JPMorgan Chase & Co. Grows Stock Holdings in Unity Bancorp, Inc. (NASDAQ:UNTY)

JPMorgan Chase & Co. grew its holdings in shares of Unity Bancorp, Inc. (NASDAQ:UNTY - Free Report) by 79.3% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 88,231 shares of the financial services provider's stock after buying an additional 39,033 shares during the quarter. JPMorgan Chase & Co. owned 0.88% of Unity Bancorp worth $3,005,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. BNP Paribas Financial Markets boosted its holdings in Unity Bancorp by 84.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 2,464 shares of the financial services provider's stock valued at $84,000 after acquiring an additional 1,129 shares during the period. Princeton Capital Management LLC bought a new position in shares of Unity Bancorp in the third quarter worth about $208,000. Barclays PLC increased its stake in Unity Bancorp by 93.1% in the 3rd quarter. Barclays PLC now owns 14,197 shares of the financial services provider's stock worth $484,000 after buying an additional 6,846 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Unity Bancorp during the 3rd quarter valued at about $623,000. Finally, Empowered Funds LLC boosted its position in Unity Bancorp by 5.1% in the 3rd quarter. Empowered Funds LLC now owns 33,303 shares of the financial services provider's stock valued at $1,134,000 after buying an additional 1,608 shares during the period. 42.31% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Unity Bancorp

In other news, Director Vincent Geraci sold 1,043 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $44.98, for a total transaction of $46,914.14. Following the completion of the sale, the director now owns 8,250 shares in the company, valued at approximately $371,085. This represents a 11.22 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Mark S. Brody sold 2,800 shares of the business's stock in a transaction on Monday, November 25th. The stock was sold at an average price of $47.33, for a total value of $132,524.00. Following the transaction, the director now owns 70,002 shares in the company, valued at approximately $3,313,194.66. This trade represents a 3.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 10,810 shares of company stock worth $499,642 over the last quarter. Insiders own 28.88% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on UNTY shares. StockNews.com lowered shares of Unity Bancorp from a "buy" rating to a "hold" rating in a research report on Tuesday, October 22nd. Keefe, Bruyette & Woods restated an "outperform" rating and set a $55.00 price objective (up from $51.00) on shares of Unity Bancorp in a report on Thursday. Finally, Piper Sandler reiterated an "overweight" rating and issued a $54.00 target price (up from $53.00) on shares of Unity Bancorp in a report on Thursday.

Unity Bancorp Stock Up 1.9 %

Shares of NASDAQ:UNTY traded up $0.90 during trading hours on Monday, hitting $47.15. The company's stock had a trading volume of 45,006 shares, compared to its average volume of 39,715. The firm's fifty day moving average price is $44.70 and its 200 day moving average price is $37.93. Unity Bancorp, Inc. has a 52 week low of $25.33 and a 52 week high of $48.44. The company has a market capitalization of $471.03 million, a price-to-earnings ratio of 12.12 and a beta of 1.03. 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 (NASDAQ:UNTY - Get Free Report) last issued its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.13 EPS for the quarter, topping analysts' consensus estimates of $1.08 by $0.05. Unity Bancorp had a net margin of 24.46% and a return on equity of 14.63%. As a group, research analysts expect that Unity Bancorp, Inc. will post 4.01 EPS for the current year.

Unity Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 1.10%. The ex-dividend date was Friday, December 13th. Unity Bancorp's payout ratio is currently 13.37%.

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.