Peter E. Maricondo, a director at Unity Bancorp Inc. (NASDAQ:UNTY), recently made significant transactions involving the company's common stock. On December 4, Maricondo sold 2,800 shares at an average price of $44.74 per share, totaling approximately $125,262. Following this sale, Maricondo holds 39,522 shares directly. The transaction comes amid Unity Bancorp's impressive 72% surge over the past six months, with the stock currently trading at $45.50. According to InvestingPro analysis, the company shows strong momentum with multiple positive performance indicators.
In addition to the sale, Maricondo exercised stock options to acquire 2,800 shares at a price of $10.97 per share, with a total transaction value of $30,716. This exercise reflects Maricondo's continued investment in Unity Bancorp, as he maintains a substantial number of shares post-transaction.
Overall, Maricondo's total beneficial ownership stands at 64,772 shares, indicating a strong continued interest in the company's future performance.
In other recent news, Unity Bancorp reported strong third-quarter performance, surpassing analysts' expectations with a core earnings number of $1.04. The bank's core return on assets (ROA) reached 1.70%, a figure that stands out among its peers, leading Piper Sandler to maintain an Overweight rating on the company. Unity Bancorp also announced a series of significant developments including a quarterly cash dividend of $0.13 per common share, reflecting the company's continued financial health.
The company has entered a new Change In Control Agreement with James Donovan, its First Senior Vice President and Chief Lending Officer, outlining the benefits Donovan will receive if his employment is terminated following a change in control at the bank. Unity Bancorp has also initiated a new share repurchase program, authorizing the buyback of up to 500,000 shares, or approximately 5% of its outstanding common stock.
These recent developments indicate positive strides in Unity Bancorp's operations. However, the company's forward-looking statements, based on management's current expectations and projections about future events, are subject to numerous risks and uncertainties.
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