Vanguard Group Inc. Sells 46,921 Shares of Unity Bancorp, Inc. (NASDAQ:UNTY)

Vanguard Group Inc. lowered its position in Unity Bancorp, Inc. (NASDAQ:UNTY - Free Report) by 11.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 373,118 shares of the financial services provider's stock after selling 46,921 shares during the period. Vanguard Group Inc. owned about 3.73% of Unity Bancorp worth $16,272,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. JPMorgan Chase & Co. grew its holdings in Unity Bancorp by 79.3% during the third quarter. JPMorgan Chase & Co. now owns 88,231 shares of the financial services provider's stock valued at $3,005,000 after purchasing an additional 39,033 shares during the period. American Century Companies Inc. grew its holdings in Unity Bancorp by 53.4% during the fourth quarter. American Century Companies Inc. now owns 97,975 shares of the financial services provider's stock valued at $4,273,000 after purchasing an additional 34,089 shares during the period. Delphi Management Inc. MA bought a new stake in Unity Bancorp during the fourth quarter valued at about $1,256,000. Raymond James Financial Inc. bought a new stake in Unity Bancorp during the fourth quarter valued at about $1,247,000. Finally, Inspire Investing LLC bought a new stake in Unity Bancorp during the fourth quarter valued at about $845,000. Institutional investors own 42.31% of the company's stock.

Unity Bancorp Price Performance

Shares of Unity Bancorp stock traded up $0.96 during trading hours on Wednesday, hitting $42.96. The company's stock had a trading volume of 3,562 shares, compared to its average volume of 27,734. The business has a 50 day moving average price of $42.84 and a two-hundred day moving average price of $43.50. Unity Bancorp, Inc. has a 12-month low of $25.60 and a 12-month high of $51.22. The company has a market cap of $432.09 million, a PE ratio of 10.58 and a beta of 0.80. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.16 and a current ratio of 1.16.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last announced its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.13 EPS for the quarter, beating the consensus estimate of $1.12 by $0.01. The business had revenue of $29.35 million for the quarter, compared to the consensus estimate of $28.81 million. Unity Bancorp had a return on equity of 15.08% and a net margin of 25.24%. During the same period in the previous year, the business earned $0.93 earnings per share. Analysts expect that Unity Bancorp, Inc. will post 4.83 earnings per share for the current fiscal year.

Unity Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were given a $0.14 dividend. This is an increase from Unity Bancorp's previous quarterly dividend of $0.13. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.30%. The ex-dividend date was Friday, March 14th. Unity Bancorp's payout ratio is currently 13.15%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on UNTY. Piper Sandler cut their price target on Unity Bancorp from $54.00 to $50.00 and set an "overweight" rating for the company in a report on Monday, April 14th. Keefe, Bruyette & Woods restated an "outperform" rating and issued a $55.00 price objective (up from $51.00) on shares of Unity Bancorp in a research report on Thursday, January 16th.

Insider Buying and Selling

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 transaction, the senior vice president now directly owns 4,975 shares of the company's stock, valued at $243,178. The trade was a 17.84 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Vincent Geraci sold 1,811 shares of Unity Bancorp stock in a transaction on Thursday, February 6th. The stock was 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. The trade was a 17.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 7,791 shares of company stock worth $380,669. Corporate insiders own 29.68% of the company's stock.

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.