Unity Bancorp, Inc. (NASDAQ:UNTY) Shares Sold by Fmr LLC

FMR LLC trimmed its stake in Unity Bancorp, Inc. (NASDAQ:UNTY - Free Report) by 81.1% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 27,560 shares of the financial services provider's stock after selling 118,234 shares during the quarter. FMR LLC owned approximately 0.28% of Unity Bancorp worth $939,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in UNTY. Dimensional Fund Advisors LP lifted its holdings in Unity Bancorp by 1.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 478,877 shares of the financial services provider's stock valued at $14,159,000 after purchasing an additional 5,449 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Unity Bancorp by 7.3% in the second quarter. Bank of New York Mellon Corp now owns 35,083 shares of the financial services provider's stock valued at $1,037,000 after buying an additional 2,393 shares during the last quarter. Empowered Funds LLC boosted its position in Unity Bancorp by 5.1% during the third quarter. Empowered Funds LLC now owns 33,303 shares of the financial services provider's stock worth $1,134,000 after acquiring an additional 1,608 shares during the last quarter. Panagora Asset Management Inc. grew its stake in Unity Bancorp by 2.4% in the 2nd quarter. Panagora Asset Management Inc. now owns 20,852 shares of the financial services provider's stock worth $617,000 after acquiring an additional 488 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in Unity Bancorp in the 3rd quarter valued at $623,000. 42.31% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, SVP David G. Bove sold 4,167 shares of the firm's stock in a transaction dated Friday, December 13th. The stock was sold at an average price of $46.78, for a total transaction of $194,932.26. Following the sale, the senior vice president now directly owns 9,837 shares in the company, valued at approximately $460,174.86. This trade represents a 29.76 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Vincent Geraci sold 1,043 shares of the business's stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $44.98, for a total value of $46,914.14. Following the transaction, the director now directly owns 8,250 shares in the company, valued at $371,085. This trade represents a 11.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 10,810 shares of company stock worth $499,642 over the last ninety days. 28.88% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

UNTY has been the topic of several analyst reports. Piper Sandler restated an "overweight" rating and set a $44.00 price objective (up previously from $40.00) on shares of Unity Bancorp in a report on Monday, October 14th. StockNews.com lowered Unity Bancorp from a "buy" rating to a "hold" rating in a research note on Tuesday, October 22nd. Finally, Keefe, Bruyette & Woods lifted their price target on Unity Bancorp from $43.00 to $51.00 and gave the company an "outperform" rating in a report on Wednesday, December 4th.

Unity Bancorp Trading Down 2.8 %

Shares of NASDAQ UNTY traded down $1.34 during trading on Tuesday, hitting $46.16. 30,202 shares of the company traded hands, compared to its average volume of 20,248. The firm has a market capitalization of $460.95 million, a P/E ratio of 11.87 and a beta of 1.03. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.97. The company has a 50-day moving average price of $42.80 and a 200-day moving average price of $35.28. Unity Bancorp, Inc. has a 1 year low of $25.33 and a 1 year high of $48.44.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last announced its quarterly earnings results on Friday, October 11th. The financial services provider reported $1.07 EPS for the quarter, topping the consensus estimate of $0.97 by $0.10. The company had revenue of $27.66 million during the quarter, compared to analyst estimates of $26.40 million. Unity Bancorp had a return on equity of 14.63% and a net margin of 24.46%. On average, equities analysts predict that Unity Bancorp, Inc. will post 4.01 EPS for the current year.

Unity Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be given a dividend of $0.13 per share. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.52 dividend on an annualized basis and a yield of 1.13%. Unity Bancorp's dividend payout ratio (DPR) is 13.37%.

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.