Hillsdale Investment Management Inc. Purchases Shares of 6,480 Unity Bancorp, Inc. (NASDAQ:UNTY)

Hillsdale Investment Management Inc. purchased a new position in shares of Unity Bancorp, Inc. (NASDAQ:UNTY - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 6,480 shares of the financial services provider's stock, valued at approximately $283,000. Hillsdale Investment Management Inc. owned approximately 0.06% of Unity Bancorp as of its most recent filing with the SEC.

Several other large investors have also bought and sold shares of the business. JPMorgan Chase & Co. raised its position 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 worth $3,005,000 after purchasing an additional 39,033 shares during the last quarter. American Century Companies Inc. raised its position in shares of Unity Bancorp by 53.4% during the fourth quarter. American Century Companies Inc. now owns 97,975 shares of the financial services provider's stock worth $4,273,000 after purchasing an additional 34,089 shares during the period. Delphi Management Inc. MA bought a new position in shares of Unity Bancorp in the 4th quarter worth $1,256,000. Raymond James Financial Inc. acquired a new stake in Unity Bancorp in the 4th quarter valued at $1,247,000. Finally, Inspire Investing LLC bought a new position in shares of Unity Bancorp in the fourth quarter valued at $845,000. 42.31% of the stock is owned by institutional investors and hedge funds.

Unity Bancorp Trading Up 0.6 %

Shares of UNTY traded up $0.24 during mid-day trading on Thursday, hitting $41.94. 4,286 shares of the company's stock traded hands, compared to its average volume of 25,817. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.97. Unity Bancorp, Inc. has a 1 year low of $25.60 and a 1 year high of $51.22. The business's 50-day moving average price is $46.07 and its 200-day moving average price is $42.52. The firm has a market capitalization of $421.78 million, a P/E ratio of 10.33 and a beta of 0.95.

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Unity Bancorp (NASDAQ:UNTY - Get Free Report) last issued its earnings results on Wednesday, January 15th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate 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, sell-side analysts forecast that Unity Bancorp, Inc. will post 4.83 EPS for the current fiscal year.

Unity Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be given a dividend of $0.14 per share. The ex-dividend date of this dividend is Friday, March 14th. This is a boost from Unity Bancorp's previous quarterly dividend of $0.13. This represents a $0.56 annualized dividend and a dividend yield of 1.34%. Unity Bancorp's dividend payout ratio (DPR) is 13.79%.

Insiders Place Their Bets

In related news, Director Mary E. Gross sold 3,300 shares of the company's stock in a transaction on Tuesday, January 28th. The stock was sold at an average price of $48.04, for a total transaction of $158,532.00. Following the completion of the sale, the director now 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 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 business's 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 sale, the senior vice president now owns 4,975 shares of the company's stock, valued at $243,178. This trade represents a 17.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 7,791 shares of company stock valued at $380,669. 29.68% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

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

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.