Charles Schwab Investment Management Inc. Reduces Holdings in Unity Bancorp, Inc. (NASDAQ:UNTY)

Charles Schwab Investment Management Inc. cut its position in Unity Bancorp, Inc. (NASDAQ:UNTY) by 4.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 19,308 shares of the financial services provider’s stock after selling 1,001 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.19% of Unity Bancorp worth $658,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC boosted its position in Unity Bancorp by 2,329.8% in the 2nd 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 purchased a new position in Unity Bancorp in the third quarter valued at about $208,000. Ritholtz Wealth Management acquired a new stake in Unity Bancorp during the 2nd quarter valued at approximately $202,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Unity Bancorp during the 3rd quarter worth approximately $623,000. Finally, Panagora Asset Management Inc. raised its position in shares of Unity Bancorp by 2.4% in the 2nd quarter. Panagora Asset Management Inc. now owns 20,852 shares of the financial services provider’s stock valued at $617,000 after purchasing an additional 488 shares in the last quarter. 42.31% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Unity Bancorp

In related news, Director Peter E. Maricondo sold 2,800 shares of the business’s stock in a transaction that occurred on Wednesday, December 4th. The stock was 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. The trade was a 6.62 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP David G. Bove sold 4,167 shares of the stock in a transaction 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 completion of the sale, the senior vice president now directly owns 9,837 shares in the company, valued at $460,174.86. This represents a 29.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 10,810 shares of company stock worth $499,642 over the last ninety days. Company insiders own 28.88% of the company’s stock.

Unity Bancorp Price Performance

Shares of NASDAQ UNTY opened at $43.03 on Thursday. 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 has a market capitalization of $429.70 million, a price-to-earnings ratio of 11.06 and a beta of 1.03. Unity Bancorp, Inc. has a twelve month low of $25.33 and a twelve month high of $48.44. The business has a 50 day simple moving average of $43.00 and a 200-day simple moving average of $35.33.

Unity Bancorp (NASDAQ:UNTY) last released its earnings results on Friday, October 11th. The financial services provider reported $1.07 earnings per share for the quarter, beating the consensus estimate of $0.97 by $0.10. Unity Bancorp had a net margin of 24.46% and a return on equity of 14.63%. The firm had revenue of $27.66 million during the quarter, compared to analyst estimates of $26.40 million. As a group, equities research analysts expect that Unity Bancorp, Inc. will post 4.01 earnings per share for the current year.

Unity Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a $0.13 dividend. 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 1.21%. Unity Bancorp’s dividend payout ratio is currently 13.37%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Keefe, Bruyette & Woods raised their price target on shares of Unity Bancorp from $43.00 to $51.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. StockNews.com lowered shares of Unity Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. Finally, Piper Sandler restated an “overweight” rating and issued a $44.00 target price (up previously from $40.00) on shares of Unity Bancorp in a research note on Monday, October 14th.

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.