Unity Bancorp CTO David Bove sells $194,953 in inventory

David G. Bove, the Chief Know-how Officer and Senior Vice President at Unity Bancorp Inc. (NASDAQ:UNTY), lately executed important inventory transactions. On December 13, Bove bought 4,167 shares of widespread inventory at a median value of $46.785 per share, totaling roughly $194,953. The transaction occurred as Unity Bancorp’s inventory trades close to its 52-week excessive of $48.22, having delivered a formidable 83% return over the previous six months. In accordance with InvestingPro evaluation, the inventory seems overvalued at present ranges.

Along with the inventory sale, Bove additionally exercised inventory choices to accumulate 7,500 shares of widespread inventory. These transactions have been executed at costs starting from $14.60 to $19.75 per share, amounting to a complete worth of $122,375. Following these transactions, Bove’s whole useful possession stands at 26,362 shares, representing a stake on this $467 million market cap firm. InvestingPro subscribers can entry 10+ extra insights about Unity Bancorp’s valuation and progress prospects.

In different latest information, Unity Bancorp delivered a powerful third-quarter efficiency, reporting core earnings of $1.04, surpassing each analysts’ expectations and consensus. This efficiency was acknowledged by Piper Sandler, who maintained an Chubby ranking on the corporate. The financial institution’s core return on property (ROA) reached 1.70%, a determine that stands out amongst its friends, underscoring Unity Bancorp’s main place in its sector.

Along with its earnings report, Unity Bancorp introduced a quarterly money dividend of $0.13 per widespread share, reflecting the corporate’s continued monetary well being. Unity Bancorp additionally entered a brand new Change In Management Settlement with James Donovan, its First Senior Vice President and Chief Lending Officer, outlining advantages in case of a change in management on the financial institution.

Moreover, Unity Bancorp initiated a brand new share repurchase program, authorizing the buyback of as much as 500,000 shares, or roughly 5% of its excellent widespread inventory. This program is ready to start after the completion of the corporate’s 2023 Share Repurchase Plan.

These latest developments point out optimistic strides in Unity Bancorp’s operations. Nonetheless, the corporate’s forward-looking statements, primarily based on administration’s present expectations and projections about future occasions, are topic to quite a few dangers and uncertainties.

This text was generated with the help of AI and reviewed by an editor. For extra data see our T&C.