State Street Corp Increases Stock Position in Unity Bancorp, Inc. (NASDAQ:UNTY)

State Street Corp increased its position in Unity Bancorp, Inc. (NASDAQ:UNTY) by 0.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 94,750 shares of the financial services provider’s stock after buying an additional 607 shares during the quarter. State Street Corp owned about 0.95% of Unity Bancorp worth $3,227,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets raised its stake in shares of Unity Bancorp by 84.6% in the 3rd 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 period. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Unity Bancorp in the third quarter valued at about $623,000. Princeton Capital Management LLC acquired a new position in shares of Unity Bancorp during the third quarter worth about $208,000. Empowered Funds LLC boosted its position in shares of Unity Bancorp by 5.1% in the third quarter. Empowered Funds LLC now owns 33,303 shares of the financial services provider’s stock worth $1,134,000 after buying an additional 1,608 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in shares of Unity Bancorp by 1.2% in the second quarter. Dimensional Fund Advisors LP now owns 478,877 shares of the financial services provider’s stock valued at $14,159,000 after buying an additional 5,449 shares in the last quarter. Institutional investors and hedge funds own 42.31% of the company’s stock.

Unity Bancorp Price Performance

UNTY opened at $43.69 on Tuesday. The company has a market capitalization of $436.29 million, a P/E ratio of 11.23 and a beta of 1.03. The company has a 50-day moving average of $43.99 and a 200-day moving average of $36.37. 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 1-year low of $25.33 and a 1-year high of $48.44.

Unity Bancorp (NASDAQ:UNTY) last issued its 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. The company had revenue of $27.66 million during the quarter, compared to analyst estimates of $26.40 million. Unity Bancorp had a return on equity of 14.63% and a net margin of 24.46%. Equities analysts expect that Unity Bancorp, Inc. will post 4.01 EPS for the current fiscal year.

Unity Bancorp Dividend Announcement

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

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Keefe, Bruyette & Woods lifted their price objective on shares of Unity Bancorp from $43.00 to $51.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Piper Sandler reaffirmed an “overweight” rating and set 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 cut shares of Unity Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, October 22nd.

Insider Activity

In other Unity Bancorp news, Director Vincent Geraci sold 1,043 shares of the firm’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $44.98, for a total value of $46,914.14. Following the sale, the director now owns 8,250 shares in the company, valued at approximately $371,085. This trade represents a 11.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP David G. Bove sold 4,167 shares of the business’s stock in a transaction that occurred on Friday, December 13th. The stock was sold at an average price of $46.78, for a total value of $194,932.26. Following the transaction, the senior vice president now owns 9,837 shares of the company’s stock, valued at approximately $460,174.86. This represents a 29.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 10,810 shares of company stock valued at $499,642. 28.88% of the stock is currently owned by company 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.