Arrowstreet Capital Limited Partnership Takes Position in Unity Bancorp, Inc. (NASDAQ:UNTY)

Arrowstreet Capital Limited Partnership purchased a new stake in shares of Unity Bancorp, Inc. (NASDAQ:UNTY - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 17,016 shares of the financial services provider's stock, valued at approximately $742,000. Arrowstreet Capital Limited Partnership owned approximately 0.17% of Unity Bancorp as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in UNTY. JPMorgan Chase & Co. lifted its position in Unity Bancorp by 46.1% in the 4th quarter. JPMorgan Chase & Co. now owns 128,941 shares of the financial services provider's stock worth $5,623,000 after buying an additional 40,710 shares during the last quarter. Segall Bryant & Hamill LLC bought a new stake in shares of Unity Bancorp in the 4th quarter worth approximately $1,795,000. Prudential Financial Inc. purchased a new stake in shares of Unity Bancorp in the 4th quarter valued at $450,000. Hillsdale Investment Management Inc. bought a new position in shares of Unity Bancorp during the 4th quarter valued at $283,000. Finally, Sei Investments Co. purchased a new position in Unity Bancorp in the 4th quarter worth $339,000. Institutional investors own 42.31% of the company's stock.

Unity Bancorp Trading Down 0.5 %

Shares of NASDAQ UNTY traded down $0.20 during midday trading on Thursday, hitting $40.91. 6,421 shares of the company traded hands, compared to its average volume of 27,490. Unity Bancorp, Inc. has a 12-month low of $25.60 and a 12-month high of $51.22. The firm has a market cap of $411.47 million, a P/E ratio of 10.08 and a beta of 0.80. The stock has a 50-day moving average price of $43.44 and a 200 day moving average price of $43.20. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.16 and a current ratio of 1.16.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last announced its earnings results on Friday, April 11th. The financial services provider reported $1.13 EPS for the quarter, beating analysts' consensus estimates of $1.12 by $0.01. Unity Bancorp had a net margin of 25.24% and a return on equity of 15.08%. The firm had revenue of $29.35 million for the quarter, compared to analysts' expectations of $28.81 million. During the same quarter in the previous year, the business posted $0.93 EPS. As a group, analysts expect that Unity Bancorp, Inc. will post 4.83 earnings per share for the current year.

Unity Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were paid a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 1.37%. The ex-dividend date of this dividend was Friday, March 14th. This is an increase from Unity Bancorp's previous quarterly dividend of $0.13. Unity Bancorp's dividend payout ratio is currently 13.15%.

Analysts Set New Price Targets

Several analysts have issued reports on UNTY shares. Piper Sandler cut their price target on shares of Unity Bancorp from $54.00 to $50.00 and set an "overweight" rating for the company in a research report on Monday. Keefe, Bruyette & Woods restated an "outperform" rating and set a $55.00 target price (up from $51.00) on shares of Unity Bancorp in a report on Thursday, January 16th.

Insider Activity

In other news, Director Vincent Geraci sold 1,811 shares of the business's stock in a transaction that occurred on Thursday, February 6th. The shares were sold at an average price of $50.82, for a total transaction of $92,035.02. Following the completion of the transaction, the director now directly owns 8,312 shares of the company's stock, valued at $422,415.84. The trade was a 17.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP James Joseph Donovan sold 1,080 shares of the stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $48.88, for a total value of $52,790.40. Following the transaction, the senior vice president now directly owns 4,975 shares in the company, valued at $243,178. The trade was a 17.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 7,791 shares of company stock worth $380,669 over the last 90 days. 29.68% of the stock is currently owned by insiders.

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.