Unity Bancorp, Inc. $UNTY Shares Sold by Banc Funds Co. LLC

Banc Funds Co. LLC decreased its position in shares of Unity Bancorp, Inc. (NASDAQ:UNTY) by 15.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 441,218 shares of the financial services provider’s stock after selling 83,000 shares during the quarter. Unity Bancorp accounts for approximately 3.8% of Banc Funds Co. LLC’s investment portfolio, making the stock its largest position. Banc Funds Co. LLC owned 4.40% of Unity Bancorp worth $21,562,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the company. Ameritas Investment Partners Inc. raised its position in shares of Unity Bancorp by 41.7% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 748 shares of the financial services provider’s stock valued at $35,000 after buying an additional 220 shares in the last quarter. Gator Capital Management LLC boosted its position in shares of Unity Bancorp by 0.8% during the 3rd quarter. Gator Capital Management LLC now owns 33,536 shares of the financial services provider’s stock worth $1,639,000 after acquiring an additional 280 shares in the last quarter. Hsbc Holdings PLC boosted its position in shares of Unity Bancorp by 5.1% during the 2nd quarter. Hsbc Holdings PLC now owns 6,056 shares of the financial services provider’s stock worth $287,000 after acquiring an additional 295 shares in the last quarter. BNP Paribas Financial Markets increased its stake in Unity Bancorp by 14.8% in the second quarter. BNP Paribas Financial Markets now owns 2,883 shares of the financial services provider’s stock valued at $136,000 after acquiring an additional 372 shares during the last quarter. Finally, Rhumbline Advisers increased its stake in Unity Bancorp by 3.7% in the second quarter. Rhumbline Advisers now owns 10,805 shares of the financial services provider’s stock valued at $509,000 after acquiring an additional 385 shares during the last quarter. 42.31% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have weighed in on UNTY. Keefe, Bruyette & Woods upped their target price on Unity Bancorp from $60.00 to $65.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 14th. Weiss Ratings reiterated a “buy (b)” rating on shares of Unity Bancorp in a research note on Wednesday, January 21st. Wall Street Zen cut Unity Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, November 15th. Finally, Piper Sandler upped their price objective on Unity Bancorp from $64.00 to $65.00 and gave the stock an “overweight” rating in a research report on Thursday, January 15th. Three investment analysts have rated the stock with a Buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $65.00.

Insider Transactions at Unity Bancorp

In other Unity Bancorp news, Director Vincent Geraci sold 1,573 shares of the company’s stock in a transaction dated Thursday, January 15th. The stock was sold at an average price of $55.38, for a total value of $87,112.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO James A. Hughes sold 1,500 shares of the stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $54.50, for a total value of $81,750.00. Following the completion of the transaction, the chief executive officer owned 173,013 shares of the company’s stock, valued at $9,429,208.50. This represents a 0.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 4,865 shares of company stock worth $268,336. 29.68% of the stock is currently owned by insiders.

Unity Bancorp Price Performance

Shares of NASDAQ:UNTY opened at $50.01 on Friday. Unity Bancorp, Inc. has a one year low of $36.65 and a one year high of $57.30. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.16 and a quick ratio of 1.16. The company has a market cap of $501.10 million, a price-to-earnings ratio of 8.82 and a beta of 0.66. The firm has a 50 day simple moving average of $53.30 and a 200 day simple moving average of $51.41.

Unity Bancorp (NASDAQ:UNTY) last posted its earnings results on Tuesday, January 13th. The financial services provider reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.35 by $0.06. The firm had revenue of $33.70 million for the quarter, compared to analysts’ expectations of $33.39 million. Unity Bancorp had a net margin of 30.76% and a return on equity of 15.88%. Research analysts predict that Unity Bancorp, Inc. will post 4.83 earnings per share for the current fiscal year.

Unity Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 20th. Investors of record on Friday, March 6th will be given a dividend of $0.16 per share. The ex-dividend date is Friday, March 6th. This represents a $0.64 dividend on an annualized basis and a yield of 1.3%. This is an increase from Unity Bancorp’s previous quarterly dividend of $0.15. Unity Bancorp’s dividend payout ratio is presently 11.29%.

Unity Bancorp Profile

Unity Bancorp, Inc is a bank holding company headquartered in Morrisville, Pennsylvania, trading on the NASDAQ under the ticker UNTY. Through its primary subsidiary, Unity Bank, the company delivers a comprehensive suite of commercial and retail banking services to individuals, businesses and municipal clients in its regional markets.

Founded in 1906, Unity Bank maintains a network of conveniently located branches across Bucks County and adjacent areas of southeastern Pennsylvania. The company’s deposit portfolio includes checking and savings accounts, money market accounts and certificates of deposit, while its loan offerings encompass commercial real estate, construction and land development, agricultural and consumer lending solutions.

Beyond traditional deposit and lending activities, Unity Bancorp provides cash management and merchant services, as well as internet and mobile banking platforms designed to streamline day-to-day financial operations.