Bank of New York Mellon Corp Purchases 10,167 Shares of Unity Bancorp, Inc. (NASDAQ:UNTY)

Bank of New York Mellon Corp grew its position in shares of Unity Bancorp, Inc. (NASDAQ:UNTY) by 34.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 40,102 shares of the financial services provider’s stock after purchasing an additional 10,167 shares during the quarter. Bank of New York Mellon Corp owned about 0.40% of Unity Bancorp worth $1,749,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. Empowered Funds LLC increased its stake in shares of Unity Bancorp by 5.1% in the 3rd quarter. Empowered Funds LLC now owns 33,303 shares of the financial services provider’s stock valued at $1,134,000 after acquiring an additional 1,608 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Unity Bancorp during the 3rd quarter valued at $623,000. BNP Paribas Financial Markets grew 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 worth $84,000 after acquiring an additional 1,129 shares in the last quarter. State Street Corp grew its stake in shares of Unity Bancorp by 0.6% in the 3rd quarter. State Street Corp now owns 94,750 shares of the financial services provider’s stock worth $3,227,000 after acquiring an additional 607 shares in the last quarter. Finally, Barclays PLC grew its stake in shares of 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 acquiring an additional 6,846 shares in the last quarter. Institutional investors own 42.31% of the company’s stock.

Insider Buying and Selling at Unity Bancorp

In other news, Director Mary E. Gross sold 3,300 shares of the firm’s stock in a transaction that occurred on Tuesday, January 28th. The shares were sold at an average price of $48.04, for a total value of $158,532.00. Following the transaction, the director now owns 18,479 shares in the company, valued at approximately $887,731.16. This trade represents a 15.15 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Vincent Geraci sold 1,811 shares of the firm’s stock in a transaction on Thursday, February 6th. The stock was sold at an average price of $50.82, for a total value of $92,035.02. Following the completion of the sale, the director now directly owns 8,312 shares of the company’s stock, valued at $422,415.84. The trade was a 17.89 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 7,791 shares of company stock worth $380,669 over the last ninety days. Insiders own 29.68% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on UNTY shares. Piper Sandler restated an “overweight” rating and set a $54.00 price target (up previously from $53.00) on shares of Unity Bancorp in a research report on Thursday, January 16th. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $55.00 price objective (up from $51.00) on shares of Unity Bancorp in a report on Thursday, January 16th.

Unity Bancorp Trading Up 1.3 %

Shares of Unity Bancorp stock opened at $42.14 on Friday. Unity Bancorp, Inc. has a 12-month low of $25.60 and a 12-month high of $51.22. The company 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 current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.97. The company’s 50-day moving average price is $46.16 and its 200-day moving average price is $42.31.

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

Unity Bancorp Increases Dividend

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

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.