Sei Investments Co. Purchases Shares of 7,779 Unity Bancorp, Inc. (NASDAQ:UNTY)

Sei Investments Co. purchased a new position in Unity Bancorp, Inc. (NASDAQ:UNTY - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 7,779 shares of the financial services provider's stock, valued at approximately $339,000. Sei Investments Co. owned 0.08% of Unity Bancorp as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of UNTY. Geode Capital Management LLC grew its position in shares of Unity Bancorp by 0.3% during the third quarter. Geode Capital Management LLC now owns 152,590 shares of the financial services provider's stock worth $5,198,000 after buying an additional 492 shares in the last quarter. State Street Corp grew its stake in Unity Bancorp by 0.6% in the third quarter. State Street Corp now owns 94,750 shares of the financial services provider's stock worth $3,227,000 after purchasing an additional 607 shares in the last quarter. BNP Paribas Financial Markets raised its stake in Unity Bancorp by 84.6% during 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. Allworth Financial LP acquired a new position in Unity Bancorp in the fourth quarter worth $67,000. Finally, Empowered Funds LLC increased its stake in Unity Bancorp by 4.9% during the fourth quarter. Empowered Funds LLC now owns 34,932 shares of the financial services provider's stock valued at $1,523,000 after purchasing an additional 1,629 shares during the last quarter. Institutional investors and hedge funds own 42.31% of the company's stock.

Insider Activity at Unity Bancorp

In other Unity Bancorp news, SVP James Joseph Donovan sold 1,080 shares of the firm's stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $48.88, for a total value of $52,790.40. Following the sale, the senior vice president now directly owns 4,975 shares in the company, valued at $243,178. This trade represents a 17.84 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Vincent Geraci sold 1,811 shares of the company's stock in a transaction dated 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 $422,415.84. This represents a 17.89 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 7,791 shares of company stock worth $380,669. 29.68% of the stock is owned by insiders.

Analysts Set New Price Targets

UNTY has been the subject of a number of recent research reports. Keefe, Bruyette & Woods reaffirmed an "outperform" rating and set a $55.00 price objective (up previously from $51.00) on shares of Unity Bancorp in a research report on Thursday, January 16th. Piper Sandler dropped their price target on shares of Unity Bancorp from $54.00 to $50.00 and set an "overweight" rating on the stock in a research note on Monday.

Unity Bancorp Price Performance

Unity Bancorp stock traded down $0.41 during mid-day trading on Wednesday, hitting $40.26. The company's stock had a trading volume of 2,579 shares, compared to its average volume of 27,385. Unity Bancorp, Inc. has a twelve month low of $25.60 and a twelve month high of $51.22. The stock's fifty day moving average price is $43.61 and its two-hundred day moving average price is $43.22. The stock has a market capitalization of $404.94 million, a P/E ratio of 10.01 and a beta of 0.80. 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 (NASDAQ:UNTY - Get Free Report) last announced its earnings results on Friday, April 11th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.01. The company had revenue of $29.35 million for the quarter, compared to the consensus estimate of $28.81 million. Unity Bancorp had a net margin of 25.24% and a return on equity of 15.08%. During the same period in the previous year, the business earned $0.93 EPS. Research analysts forecast that Unity Bancorp, Inc. will post 4.83 earnings per share for the current year.

Unity Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were issued a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a yield of 1.39%. The ex-dividend date was Friday, March 14th. This is an increase from Unity Bancorp's previous quarterly dividend of $0.13. Unity Bancorp's dividend payout ratio (DPR) is 13.15%.

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.