Bank of New York Mellon Corp Grows Stock Position in Unity Bancorp, Inc. (NASDAQ:UNTY)

Bank of New York Mellon Corp boosted its position in shares of Unity Bancorp, Inc. (NASDAQ:UNTY) by 7.3% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 35,083 shares of the financial services provider’s stock after buying an additional 2,393 shares during the quarter. Bank of New York Mellon Corp owned 0.35% of Unity Bancorp worth $1,037,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. O Shaughnessy Asset Management LLC boosted its stake in shares of Unity Bancorp by 75.2% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 16,552 shares of the financial services provider’s stock worth $457,000 after purchasing an additional 7,104 shares during the period. Hillsdale Investment Management Inc. grew its stake in shares of Unity Bancorp by 46.9% during the first quarter. Hillsdale Investment Management Inc. now owns 4,700 shares of the financial services provider’s stock valued at $130,000 after buying an additional 1,500 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Unity Bancorp by 0.8% during the first quarter. Vanguard Group Inc. now owns 414,036 shares of the financial services provider’s stock valued at $11,427,000 after buying an additional 3,170 shares during the last quarter. Inspire Investing LLC purchased a new stake in shares of Unity Bancorp in the first quarter worth approximately $884,000. Finally, Empowered Funds LLC lifted its stake in shares of 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 acquiring an additional 2,100 shares during the last quarter. Institutional investors own 42.31% of the company’s stock.

Unity Bancorp Price Performance

Shares of UNTY stock opened at $35.05 on Friday. Unity Bancorp, Inc. has a twelve month low of $22.50 and a twelve month high of $35.66. 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 stock has a fifty day simple moving average of $33.04 and a two-hundred day simple moving average of $29.29. The stock has a market capitalization of $349.80 million, a price-to-earnings ratio of 9.25 and a beta of 1.01.

Unity Bancorp (NASDAQ:UNTY) last posted its earnings results on Friday, July 12th. The financial services provider reported $0.93 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 business had revenue of $25.46 million for the quarter, compared to analysts’ expectations of $25.81 million. On average, analysts predict that Unity Bancorp, Inc. will post 3.8 EPS for the current fiscal year.

Unity Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, September 6th were given a dividend of $0.13 per share. The ex-dividend date was Friday, September 6th. This represents a $0.52 annualized dividend and a yield of 1.48%. Unity Bancorp’s dividend payout ratio (DPR) is presently 13.72%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $39.00 target price (up previously from $35.00) on shares of Unity Bancorp in a research note on Monday, July 15th. StockNews.com lowered shares of Unity Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, September 7th.

Insider Activity

In related news, SVP Minsu Kim sold 2,264 shares of the company’s stock in a transaction on Tuesday, July 23rd. The stock was 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 approximately $138,727.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Unity Bancorp news, SVP Minsu Kim sold 2,264 shares of Unity Bancorp stock in a transaction on Tuesday, July 23rd. The shares were 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 of the company’s stock, valued at $138,727.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP James Joseph Donovan sold 750 shares of the 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 sale, the senior vice president now owns 166 shares of the company’s stock, valued at approximately $5,805.02. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,046 shares of company stock worth $106,265. 28.88% of the stock is currently owned by company insiders.

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.