Unity Bancorp (UNTY) reported quarterly earnings of $0.96 per share on April 25, 2023, surpassing the Zacks Consensus Estimate of $0.91. This represents a year-over-year increase from earnings of $0.85 per share, and an earnings surprise of 5.49%. The company also recorded revenues of $25.33 million for the quarter, exceeding the estimate by 2.06% and up from $22.14 million a year earlier.
Despite this performance, Unity Bancorp shares have declined approximately 18.9% since the start of the year, contrasting with the S&P 500’s gain of 7.8%. The company currently holds a Zacks Rank of #4 (Sell), indicating a potential underperformance in the near future. The next quarter’s consensus EPS estimate stands at $0.87, with projected revenues of $24.91 million.
