Unity Bancorp (UNTY) Declares $0.12 Dividend

Unity Bancorp said on April 27, 2023 that its board of directors declared a regular quarterly dividend of $0.12 per share ($0.48 annualized). Previously, the company paid $0.12 per share.

Shares must be purchased before the ex-div date of June 8, 2023 to qualify for the dividend. Shareholders of record as of June 9, 2023 will receive the payment on June 23, 2023.

At the current share price of $22.50 / share, the stock's dividend yield is 2.13%.

Looking back five years and taking a sample every week, the average dividend yield has been 1.63%, the lowest has been 1.11%, and the highest has been 3.15%. The standard deviation of yields is 0.38 (n=236).

The current dividend yield is 1.31 standard deviations above the historical average.

Additionally, the company's dividend payout ratio is 0.12. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

The company's 3-Year dividend growth rate is 0.50%, demonstrating that it has increased its dividend over time.

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What is the Fund Sentiment?

There are 197 funds or institutions reporting positions in Unity Bancorp. This is an increase of 6 owner(s) or 3.14% in the last quarter. Average portfolio weight of all funds dedicated to UNTY is 0.07%, a decrease of 36.87%. Total shares owned by institutions decreased in the last three months by 0.68% to 5,774K shares. The put/call ratio of UNTY is 3.15, indicating a bearish outlook.

Analyst Price Forecast Suggests 26.93% Upside

As of April 24, 2023, the average one-year price target for Unity Bancorp is 28.56. The forecasts range from a low of 27.27 to a high of $31.50. The average price target represents an increase of 26.93% from its latest reported closing price of 22.50.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Unity Bancorp is 107MM, an increase of 10.77%. The projected annual non-GAAP EPS is 4.03.

What are Other Shareholders Doing?

Banc Funds Co holds 951K shares representing 9.24% ownership of the company. In it's prior filing, the firm reported owning 894K shares, representing an increase of 5.95%. The firm decreased its portfolio allocation in UNTY by 99.89% over the last quarter.

Wellington Management Group Llp holds 492K shares representing 4.78% ownership of the company. In it's prior filing, the firm reported owning 554K shares, representing a decrease of 12.64%. The firm decreased its portfolio allocation in UNTY by 9.03% over the last quarter.

Fourthstone holds 476K shares representing 4.62% ownership of the company. In it's prior filing, the firm reported owning 560K shares, representing a decrease of 17.84%. The firm decreased its portfolio allocation in UNTY by 24.42% over the last quarter.

Alliancebernstein holds 291K shares representing 2.82% ownership of the company. In it's prior filing, the firm reported owning 288K shares, representing an increase of 0.87%. The firm decreased its portfolio allocation in UNTY by 12.78% over the last quarter.

Pacific Ridge Capital Partners holds 224K shares representing 2.18% ownership of the company. In it's prior filing, the firm reported owning 227K shares, representing a decrease of 1.54%. The firm decreased its portfolio allocation in UNTY by 99.90% over the last quarter.

Unity Bancorp Background Information
(This description is provided by the company.)

Unity Bancorp, Inc. the parent company of Unity Bank, its primary and wholly owned subsidiary, is a financial services organization headquartered in Clinton, New Jersey. Unity Bank provides financial services to businesses and consumers at 19 branches throughout New Jersey and the Lehigh Valley, Pennsylvania. Unity Bank provides community-oriented commercial banking services, including deposit accounts, loans, online and mobile services.

This story originally appeared on Fintel.