Wellington Management Group LLP Has $9.96 Million Stock Holdings in Unity Bancorp, Inc. (NASDAQ:UNTY)

Wellington Management Group LLP trimmed its stake in Unity Bancorp, Inc. (NASDAQ:UNTY) by 8.4% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 292,293 shares of the financial services provider’s stock after selling 26,917 shares during the quarter. Wellington Management Group LLP’s holdings in Unity Bancorp were worth $9,955,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in UNTY. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Unity Bancorp in the 3rd quarter valued at approximately $623,000. Panagora Asset Management Inc. lifted its stake in 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 acquiring an additional 488 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Unity Bancorp by 7.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 35,083 shares of the financial services provider’s stock valued at $1,037,000 after acquiring an additional 2,393 shares during the period. Allspring Global Investments Holdings LLC increased its stake 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 worth $41,000 after purchasing an additional 1,328 shares during the last quarter. Finally, Ritholtz Wealth Management bought a new stake in shares of Unity Bancorp in the 2nd quarter valued at about $202,000. Institutional investors and hedge funds own 42.31% of the company’s stock.

Unity Bancorp Price Performance

Shares of UNTY opened at $46.81 on Monday. The company’s 50-day moving average is $42.23 and its 200-day moving average is $35.01. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.16 and a quick ratio of 1.16. The firm has a market capitalization of $467.44 million, a PE ratio of 12.03 and a beta of 1.03. Unity Bancorp, Inc. has a fifty-two week low of $25.33 and a fifty-two week high of $48.22.

Unity Bancorp (NASDAQ:UNTY) last released its quarterly earnings results 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 analysts’ expectations of $26.40 million. Unity Bancorp had a net margin of 24.46% and a return on equity of 14.63%. Equities analysts forecast 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 will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be paid a dividend of $0.13 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.11%. Unity Bancorp’s dividend payout ratio (DPR) is currently 13.37%.

Wall Street Analyst Weigh In

UNTY has been the subject of a number of research analyst reports. Piper Sandler reiterated an “overweight” rating and set a $44.00 price target (up previously from $40.00) on shares of Unity Bancorp in a report on Monday, October 14th. StockNews.com cut Unity Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, October 22nd. Finally, Keefe, Bruyette & Woods boosted their target price on Unity Bancorp from $43.00 to $51.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th.

Insider Buying and Selling

In other news, Director Peter E. Maricondo sold 2,800 shares of the business’s stock in a transaction dated 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 sale, the director now owns 39,522 shares of the company’s stock, valued at approximately $1,768,214.28. The trade was a 6.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Vincent Geraci sold 1,043 shares of the firm’s stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $44.98, for a total transaction of $46,914.14. Following the transaction, the director now directly owns 8,250 shares in the company, valued at approximately $371,085. This represents a 11.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,643 shares of company stock valued at $304,710. Insiders own 28.88% of the company’s stock.

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.