Unity Bancorp Inc reports results for the quarter ended in March - Earnings Summary

Unity Bancorp

15/04/2024 14:37

* Unity Bancorp Inc  UNTY.OQ  reported quarterly adjusted
earnings
of 93 cents​​ per share for the quarter ended in March, lower
than the same quarter last year, when the company reported EPS
of 96 cents.  The mean expectation of three analysts for the
quarter was for earnings of 90 cents per share. Wall Street
expected results to range from 89 cents to 92 cents per share.
    * Revenue fell 4% to $24.31 million from a year ago;
analysts
expected $25.63 million. 
    * Unity Bancorp Inc's reported EPS for the quarter was 93
cents​.
    * The company reported quarterly net income of $9.59
million.
    * Unity Bancorp Inc shares had fallen by 4.8% this
quarter and
lost 11.2% so far this year.

FORECAST CHANGES
    * The mean earnings estimate of analysts had fallen by
about 0.4%
in the last three months.​ 
    * In the last 30 days, one analyst negatively revised an
earnings
estimate

RECOMMENDATIONS
    * The current average analyst rating on the shares is "buy"
and
the breakdown of recommendations is 3 "strong buy" or "buy," no
"hold" and no "sell" or "strong sell." 
    * The average consensus recommendation for the banks peer
group is
also "buy"

Wall Street's median 12-month price target for Unity Bancorp Inc
is $34.00 
This summary was machine generated from LSEG data April 15 at
01:37 p.m. UTC. ​All figures in US dollars unless otherwise
stated. (For questions concerning the data in this report,
contact Estimates.Support@lseg.com. For any other questions or
feedback, contact RefinitivNewsSupport@thomsonreuters.com) QUARTER ENDING    ESTIMATE       ACTUAL         BEAT, MET,
                                                 MISSED
 Mar. 31 2024      0.90           0.93           Beat
 Dec. 31 2023      0.86           0.96           Beat
 Sep. 30 2023      0.89           0.97           Beat
 Jun. 30 2023      0.91           0.95           Beat