CLINTON, N.J. - Unity Bancorp , Inc. (NASDAQ: NASDAQ:UNTY), the parent company of Unity Bank, has declared a quarterly cash dividend of $0.13 per common share. The dividend is scheduled to be paid on September 20, 2024, to shareholders who are on record as of September 6, 2024.
The New Jersey-based financial services organization, which boasts assets of approximately $2.6 billion and deposits totaling $2.0 billion, operates Unity Bank. This subsidiary serves a diverse clientele, including retail, corporate, and small business customers. Unity Bank has an extensive branch network that spans several counties in New Jersey and extends into Northampton County in Pennsylvania.
This recent announcement follows Unity Bancorp's pattern of providing shareholder returns and reflects the company's continued financial health. The dividends are part of the company's commitment to delivering value to its investors.
The press release also included forward-looking statements, which are based on management's current expectations and projections about future events. However, it is important to note that these statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from those anticipated.
Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, but not limited to, general economic conditions, interest rate trends, the ability of borrowers to repay loans, the management of nonperforming assets, regulatory examination results, and the potential impact of health crises or natural disasters on the company's operations.
Unity Bancorp's financial performance and other factors that may affect the company's goals are detailed in its Annual Report on Form 10-K under "Item 1A-Risk Factors," as well as in subsequent filings with the SEC.
The information provided in this article is based on a press release statement from Unity Bancorp, Inc.
In other recent news, Unity Bancorp has been making significant strides in its operations. The company announced a new Change In Control Agreement with James Donovan, its First Senior Vice President and Chief Lending Officer. This agreement, which replaces a previous one, outlines the benefits Donovan will receive if his employment is terminated within a year following a change in control at the bank.
In addition to this, Unity Bancorp has initiated a new share repurchase program, authorizing the buyback of up to 500,000 shares, which is approximately 5% of its outstanding common stock. The commencement of this program is set to occur after the completion of the company's 2023 Share Repurchase Plan.
Unity Bancorp also declared a quarterly cash dividend of $0.13 per common share, demonstrating its continued financial performance. This dividend is set to be paid to shareholders of record.
These recent developments reflect the ongoing journey of Unity Bancorp. It's worth noting that the company's forward-looking statements, which provide insight into its expected future financial performance, come with risks and uncertainties beyond its control. These could affect the realization of the projections.
InvestingPro Insights
Unity Bancorp, Inc. (NASDAQ: UNTY) has demonstrated a consistent commitment to shareholder returns, as evidenced by its recent dividend announcement. The InvestingPro data and tips provide a deeper look into the company's financial health and future prospects.
InvestingPro data shows Unity Bancorp with a market capitalization of $316.75 million and a price-to-earnings (P/E) ratio of 8.45, which further adjusts to 8.19 when considering the last twelve months as of Q2 2024. This relatively low P/E ratio, when paired with a dividend yield of 1.68%, underscores the company's potential as a value investment. Additionally, the company has achieved a revenue of $99.25 million with a modest growth of 0.87% in the last twelve months as of Q2 2024, signaling stable financial operations.
One of the InvestingPro Tips highlights that Unity Bancorp has raised its dividend for 11 consecutive years, reflecting a strong track record of providing shareholder value. Another tip worth noting is that analysts predict the company will be profitable this year, which is corroborated by the company's profitability over the last twelve months.
For investors seeking more detailed analysis, InvestingPro offers additional tips on Unity Bancorp. Currently, there are six more tips available on the platform, which can provide a more nuanced understanding of the company's financial metrics and performance (https://www.investing.com/pro/UNTY).
With the next earnings date set for October 11, 2024, investors will be keen to see whether Unity Bancorp can sustain its financial health and continue its pattern of delivering shareholder returns.
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