Unity Bancorp, Inc. (NASDAQ:UNTY) Shares Purchased by Bank of New York Mellon Corp

Bank of New York Mellon Corp grew its position in shares of Unity Bancorp, Inc. (NASDAQ:UNTY - Free Report) by 34.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 40,102 shares of the financial services provider's stock after buying an additional 10,167 shares during the quarter. Bank of New York Mellon Corp owned 0.40% of Unity Bancorp worth $1,749,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of UNTY. Geode Capital Management LLC increased its holdings in 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 worth $5,198,000 after acquiring an additional 492 shares in the last quarter. State Street Corp lifted its position 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 worth $3,227,000 after buying an additional 607 shares during 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 valued at $3,005,000 after purchasing an additional 39,033 shares during the last quarter. Empowered Funds LLC raised its holdings in shares of Unity Bancorp by 4.9% in the fourth quarter. Empowered Funds LLC now owns 34,932 shares of the financial services provider's stock worth $1,523,000 after buying an additional 1,629 shares during the period. Finally, Inspire Investing LLC bought a new stake in shares of Unity Bancorp during the fourth quarter worth $845,000. Institutional investors own 42.31% of the company's stock.

Remove Ads

Unity Bancorp Stock Performance

Unity Bancorp stock traded down $0.25 during trading hours on Wednesday, hitting $41.70. 29,283 shares of the stock traded hands, compared to its average volume of 25,849. Unity Bancorp, Inc. has a 1 year low of $25.60 and a 1 year high of $51.22. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.16 and a quick ratio of 1.16. The stock has a market capitalization of $419.42 million, a price-to-earnings ratio of 10.27 and a beta of 0.95. The firm's 50 day moving average price is $46.14 and its 200-day moving average price is $42.52.

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

Unity Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be given a $0.14 dividend. The ex-dividend date is Friday, March 14th. 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. Unity Bancorp's dividend payout ratio is 13.79%.

Insider Transactions at Unity Bancorp

In related news, Director Vincent Geraci sold 1,811 shares of Unity Bancorp stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $50.82, for a total value of $92,035.02. Following the sale, the director now owns 8,312 shares of the company's stock, valued at approximately $422,415.84. This trade represents a 17.89 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP James Joseph Donovan sold 1,080 shares of the company's stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $48.88, for a total transaction of $52,790.40. Following the transaction, the senior vice president now owns 4,975 shares of the company's stock, valued at $243,178. This represents 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 valued at $380,669 in the last ninety days. 29.68% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

UNTY has been the subject of several research reports. Keefe, Bruyette & Woods reiterated an "outperform" rating and issued a $55.00 target price (up from $51.00) on shares of Unity Bancorp in a report on Thursday, January 16th. Piper Sandler reissued an "overweight" rating and issued a $54.00 price objective (up previously from $53.00) on shares of Unity Bancorp in a research 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.