Connor Clark & Lunn Investment Management Ltd. Has $1.42 Million Stock Position in Unity Bancorp, Inc. (NASDAQ:UNTY)

Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Unity Bancorp, Inc. (NASDAQ:UNTY - Free Report) by 78.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 32,636 shares of the financial services provider's stock after acquiring an additional 14,337 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.33% of Unity Bancorp worth $1,423,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Allworth Financial LP bought a new position in Unity Bancorp during the 4th quarter valued at $67,000. BNP Paribas Financial Markets raised its holdings 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 during the period. SG Americas Securities LLC acquired a new stake in shares of Unity Bancorp during the fourth quarter worth $135,000. Los Angeles Capital Management LLC acquired a new stake in shares of Unity Bancorp during the fourth quarter worth $218,000. Finally, Foundations Investment Advisors LLC acquired a new stake in shares of Unity Bancorp during the fourth quarter worth $219,000. 42.31% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Unity Bancorp news, Director Mary E. Gross sold 3,300 shares of the firm'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 owns 18,479 shares of the company's stock, valued at approximately $887,731.16. This trade represents a 15.15 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Vincent Geraci sold 1,811 shares of the firm's 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 transaction, the director now directly owns 8,312 shares in the company, valued at approximately $422,415.84. The trade was a 17.89 % decrease in their position. 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 quarter. Company insiders own 29.68% of the company's stock.

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Wall Street Analysts Forecast Growth

UNTY has been the topic of a number of research reports. Piper Sandler reissued an "overweight" rating and set a $54.00 target price (up from $53.00) on shares of Unity Bancorp in a report on Thursday, January 16th. Keefe, Bruyette & Woods reissued 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.

Unity Bancorp Stock Performance

Shares of UNTY stock traded up $0.53 during trading hours on Friday, reaching $42.14. The stock had a trading volume of 66,481 shares, compared to its average volume of 25,850. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.16 and a quick ratio of 1.16. 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 simple moving average of $46.16 and a 200-day simple moving average of $42.31. The firm has a market capitalization of $423.84 million, a PE ratio of 10.38 and a beta of 0.95.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last released its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.13 earnings per share for the quarter, topping analysts' consensus estimates 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 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 issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.33%. The ex-dividend date is Friday, March 14th. This is a boost from Unity Bancorp's previous quarterly dividend of $0.13. Unity Bancorp's dividend payout ratio (DPR) is 13.79%.

Unity Bancorp 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.