Unity Bancorp Inc. (NASDAQ:UNTY) director Mary E. Gross has recently engaged in transactions involving the company's common stock, according to a new SEC filing. Gross sold a total of 3,200 shares at an average price of $32.00 per share, amounting to $102,400.
The transactions took place over two consecutive days. On July 16, Gross sold 32 shares, and on July 17, she sold an additional 3,168 shares. These sales were conducted at the same price per share, reflecting a consistent market value during the period of these transactions.
In addition to the sales, Gross also acquired a total of 3,200 shares through option exercises on the same dates as the sales, at a price of $19.75 per share, totaling $63,200. It is not uncommon for executives to exercise options and sell the acquired shares in the open market.
Following these transactions, Gross's total beneficial ownership in Unity Bancorp stands at 29,026 shares. This includes 17,176 shares split between an account at Shareworks and a brokerage account, as well as 5,250 restricted shares held at Computershare with upcoming vesting dates.
Investors often monitor insider transactions as they can provide insights into an executive's view of the company's stock value and future performance. However, these transactions can be motivated by a variety of personal financial considerations and do not necessarily indicate a change in company prospects.
Unity Bancorp Inc., headquartered in Clinton, New Jersey, operates as a state commercial bank and provides various banking services to individuals and businesses. The company's stock trades on the NASDAQ under the ticker symbol UNTY.
In other recent news, Unity Bancorp, Inc., the parent company of Unity Bank, has declared a quarterly cash dividend of $0.13 per common share. This dividend is set to be distributed to shareholders of record as of June 7, 2024, reflecting the company's ongoing financial performance. The company's assets are estimated at approximately $2.6 billion, with deposits totaling around $2.0 billion.
In addition to this announcement, Unity Bancorp released forward-looking statements providing insight into the company's anticipated future financial performance. However, these projections are subject to risks and uncertainties beyond the company's control, including general economic conditions, interest rate trends, borrower repayment capabilities, and regulatory examination outcomes.
It's important to note that these forward-looking statements are based on current estimates and assumptions by the management, subject to change due to various factors. These factors are detailed in Unity Bancorp's Annual Report on Form 10-K and other filings with the SEC. This is among the recent developments for Unity Bancorp.
InvestingPro Insights
Unity Bancorp Inc. (NASDAQ:UNTY) has demonstrated robust financial performance, a fact that is well-reflected in several key metrics. With a market capitalization of $338.15 million, Unity Bancorp's valuation is grounded in solid fundamentals. The company's price-to-earnings (P/E) ratio stands at 8.83, suggesting a reasonable valuation compared to earnings. When adjusted for the last twelve months as of Q2 2024, the P/E ratio slightly adjusts to 8.68, maintaining its attractive investment profile.
Investors tracking Unity Bancorp's stock performance will note the significant return over the last week, with a 1-week price total return of 18.25%. This impressive short-term gain is further bolstered by strong returns over the last month and three months, at 29.78% and 31.24%, respectively. Such performance indicates a positive momentum for the stock, which is currently trading near its 52-week high, with a price that is 98.35% of this peak.
An InvestingPro Tip that stands out for Unity Bancorp is the company's consistent dividend growth, having raised its dividend for 11 consecutive years. This commitment to returning value to shareholders is a strong signal of financial health and management's confidence in the company's steady cash flow. Additionally, analysts predict that the company will be profitable this year, which aligns with the company's solid operating income margin of 53.97% for the last twelve months as of Q2 2024.
For those interested in a deeper dive into Unity Bancorp's financials and performance, InvestingPro offers additional insights. There are currently 11 more InvestingPro Tips available, which can provide investors with a more comprehensive understanding of the company's stock potential. To access these valuable tips and enhance your investment strategy, consider using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription at https://www.investing.com/pro/UNTY.
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