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Clinton, NJ-based Unity Bancorp Inc. (NASDAQ:UNTY), the parent company of Unity Bank with a market capitalization of $424 million, conducted its Annual Meeting of Shareholders on Monday. The bank, which has delivered an impressive 53% return over the past year and trades at a P/E ratio of 9.6, appears slightly overvalued according to InvestingPro analysis. At the gathering, a significant portion of the company’s stock was represented, with 6,820,086 shares present or represented by proxy.
During the meeting, three directors were elected to the board. Dr. Mary E. Gross received 4,910,359 votes for her election, with 873,798 withheld and 1,035,929 non-votes. James A. Hughes garnered 5,735,559 votes for, 48,598 withheld, and 1,035,929 non-votes. Aaron Tucker was elected with 5,421,167 votes for, 362,990 withheld, and 1,035,929 non-votes. The bank’s strong governance practices complement its 12-year streak of consecutive dividend increases, as noted by InvestingPro analysts.
Additionally, shareholders ratified the appointment of Wolf & Company P.C. as the company’s independent external auditors for the fiscal year ending December 31, 2025. The audit committee’s selection received overwhelming support, with 6,776,976 votes for, 41,030 against, and 2,080 abstentions.
Unity Bancorp’s commitment to governance was evident as they presented the auditor’s appointment to stockholders for ratification. The successful election of directors and ratification of the auditors’ appointment was officially documented in the company’s SEC filing on the same day as the meeting. This filing serves as the basis for the information reported in this article.
In other recent news, Unity Bancorp reported first-quarter 2025 earnings per share (EPS) of $1.13, with a core EPS of $1.15 after adjustments, surpassing both analyst and consensus estimates by $0.02. The company also exceeded revenue expectations by $0.06, driven by margin expansion and strong loan growth, marking its best quarter for loan growth in over two years. Piper Sandler analyst Justin Crowley maintained an Overweight rating on Unity Bancorp’s stock, though he revised the price target down to $50 from $54, citing the bank’s strong financial performance and robust capital base. Crowley noted the bank’s superior return profile and stable credit quality, reinforcing confidence in its financial health.
Additionally, Unity Bancorp announced the resignation of Donald E. Souders, Jr., from its Board of Directors, effective February 26, 2025. According to an SEC filing, Souders’ departure was not due to any disagreements with the company. Unity Bancorp has not yet announced a successor or any changes to its strategic direction following the resignation. As a publicly traded company, Unity Bancorp is required to report such changes to ensure transparency for investors. This board change is part of routine disclosures under federal securities law.
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