp by 97.8% in the 4th quarter. Barclays PLC now owns 7,998 shares of the financial services provider’s stock valued at $181,000 after purchasing an additional 3,954 shares during the last quarter. UBS Group AG boosted its holdings in shares of Unity Bancorp by 49.9% in the 4th quarter. UBS Group AG now owns 11,713 shares of the financial services provider’s stock valued at $264,000 after purchasing an additional 3,900 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Unity Bancorp by 24.3% in the 1st quarter. JPMorgan Chase & Co. now owns 13,762 shares of the financial services provider’s stock valued at $160,000 after purchasing an additional 2,692 shares during the last quarter. Hedge funds and other institutional investors own 44.04% of the company’s stock.
In other news, Chairman David D. Dallas bought 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 30th. The shares were purchased at an average price of $14.36 per share, for a total transaction of $287,200.00. Also, Director Robert H. Dallas II bought 12,500 shares of the firm’s stock in a transaction that occurred on Thursday, April 30th. The shares were purchased at an average price of $15.81 per share, for a total transaction of $197,625.00. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 50,295 shares of company stock valued at $741,063. Corporate insiders own 30.12% of the company’s stock.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 26th. Stockholders of record on Friday, June 12th were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Thursday, June 11th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.32%. Unity Bancorp’s dividend payout ratio (DPR) is 14.95%.
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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