Vincent Geraci, Director of Mortgage Lending and Senior Vice President at Unity Bancorp Inc. (NASDAQ:UNTY), recently sold a significant portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Geraci sold 1,043 shares of common stock. The transactions took place on November 7, 2024, with a weighted average sale price of $44.9777 per share, resulting in a total sale value of approximately $46,911.
After these transactions, Geraci holds no remaining shares of common stock directly. However, he continues to hold 8,250 restricted shares, which are managed in an account at Computershare and have upcoming vesting dates.
In other recent news, Unity Bancorp has showcased robust financial performance, with the bank's third-quarter core earnings surpassing both analyst expectations and consensus, as confirmed by Piper Sandler. The firm maintains an Overweight rating for Unity Bancorp, citing the bank's top-tier performance. Unity Bancorp's core return on assets reached an impressive 1.70%, indicating a strong position within its peer group.
The bank also declared a quarterly cash dividend of $0.13 per common share, reflecting its commitment to providing shareholder returns and its continued financial health. In addition, Unity Bancorp has entered a Change In Control Agreement with James Donovan, its First Senior Vice President and Chief Lending Officer, outlining the benefits Donovan will receive under specific circumstances.
Furthermore, Unity Bancorp has initiated a new share repurchase program, authorizing the buyback of up to 500,000 shares, or approximately 5% of its outstanding common stock. This program is set to commence after the completion of the company's 2023 Share Repurchase Plan. These recent developments highlight Unity Bancorp's ongoing operational strides, though it's important to note that the company's forward-looking statements are subject to risks and uncertainties.
InvestingPro Insights
While Vincent Geraci's recent sale of Unity Bancorp Inc. (NASDAQ:UNTY) shares might raise eyebrows, it's important to consider the broader financial context of the company. According to InvestingPro data, Unity Bancorp has demonstrated strong performance, with a remarkable 81.76% price total return over the past year. This impressive growth is further supported by the stock trading near its 52-week high, with the current price at 96.86% of that peak.
InvestingPro Tips highlight that Unity Bancorp has raised its dividend for 11 consecutive years, showcasing a commitment to shareholder value. This consistent dividend growth, coupled with a current dividend yield of 1.16%, may appeal to income-focused investors despite Geraci's stock sale.
The company's financial health appears robust, with a P/E ratio of 11.48, suggesting a reasonable valuation relative to earnings. Additionally, Unity Bancorp's revenue for the last twelve months stands at $100.81 million, with a slight growth of 0.7% over the same period.
Investors seeking a more comprehensive analysis can find 14 additional InvestingPro Tips for Unity Bancorp, offering deeper insights into the company's financial position and market performance.
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