28,794 Shares in Unity Bancorp, Inc. (NASDAQ:UNTY) Bought by Delphi Management Inc. MA

Delphi Management Inc. MA purchased a new position in Unity Bancorp, Inc. (NASDAQ:UNTY - Free Report) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 28,794 shares of the financial services provider's stock, valued at approximately $1,256,000. Delphi Management Inc. MA owned about 0.29% of Unity Bancorp at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. 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 buying an additional 1,129 shares in the last quarter. Barclays PLC raised its position in Unity Bancorp by 93.1% during the 3rd quarter. Barclays PLC now owns 14,197 shares of the financial services provider's stock valued at $484,000 after purchasing an additional 6,846 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Unity Bancorp by 79.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 88,231 shares of the financial services provider's stock worth $3,005,000 after acquiring an additional 39,033 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Unity Bancorp during the third quarter valued at approximately $623,000. Finally, Inspire Investing LLC purchased a new position in shares of Unity Bancorp in the 4th quarter valued at $845,000. 42.31% of the stock is currently owned by hedge funds and other institutional investors.

Unity Bancorp Trading Up 1.3 %

NASDAQ UNTY traded up $0.53 during trading on Friday, hitting $42.14. The stock had a trading volume of 66,481 shares, compared to its average volume of 26,080. Unity Bancorp, Inc. has a twelve month low of $25.60 and a twelve month high of $51.22. The firm has a 50 day moving average price of $46.12 and a 200 day moving average price of $42.20. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.97. The company has a market capitalization of $423.84 million, a PE ratio of 10.38 and a beta of 0.95.

Remove Ads

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last announced its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.13 EPS for the quarter, beating the consensus estimate of $1.08 by $0.05. Unity Bancorp had a net margin of 25.24% and a return on equity of 15.08%. As a group, equities research analysts forecast that Unity Bancorp, Inc. will post 4.83 earnings per share for the current year.

Unity Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.33%. This is a positive change from Unity Bancorp's previous quarterly dividend of $0.13. The ex-dividend date of this dividend is Friday, March 14th. Unity Bancorp's dividend payout ratio (DPR) is 13.79%.

Insider Buying and Selling at Unity Bancorp

In other Unity Bancorp news, Director Mary E. Gross sold 3,300 shares of the firm's stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $48.04, for a total value of $158,532.00. Following the completion of the sale, the director now owns 18,479 shares of the company's stock, valued at approximately $887,731.16. This trade represents a 15.15 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mark S. Brody sold 1,600 shares of the company's stock in a transaction on Friday, January 31st. The stock was sold at an average price of $48.32, for a total transaction of $77,312.00. Following the transaction, the director now directly owns 71,802 shares in the company, valued at approximately $3,469,472.64. This trade represents a 2.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,791 shares of company stock valued at $380,669. 28.88% of the stock is owned by company insiders.

Analysts Set New Price Targets

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

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.