Barclays PLC Raises Stock Position in Unity Bancorp, Inc. (NASDAQ:UNTY)

Barclays PLC raised its stake in shares of Unity Bancorp, Inc. (NASDAQ:UNTY) by 93.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,197 shares of the financial services provider’s stock after purchasing an additional 6,846 shares during the period. Barclays PLC’s holdings in Unity Bancorp were worth $484,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of UNTY. Allspring Global Investments Holdings LLC lifted its stake in Unity Bancorp by 2,329.8% in 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 buying an additional 1,328 shares in the last quarter. BNP Paribas Financial Markets raised its holdings in shares of 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 acquiring an additional 1,129 shares during the last quarter. Princeton Capital Management LLC purchased a new position in shares of Unity Bancorp in the third quarter valued at approximately $208,000. Ritholtz Wealth Management acquired a new stake in shares of Unity Bancorp in the second quarter worth approximately $202,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Unity Bancorp during the third quarter worth approximately $623,000. Institutional investors and hedge funds own 42.31% of the company’s stock.

Unity Bancorp Stock Performance

Shares of Unity Bancorp stock opened at $42.11 on Friday. The business’s 50 day moving average price is $44.23 and its 200 day moving average price is $36.58. The company has a market cap of $420.51 million, a price-to-earnings ratio of 10.83 and a beta of 1.03. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.16 and a current ratio of 1.16. Unity Bancorp, Inc. has a one year low of $25.33 and a one year high of $48.44.

Unity Bancorp (NASDAQ:UNTY) last posted its quarterly earnings results on Friday, October 11th. The financial services provider reported $1.07 EPS for the quarter, topping the consensus estimate of $0.97 by $0.10. Unity Bancorp had a return on equity of 14.63% and a net margin of 24.46%. The business had revenue of $27.66 million for the quarter, compared to analyst estimates of $26.40 million. On average, research analysts predict that Unity Bancorp, Inc. will post 4.01 EPS for the current year.

Unity Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th were issued a $0.13 dividend. The ex-dividend date was Friday, December 13th. This represents a $0.52 annualized dividend and a yield of 1.23%. Unity Bancorp’s payout ratio is 13.37%.

Insider Activity

In other Unity Bancorp news, Director Vincent Geraci sold 1,043 shares of the company’s stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $44.98, for a total value of $46,914.14. Following the transaction, the director now owns 8,250 shares of the company’s stock, valued at $371,085. This represents a 11.22 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Peter E. Maricondo sold 2,800 shares of Unity Bancorp stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $44.74, for a total transaction of $125,272.00. Following the sale, the director now owns 39,522 shares of the company’s stock, valued at approximately $1,768,214.28. This represents a 6.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 10,810 shares of company stock valued at $499,642 in the last 90 days. Company insiders own 28.88% of the company’s stock.

Wall Street Analyst Weigh In

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

Unity Bancorp 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.