Vincent Geraci, the Senior Vice President and Director of Mortgage Lending at Unity Bancorp Inc (NASDAQ:UNTY), recently sold a portion of his holdings in the company. The transaction, which took place on May 1, 2024, involved the sale of 2,600 shares of common stock at a weighted average price of approximately $27.19 per share, resulting in a total sale value of over $70,700.
The sale was conducted through multiple trades with prices ranging from $27.05 to $27.53. This information, disclosed in a recent filing, indicates that the sale price reported is the weighted average of these trades.
Following the sale, Geraci's direct ownership in Unity Bancorp common stock decreased to 1,043 shares. In addition to his common stock holdings, the filing also noted that Geraci holds 8,250 restricted shares in an account at Computershare, which are set to vest according to their respective schedules.
Investors often monitor insider transactions as they can provide insights into an executive's confidence in the company's future performance. The sale by Geraci might draw attention from the market, considering his role within the company and the size of the transaction.
Unity Bancorp, based in New Jersey, operates as a state commercial bank and has been serving its community through various financial services. The company's stock trades on the NASDAQ under the ticker symbol UNTY.
The total beneficial ownership of Vincent Geraci in Unity Bancorp, including both common and restricted stock, now stands at 9,293 shares, as stated in the remarks section of the filing.
InvestingPro Insights
As Unity Bancorp Inc (NASDAQ:UNTY) makes headlines with the recent insider stock sale by Senior Vice President Vincent Geraci, investors are looking at the company's financial health and market performance to gauge the implications. Here are some key insights from InvestingPro that could provide a deeper understanding of Unity Bancorp's current position in the market:
Unity Bancorp's market capitalization stands at a robust $275.61 million, reflecting the scale of the company within the financial sector. The company's Price to Earnings (P/E) ratio, a measure of its current share price relative to its per-share earnings, is 7.11, suggesting that the stock is trading at a low earnings multiple, which could be interpreted as the stock being undervalued relative to its earnings. This aligns with one of the InvestingPro Tips indicating that Unity Bancorp is trading at a low earnings multiple.
However, the company's Price to Earnings Growth (PEG) ratio over the last twelve months as of Q1 2024 is 2.36, which might be considered high relative to near-term earnings growth prospects, as noted in another InvestingPro Tip. This could signal that investors are expecting slower growth relative to the company's earnings.
Investors might also be reassured by Unity Bancorp's consistent dividend payments, with the company having raised its dividend for 11 consecutive years, a testament to its commitment to returning value to shareholders. Moreover, analysts are optimistic about the company's profitability, predicting Unity Bancorp will maintain profitability this year, which is supported by its performance over the last twelve months.
For those interested in further analysis and tips on Unity Bancorp, InvestingPro offers additional insights. There are currently 7 more InvestingPro Tips available, which can be accessed by visiting InvestingPro's dedicated page for Unity Bancorp. Investors looking to dive deeper into the company's financials and market potential can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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