Unity Bancorp, Inc. (NASDAQ:UNTY) Shares Acquired by State Street Corp

State Street Corp boosted its position in shares of Unity Bancorp, Inc. (NASDAQ:UNTY) by 0.6% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 94,750 shares of the financial services provider’s stock after buying an additional 607 shares during the period. State Street Corp’s holdings in Unity Bancorp were worth $3,227,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of UNTY. Allspring Global Investments Holdings LLC boosted its position in shares of Unity Bancorp by 2,329.8% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,385 shares of the financial services provider’s stock valued at $41,000 after purchasing an additional 1,328 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in Unity Bancorp by 84.6% during the third quarter. BNP Paribas Financial Markets now owns 2,464 shares of the financial services provider’s stock valued at $84,000 after purchasing an additional 1,129 shares during the last quarter. Ritholtz Wealth Management bought a new stake in Unity Bancorp during the second quarter worth approximately $202,000. Princeton Capital Management LLC acquired a new position in Unity Bancorp in the third quarter worth approximately $208,000. Finally, Panagora Asset Management Inc. increased its holdings in shares of Unity Bancorp by 2.4% in the second quarter. Panagora Asset Management Inc. now owns 20,852 shares of the financial services provider’s stock valued at $617,000 after buying an additional 488 shares in the last quarter. 42.31% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Keefe, Bruyette & Woods raised their price objective on Unity Bancorp from $43.00 to $51.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Piper Sandler reissued an “overweight” rating and issued a $44.00 price target (up previously from $40.00) on shares of Unity Bancorp in a research note on Monday, October 14th. Finally, StockNews.com lowered shares of Unity Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, October 22nd.

Unity Bancorp Stock Up 0.8 %

Shares of Unity Bancorp stock opened at $43.69 on Tuesday. The stock has a 50-day moving average price of $43.99 and a 200 day moving average price of $36.37. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.97. The company has a market cap of $436.29 million, a P/E ratio of 11.23 and a beta of 1.03. Unity Bancorp, Inc. has a 1 year low of $25.33 and a 1 year high of $48.44.

Unity Bancorp (NASDAQ:UNTY) last released its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.07 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.10. The firm had revenue of $27.66 million for the quarter, compared to analyst estimates of $26.40 million. Unity Bancorp had a net margin of 24.46% and a return on equity of 14.63%. As a group, analysts expect that Unity Bancorp, Inc. will post 4.01 EPS for the current fiscal year.

Unity Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued a dividend of $0.13 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.52 annualized dividend and a dividend yield of 1.19%. Unity Bancorp’s dividend payout ratio is 13.37%.

Insider Buying and Selling at Unity Bancorp

In other news, SVP David G. Bove sold 4,167 shares of the company’s stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $46.78, for a total transaction of $194,932.26. Following the completion of the sale, the senior vice president now owns 9,837 shares in the company, valued at approximately $460,174.86. This represents a 29.76 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Peter E. Maricondo sold 2,800 shares of the firm’s stock in a transaction that occurred on Wednesday, December 4th. The shares were sold at an average price of $44.74, for a total value of $125,272.00. Following the completion of the transaction, the director now directly owns 39,522 shares in the company, valued at $1,768,214.28. The trade was a 6.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 10,810 shares of company stock worth $499,642 over the last ninety days. 28.88% of the stock is currently owned by insiders.

Unity Bancorp Company Profile

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.