28,584 Shares in Unity Bancorp, Inc. (NASDAQ:UNTY) Acquired by Raymond James Financial Inc.

Raymond James Financial Inc. acquired a new position in shares of Unity Bancorp, Inc. (NASDAQ:UNTY - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 28,584 shares of the financial services provider's stock, valued at approximately $1,247,000. Raymond James Financial Inc. owned approximately 0.29% of Unity Bancorp at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. BNP Paribas Financial Markets grew its holdings in shares of Unity Bancorp by 84.6% in the 3rd 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 last quarter. State Street Corp grew its stake in Unity Bancorp by 0.6% during the third quarter. State Street Corp now owns 94,750 shares of the financial services provider's stock worth $3,227,000 after buying an additional 607 shares during the last quarter. Barclays PLC increased its holdings in shares of Unity Bancorp by 93.1% during the third 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 in the last quarter. Geode Capital Management LLC raised its stake in shares of Unity Bancorp by 0.3% in the third quarter. Geode Capital Management LLC now owns 152,590 shares of the financial services provider's stock valued at $5,198,000 after acquiring an additional 492 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of Unity Bancorp by 79.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 88,231 shares of the financial services provider's stock worth $3,005,000 after acquiring an additional 39,033 shares in the last quarter. 42.31% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Piper Sandler reaffirmed an "overweight" rating and set a $54.00 price target (up from $53.00) on shares of Unity Bancorp in a report on Thursday, January 16th. 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 research note on Thursday, January 16th.

Insiders Place Their Bets

In other Unity Bancorp news, 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 sale, the senior vice president now owns 4,975 shares of the company's stock, valued at approximately $243,178. The trade was a 17.84 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 transaction, the director now directly owns 71,802 shares in the company, valued at approximately $3,469,472.64. This trade represents a 2.18 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 7,791 shares of company stock valued at $380,669. 29.68% of the stock is currently owned by insiders.

Unity Bancorp Price Performance

Shares of UNTY stock traded up $1.21 during trading hours on Monday, reaching $39.94. 52,661 shares of the company were exchanged, compared to its average volume of 26,886. Unity Bancorp, Inc. has a fifty-two week low of $25.60 and a fifty-two week high of $51.22. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.16 and a quick ratio of 1.16. The stock's fifty day moving average is $44.97 and its two-hundred day moving average is $43.01. The company has a market cap of $401.72 million, a price-to-earnings ratio of 9.84 and a beta of 0.80.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last announced 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 return on equity of 15.08% and a net margin of 25.24%. Sell-side analysts forecast that Unity Bancorp, Inc. will post 4.83 earnings per share for the current fiscal year.

Unity Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.40%. This is a positive change from Unity Bancorp's previous quarterly dividend of $0.13. The ex-dividend date was Friday, March 14th. Unity Bancorp's dividend payout ratio (DPR) is presently 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.