Hillsdale Investment Management Inc. Takes Position in Unity Bancorp, Inc. (NASDAQ:UNTY)

Hillsdale Investment Management Inc. bought a new stake in Unity Bancorp, Inc. (NASDAQ:UNTY - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 6,480 shares of the financial services provider's stock, valued at approximately $283,000. Hillsdale Investment Management Inc. owned about 0.06% of Unity Bancorp as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also made changes to their positions in UNTY. Allworth Financial LP acquired a new position in shares of Unity Bancorp during the 4th quarter worth approximately $67,000. BNP Paribas Financial Markets raised its holdings in shares of Unity Bancorp by 84.6% in the third quarter. BNP Paribas Financial Markets now owns 2,464 shares of the financial services provider's stock worth $84,000 after acquiring an additional 1,129 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of Unity Bancorp in the fourth quarter valued at $135,000. Thrivent Financial for Lutherans purchased a new stake in shares of Unity Bancorp in the fourth quarter valued at $200,000. Finally, Virtu Financial LLC acquired a new stake in shares of Unity Bancorp during the fourth quarter valued at $207,000. Hedge funds and other institutional investors own 42.31% of the company's stock.

Insider Activity

In other Unity Bancorp news, SVP James Joseph Donovan sold 1,080 shares of Unity Bancorp stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $48.88, for a total transaction of $52,790.40. Following the transaction, the senior vice president now directly owns 4,975 shares of the company's stock, valued at $243,178. The trade was a 17.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Mark S. Brody sold 1,600 shares of the stock in a transaction on Friday, January 31st. The shares were sold at an average price of $48.32, for a total value of $77,312.00. Following the completion of the sale, the director now owns 71,802 shares of the company's stock, valued at approximately $3,469,472.64. This represents a 2.18 % 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 ninety days. Company insiders own 29.68% of the company's stock.

Unity Bancorp Trading Down 2.0 %

Unity Bancorp stock traded down $0.83 during trading on Friday, hitting $41.29. The company's stock had a trading volume of 32,655 shares, compared to its average volume of 26,350. The stock's fifty day moving average is $45.87 and its 200 day moving average is $42.58. 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 $415.29 million, a price-to-earnings ratio of 10.17 and a beta of 0.95. 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 posted its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.13 EPS for the quarter, beating 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 research analysts predict that Unity Bancorp, Inc. will post 4.83 EPS for the current year.

Unity Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Shareholders 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 1.36%. The ex-dividend date is Friday, March 14th. This is a positive change from Unity Bancorp's previous quarterly dividend of $0.13. Unity Bancorp's dividend payout ratio (DPR) is 13.79%.

Analyst Ratings Changes

A number of research firms have issued reports on UNTY. Keefe, Bruyette & Woods restated 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 set a $54.00 price objective (up previously from $53.00) on shares of Unity Bancorp in a research note on Thursday, January 16th.

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.