Unity Bancorp, Inc. (NASDAQ:UNTY) Shares Sold by Banc Funds Co. LLC

Banc Funds Co. LLC reduced its position in shares of Unity Bancorp, Inc. (NASDAQ:UNTY - Free Report) by 14.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 715,044 shares of the financial services provider's stock after selling 125,000 shares during the period. Unity Bancorp comprises approximately 3.4% of Banc Funds Co. LLC's portfolio, making the stock its largest position. Banc Funds Co. LLC owned approximately 7.16% of Unity Bancorp worth $31,183,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Geode Capital Management LLC grew its position in shares of Unity Bancorp by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 152,590 shares of the financial services provider's stock valued at $5,198,000 after buying an additional 492 shares during the last quarter. State Street Corp boosted its stake in Unity Bancorp by 0.6% in the third quarter. State Street Corp now owns 94,750 shares of the financial services provider's stock valued at $3,227,000 after acquiring an additional 607 shares in the last quarter. Wells Fargo & Company MN grew its holdings in shares of Unity Bancorp by 25.8% during the fourth quarter. Wells Fargo & Company MN now owns 4,159 shares of the financial services provider's stock worth $181,000 after purchasing an additional 852 shares during the last quarter. BNP Paribas Financial Markets increased its position in shares of Unity Bancorp by 84.6% during the third quarter. BNP Paribas Financial Markets now owns 2,464 shares of the financial services provider's stock worth $84,000 after purchasing an additional 1,129 shares in the last quarter. Finally, Allworth Financial LP purchased a new stake in shares of Unity Bancorp in the 4th quarter valued at about $67,000. Institutional investors and hedge funds own 42.31% of the company's stock.

Analysts Set New Price Targets

UNTY has been the subject of several research analyst reports. Keefe, Bruyette & Woods reissued an "outperform" rating and issued a $55.00 price objective (up from $51.00) on shares of Unity Bancorp in a report on Thursday, January 16th. Piper Sandler decreased 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 note on Monday, April 14th.

Insider Activity

In other Unity Bancorp news, Director Mary E. Gross sold 3,300 shares of the company's stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $48.04, for a total transaction of $158,532.00. Following the transaction, the director now directly owns 18,479 shares in the company, valued at approximately $887,731.16. This represents a 15.15 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Vincent Geraci sold 1,811 shares of the stock in a transaction dated 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 approximately $422,415.84. This trade represents a 17.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 7,791 shares of company stock valued at $380,669 in the last three months. 29.68% of the stock is currently owned by company insiders.

Unity Bancorp Stock Performance

Shares of Unity Bancorp stock traded up $1.11 during trading hours on Tuesday, hitting $41.77. 12,600 shares of the company were exchanged, compared to its average volume of 27,705. 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 business has a 50-day moving average of $42.96 and a 200-day moving average of $43.51. Unity Bancorp, Inc. has a 1 year low of $25.60 and a 1 year high of $51.22. The stock has a market capitalization of $420.07 million, a price-to-earnings ratio of 10.29 and a beta of 0.80.

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

Unity Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.34%. This is an increase from Unity Bancorp's previous quarterly dividend of $0.13. The ex-dividend date was Friday, March 14th. Unity Bancorp's dividend payout ratio is 13.15%.

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.