Wellington Management Group LLP lessened its stake in shares of Unity Bancorp, Inc. (NASDAQ:UNTY – Free Report) by 33.4% during the 2nd quarter, HoldingsChannel reports. The firm owned 130,043 shares of the financial services provider’s stock after selling 65,359 shares during the quarter. Wellington Management Group LLP’s holdings in Unity Bancorp were worth $7,632,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also modified their holdings of UNTY. BlackRock Inc. bought a new stake in shares of Unity Bancorp during the 2nd quarter worth $32,299,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Unity Bancorp in the 2nd quarter worth $2,410,000. Squarepoint Ops LLC raised its holdings in Unity Bancorp by 600.2% in the 4th quarter. Squarepoint Ops LLC now owns 40,327 shares of the financial services provider’s stock worth $2,086,000 after acquiring an additional 34,568 shares during the period. Bank of New York Mellon Corp acquired a new position in Unity Bancorp during the 2nd quarter worth $1,976,000. Finally, Two Sigma Investments LP boosted its holdings in Unity Bancorp by 115.9% during the third quarter. Two Sigma Investments LP now owns 50,920 shares of the financial services provider’s stock valued at $2,488,000 after acquiring an additional 27,340 shares during the period. 42.31% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several equities research analysts have recently issued reports on UNTY shares. Weiss Ratings reaffirmed a “buy (b+)” rating on shares of Unity Bancorp in a research report on Friday, July 31st. Piper Sandler increased their target price on Unity Bancorp from $65.00 to $68.00 and gave the company an “overweight” rating in a research note on Friday, June 26th. DA Davidson reaffirmed a “buy” rating and issued a $68.00 target price on shares of Unity Bancorp in a report on Wednesday, July 15th. Finally, Freedom Capital raised Unity Bancorp from a “hold” rating to a “strong-buy” rating in a report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $65.50.
Insider Transactions at Unity Bancorp
In other news, President George Boyan sold 6,504 shares of the stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $59.16, for a total value of $384,776.64. Following the completion of the transaction, the president owned 25,015 shares in the company, valued at approximately $1,479,887.40. This represents a 20.64% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 28.87% of the stock is owned by company insiders.
Unity Bancorp Trading Down 1.7%
Unity Bancorp stock opened at $58.97 on Wednesday. The business has a 50 day moving average price of $58.65 and a two-hundred day moving average price of $55.38. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.88. Unity Bancorp, Inc. has a 12 month low of $44.34 and a 12 month high of $62.50. The stock has a market cap of $592.06 million, a price-to-earnings ratio of 10.26 and a beta of 0.61.
Unity Bancorp (NASDAQ:UNTY – Get Free Report) last released its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.44 by ($0.02). The firm had revenue of $33.75 million for the quarter, compared to the consensus estimate of $34.62 million. Unity Bancorp had a net margin of 30.26% and a return on equity of 16.10%. As a group, equities analysts forecast that Unity Bancorp, Inc. will post 5.86 EPS for the current year.
Unity Bancorp Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 17th. Shareholders of record on Thursday, September 3rd will be paid a dividend of $0.17 per share. This is an increase from Unity Bancorp’s previous quarterly dividend of $0.16. This represents a $0.68 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Thursday, September 3rd. Unity Bancorp’s dividend payout ratio is presently 11.83%.
Unity Bancorp Profile
Unity Bancorp, Inc is a bank holding company headquartered in Morrisville, Pennsylvania, trading on the NASDAQ under the ticker UNTY. Through its primary subsidiary, Unity Bank, the company delivers a comprehensive suite of commercial and retail banking services to individuals, businesses and municipal clients in its regional markets.
Founded in 1906, Unity Bank maintains a network of conveniently located branches across Bucks County and adjacent areas of southeastern Pennsylvania. The company’s deposit portfolio includes checking and savings accounts, money market accounts and certificates of deposit, while its loan offerings encompass commercial real estate, construction and land development, agricultural and consumer lending solutions.
Beyond traditional deposit and lending activities, Unity Bancorp provides cash management and merchant services, as well as internet and mobile banking platforms designed to streamline day-to-day financial operations.
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