Unity Bancorp, Inc. (NASDAQ:UNTY) Shares Sold by Fmr LLC

Fmr LLC cut its position in Unity Bancorp, Inc. (NASDAQ:UNTY) by 81.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 27,560 shares of the financial services provider’s stock after selling 118,234 shares during the period. Fmr LLC owned approximately 0.28% of Unity Bancorp worth $939,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Allspring Global Investments Holdings LLC boosted its position in 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 buying an additional 1,328 shares during the last quarter. Princeton Capital Management LLC acquired a new stake in Unity Bancorp during the 3rd quarter valued at approximately $208,000. Ritholtz Wealth Management purchased a new stake in shares of Unity Bancorp in the 2nd quarter valued at $202,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Unity Bancorp in the third quarter worth $623,000. Finally, Panagora Asset Management Inc. raised its holdings in shares of Unity Bancorp by 2.4% during the second quarter. Panagora Asset Management Inc. now owns 20,852 shares of the financial services provider’s stock worth $617,000 after purchasing an additional 488 shares during 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 commented on the stock. StockNews.com lowered shares of Unity Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. Keefe, Bruyette & Woods upped their target price on 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 target price (up from $40.00) on shares of Unity Bancorp in a report on Monday, October 14th.

Insider Buying and Selling at Unity Bancorp

In related news, Director Peter E. Maricondo sold 2,800 shares of the company’s 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 completion of the transaction, the director now owns 39,522 shares in the company, valued at $1,768,214.28. This represents a 6.62 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Vincent Geraci sold 1,043 shares of Unity Bancorp stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $44.98, for a total value of $46,914.14. Following the completion of the sale, the director now owns 8,250 shares in the company, valued at approximately $371,085. The trade was a 11.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 10,810 shares of company stock valued at $499,642. Company insiders own 28.88% of the company’s stock.

Unity Bancorp Stock Performance

Shares of NASDAQ UNTY opened at $47.50 on Tuesday. The company has a market capitalization of $474.34 million, a PE ratio of 12.21 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. The company’s fifty day moving average price is $42.52 and its 200 day moving average price is $35.15. Unity Bancorp, Inc. has a 1 year low of $25.33 and a 1 year high of $48.44.

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

Unity Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be given 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 yield of 1.09%. Unity Bancorp’s dividend payout ratio is currently 13.37%.

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.