Pacific Ridge Capital Partners LLC Lowers Position in Unity Bancorp, Inc. (NASDAQ:UNTY)

Pacific Ridge Capital Partners LLC trimmed its holdings in Unity Bancorp, Inc. (NASDAQ:UNTY - Free Report) by 12.1% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 168,047 shares of the financial services provider's stock after selling 23,164 shares during the period. Unity Bancorp makes up about 1.7% of Pacific Ridge Capital Partners LLC's holdings, making the stock its 14th largest holding. Pacific Ridge Capital Partners LLC owned approximately 1.68% of Unity Bancorp worth $7,329,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Allworth Financial LP acquired a new stake in Unity Bancorp in the 4th quarter valued at approximately $67,000. BNP Paribas Financial Markets grew its stake 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 valued at $84,000 after buying an additional 1,129 shares in the last quarter. SG Americas Securities LLC acquired a new position in Unity Bancorp during the 4th quarter worth about $135,000. Thrivent Financial for Lutherans purchased a new position in Unity Bancorp during the 4th quarter valued at about $200,000. Finally, Virtu Financial LLC acquired a new position in Unity Bancorp in the 4th quarter valued at about $207,000. Institutional investors and hedge funds own 42.31% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on UNTY shares. Keefe, Bruyette & Woods reissued an "outperform" rating and set a $55.00 price target (up previously from $51.00) on shares of Unity Bancorp in a research report on Thursday, January 16th. Piper Sandler restated an "overweight" rating and issued a $54.00 price target (up previously from $53.00) on shares of Unity Bancorp in a research note on Thursday, January 16th.

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Insiders Place Their Bets

In other Unity Bancorp news, Director Vincent Geraci sold 1,811 shares of the firm's stock in a transaction on 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 of the company's stock, valued at approximately $422,415.84. This trade represents a 17.89 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP James Joseph Donovan sold 1,080 shares of Unity Bancorp stock in a transaction 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 completion of the transaction, the senior vice president now owns 4,975 shares in the company, valued at approximately $243,178. This represents a 17.84 % 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. Insiders own 29.68% of the company's stock.

Unity Bancorp Stock Down 1.2 %

Shares of UNTY traded down $0.51 during midday trading on Monday, hitting $40.78. The company had a trading volume of 5,641 shares, compared to its average volume of 38,590. Unity Bancorp, Inc. has a 1 year low of $25.60 and a 1 year high of $51.22. The firm has a market capitalization of $410.17 million, a P/E ratio of 10.04 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. The company's 50-day simple moving average is $45.87 and its 200-day simple moving average is $42.72.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last posted its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.13 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 expect that Unity Bancorp, Inc. will post 4.83 EPS for the current year.

Unity Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were paid a $0.14 dividend. The ex-dividend date was Friday, March 14th. This is a boost from Unity Bancorp's previous quarterly dividend of $0.13. This represents a $0.56 dividend on an annualized basis and a yield of 1.37%. Unity Bancorp's dividend payout ratio (DPR) is currently 13.79%.

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.