Bank of New York Mellon Corp Raises Stock Holdings in Unity Bancorp, Inc. (NASDAQ:UNTY)

Bank of New York Mellon Corp boosted its holdings in Unity Bancorp, Inc. (NASDAQ:UNTY) by 34.0% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 40,102 shares of the financial services provider’s stock after acquiring an additional 10,167 shares during the period. Bank of New York Mellon Corp’s holdings in Unity Bancorp were worth $1,749,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Allworth Financial LP purchased a new stake in shares of Unity Bancorp during the 4th quarter valued at about $67,000. BNP Paribas Financial Markets increased its position in shares of Unity Bancorp by 84.6% during the 3rd 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. SG Americas Securities LLC purchased a new stake in Unity Bancorp in the 4th quarter worth approximately $135,000. Foundations Investment Advisors LLC bought a new position in Unity Bancorp in the 4th quarter worth approximately $219,000. Finally, Barclays PLC boosted its stake in Unity Bancorp by 93.1% in the 3rd quarter. Barclays PLC now owns 14,197 shares of the financial services provider’s stock worth $484,000 after purchasing an additional 6,846 shares during the period. Hedge funds and other institutional investors own 42.31% of the company’s stock.

Unity Bancorp Stock Performance

UNTY stock opened at $42.14 on Friday. The firm has a market cap of $423.84 million, a price-to-earnings ratio of 10.38 and a beta of 0.95. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.97. Unity Bancorp, Inc. has a twelve month low of $25.60 and a twelve month high of $51.22. The business’s fifty day simple moving average is $46.16 and its two-hundred day simple moving average is $42.31.

Unity Bancorp (NASDAQ:UNTY) last announced its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.13 EPS for the quarter, beating the consensus estimate of $1.08 by $0.05. Unity Bancorp had a return on equity of 15.08% and a net margin of 25.24%. Analysts predict that Unity Bancorp, Inc. will post 4.83 earnings per share for the current year.

Unity Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be given a dividend of $0.14 per share. The ex-dividend date is Friday, March 14th. This represents a $0.56 dividend on an annualized basis and a yield of 1.33%. This is an increase from Unity Bancorp’s previous quarterly dividend of $0.13. Unity Bancorp’s dividend payout ratio (DPR) is presently 13.79%.

Analyst Ratings Changes

A number of research firms have recently commented on UNTY. Piper Sandler reiterated an “overweight” rating and set a $54.00 target price (up from $53.00) on shares of Unity Bancorp in a research report on Thursday, January 16th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $55.00 price target (up from $51.00) on shares of Unity Bancorp in a research report on Thursday, January 16th.

Insider Activity at Unity Bancorp

In related news, Director Mark S. Brody sold 1,600 shares of Unity Bancorp stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $48.32, for a total transaction of $77,312.00. Following the completion of the sale, the director now owns 71,802 shares of the company’s stock, valued at $3,469,472.64. The trade was a 2.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP James Joseph Donovan sold 1,080 shares of Unity Bancorp stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $48.88, for a total value of $52,790.40. Following the transaction, the senior vice president now owns 4,975 shares of the company’s stock, valued at approximately $243,178. This represents a 17.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 7,791 shares of company stock valued at $380,669 over the last quarter. 29.68% 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.