Ritholtz Wealth Management Takes $202,000 Position in Unity Bancorp, Inc. (NASDAQ:UNTY)

Ritholtz Wealth Management acquired a new stake in Unity Bancorp, Inc. (NASDAQ:UNTY) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 6,832 shares of the financial services provider’s stock, valued at approximately $202,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Allspring Global Investments Holdings LLC boosted its holdings in shares of Unity Bancorp by 2,329.8% in the second quarter. Allspring Global Investments Holdings LLC now owns 1,385 shares of the financial services provider’s stock valued at $41,000 after acquiring an additional 1,328 shares in the last quarter. BNP Paribas Financial Markets boosted its holdings in shares of Unity Bancorp by 80.3% in the first quarter. BNP Paribas Financial Markets now owns 3,389 shares of the financial services provider’s stock valued at $94,000 after acquiring an additional 1,509 shares in the last quarter. Hillsdale Investment Management Inc. boosted its holdings in shares of Unity Bancorp by 18.5% in the fourth quarter. Hillsdale Investment Management Inc. now owns 3,200 shares of the financial services provider’s stock valued at $95,000 after acquiring an additional 500 shares in the last quarter. O Shaughnessy Asset Management LLC boosted its holdings in shares of Unity Bancorp by 75.2% in the first quarter. O Shaughnessy Asset Management LLC now owns 16,552 shares of the financial services provider’s stock valued at $457,000 after acquiring an additional 7,104 shares in the last quarter. Finally, GSA Capital Partners LLP boosted its holdings in shares of Unity Bancorp by 47.4% in the first quarter. GSA Capital Partners LLP now owns 16,649 shares of the financial services provider’s stock valued at $460,000 after acquiring an additional 5,352 shares in the last quarter. 42.31% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on UNTY shares. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $39.00 price objective (up from $35.00) on shares of Unity Bancorp in a report on Monday, July 15th. StockNews.com lowered shares of Unity Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday.

Unity Bancorp Stock Down 1.6 %

UNTY stock opened at $32.16 on Friday. Unity Bancorp, Inc. has a 12 month low of $22.50 and a 12 month high of $35.66. The firm has a market cap of $320.96 million, a PE ratio of 8.49 and a beta of 1.01. The firm has a 50 day simple moving average of $32.04 and a 200 day simple moving average of $28.87. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.15 and a quick ratio of 1.15.

Unity Bancorp (NASDAQ:UNTY) last released its earnings results on Friday, July 12th. The financial services provider reported $0.93 EPS for the quarter, missing the consensus estimate of $0.94 by ($0.01). Unity Bancorp had a net margin of 24.37% and a return on equity of 14.71%. The business had revenue of $25.46 million for the quarter, compared to analyst estimates of $25.81 million. Equities research analysts forecast that Unity Bancorp, Inc. will post 3.8 earnings per share for the current fiscal year.

Unity Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, September 6th will be given a $0.13 dividend. The ex-dividend date is Friday, September 6th. This represents a $0.52 annualized dividend and a dividend yield of 1.62%. Unity Bancorp’s dividend payout ratio (DPR) is presently 13.72%.

Insider Activity at Unity Bancorp

In related news, SVP James Joseph Donovan sold 750 shares of the company’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $34.97, for a total value of $26,227.50. Following the completion of the sale, the senior vice president now owns 166 shares in the company, valued at approximately $5,805.02. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, SVP James Joseph Donovan sold 750 shares of the company’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $34.97, for a total value of $26,227.50. Following the completion of the sale, the senior vice president now owns 166 shares in the company, valued at approximately $5,805.02. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Minsu Kim sold 2,264 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $34.90, for a total transaction of $79,013.60. Following the completion of the sale, the senior vice president now owns 3,975 shares of the company’s stock, valued at approximately $138,727.50. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,046 shares of company stock worth $106,265. 28.88% of the stock is owned by corporate insiders.

About Unity Bancorp

Unity Bancorp, Inc operates as a bank holding company for Unity Bank that provides range of commercial and retail banking services to individuals, small and medium sized businesses, and professional communities. It offers personal and business checking accounts, time deposits, money market accounts, savings accounts, and retirement accounts, as well as noninterest and interest-bearing demand deposits.