Unity Bancorp CTO David Bove sells $194,953 in stock By Investing.com

David G. Bove, the Chief Technology Officer and Senior Vice President at Unity Bancorp Inc. (NASDAQ:), recently executed significant stock transactions. On December 13, Bove sold 4,167 shares of common stock at an average price of $46.785 per share, totaling approximately $194,953. The transaction occurred as Unity Bancorp’s stock trades near its 52-week high of $48.22, having delivered an impressive 83% return over the past six months. According to InvestingPro analysis, the stock appears overvalued at current levels.

In addition to the stock sale, Bove also exercised stock options to acquire 7,500 shares of common stock. These transactions were executed at prices ranging from $14.60 to $19.75 per share, amounting to a total value of $122,375. Following these transactions, Bove’s total beneficial ownership stands at 26,362 shares, representing a stake in this $467 million market cap company. InvestingPro subscribers can access 10+ additional insights about Unity Bancorp’s valuation and growth prospects.

In other recent news, Unity Bancorp delivered a strong third-quarter performance, reporting core earnings of $1.04, surpassing both analysts’ expectations and consensus. This performance was recognized by Piper Sandler, who maintained an Overweight rating on the company. The bank’s core return on assets (ROA) reached 1.70%, a figure that stands out among its peers, underscoring Unity Bancorp’s leading position in its sector.

In addition to its earnings report, Unity Bancorp announced a quarterly cash dividend of $0.13 per common share, reflecting the company’s continued financial health. Unity Bancorp also entered a new Change In Control Agreement with James Donovan, its First Senior Vice President and Chief Lending Officer, outlining benefits in case of a change in control at the bank.

Furthermore, Unity Bancorp 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 indicate positive strides in Unity Bancorp’s operations. However, the company’s forward-looking statements, based on management’s current expectations and projections about future events, are subject to numerous risks and uncertainties.

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