Unity Bancorp, Inc. (NASDAQ:UNTY) Shares Sold by Acadian Asset Management LLC

Acadian Asset Management LLC decreased its holdings in Unity Bancorp, Inc. (NASDAQ:UNTY) by 2.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 71,183 shares of the financial services provider’s stock after selling 2,040 shares during the quarter. Acadian Asset Management LLC owned 0.71% of Unity Bancorp worth $2,104,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. grew its position in shares of Unity Bancorp by 0.8% in the first quarter. Vanguard Group Inc. now owns 414,036 shares of the financial services provider’s stock valued at $11,427,000 after purchasing an additional 3,170 shares during the period. Bank of New York Mellon Corp lifted its stake in 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 buying an additional 2,393 shares in the last quarter. Inspire Investing LLC acquired a new stake in Unity Bancorp in the 1st quarter worth about $884,000. Empowered Funds LLC increased its stake in Unity Bancorp by 7.7% during the 1st quarter. Empowered Funds LLC now owns 29,535 shares of the financial services provider’s stock worth $815,000 after buying an additional 2,100 shares in the last quarter. 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 valued at $617,000 after acquiring an additional 488 shares during the last quarter. Hedge funds and other institutional investors own 42.31% of the company’s stock.

Unity Bancorp Stock Up 2.5 %

UNTY stock opened at $32.88 on Friday. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 1.04. The firm has a 50-day moving average of $32.46 and a two-hundred day moving average of $29.05. Unity Bancorp, Inc. has a 12 month low of $22.50 and a 12 month high of $35.66. The company has a market cap of $328.14 million, a price-to-earnings ratio of 8.68 and a beta of 1.01.

Unity Bancorp (NASDAQ:UNTY) last posted its quarterly earnings results on Friday, July 12th. The financial services provider reported $0.93 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.01). Unity Bancorp had a net margin of 24.37% and a return on equity of 14.71%. The company had revenue of $25.46 million during the quarter, compared to analysts’ expectations of $25.81 million. As a group, analysts forecast that Unity Bancorp, Inc. will post 3.8 earnings per share for the current fiscal year.

Unity Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, September 6th will be issued a dividend of $0.13 per share. The ex-dividend date is Friday, September 6th. This represents a $0.52 annualized dividend and a dividend yield of 1.58%. Unity Bancorp’s dividend payout ratio is presently 13.72%.

Insider Activity

In related news, SVP Minsu Kim sold 2,264 shares of the firm’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $34.90, for a total transaction of $79,013.60. Following the completion of the sale, the senior vice president now directly owns 3,975 shares in the company, valued at $138,727.50. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, SVP Minsu Kim sold 2,264 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $34.90, for a total value of $79,013.60. Following the transaction, the senior vice president now directly owns 3,975 shares in the company, valued at $138,727.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP James Joseph Donovan sold 750 shares of the company’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $34.97, for a total value of $26,227.50. Following the completion of the transaction, the senior vice president now directly owns 166 shares in the company, valued at approximately $5,805.02. The disclosure for this sale can be found here. In the last quarter, insiders have sold 3,046 shares of company stock valued at $106,265. 28.88% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on UNTY shares. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $39.00 price target (up from $35.00) on shares of Unity Bancorp in a research note on Monday, July 15th. StockNews.com cut shares of Unity Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, September 7th.

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.