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Vincent Geraci, Director of Mortgage Lending/FSVP at Unity Bancorp Inc. (NASDAQ:UNTY), has recently sold 1,811 shares of the company’s common stock. The shares were sold at an average price of $50.82, generating a total of $92,035. The sale occurred as Unity Bancorp trades near its 52-week high of $50.99, with the stock delivering an impressive 93% return over the past year. According to InvestingPro analysis, the company is currently fairly valued. Following this transaction, Geraci no longer holds any common stock directly. However, he retains 8,312 shares of restricted stock, which are held in an account at Computershare and have upcoming vesting dates. Unity Bancorp, with a market capitalization of $510 million, maintains a strong financial profile, earning a "GREAT" overall health score from InvestingPro, which offers 10+ additional insights about the company’s performance and prospects.
In other recent news, Unity Bancorp has been making significant strides in the financial sector. Piper Sandler recently increased the price target for Unity Bancorp shares to $54, citing the firm’s robust fourth-quarter performance. The company reported a fourth-quarter earnings per share (EPS) of $1.13, surpassing both Piper Sandler’s estimate and the consensus. Unity Bancorp also experienced a net interest margin (NIM) expansion of 21 basis points, contributing to a net interest income (NII) beat against the firm’s modeling.
Simultaneously, Keefe, Bruyette & Woods (KBW) maintained a positive outlook on Unity Bancorp, raising its price target from $51.00 to $55.00. This adjustment follows Unity Bancorp’s strong fourth-quarter earnings, which exceeded expectations due to a notable beat on net interest margin (NIM). The improved NII outlook led KBW analysts to increase their pre-provision net revenue (PPNR) estimates for the upcoming years but slightly lowered their EPS projections.
These recent developments indicate a favorable outlook for Unity Bancorp. Both Piper Sandler and KBW have expressed confidence in Unity Bancorp’s continued performance, with the latter firm expecting the company to maintain its strong profitability with a return on assets (ROA) between 1.8% and 1.9%. These projections and the raised price targets underscore the positive momentum in Unity Bancorp’s financial performance.
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