Wellington Management Group LLP Sells 26,917 Shares of Unity Bancorp, Inc. (NASDAQ:UNTY)

Wellington Management Group LLP cut its holdings in Unity Bancorp, Inc. (NASDAQ:UNTY - Free Report) by 8.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 292,293 shares of the financial services provider's stock after selling 26,917 shares during the quarter. Wellington Management Group LLP owned approximately 2.93% of Unity Bancorp worth $9,955,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Allspring Global Investments Holdings LLC lifted its holdings in Unity Bancorp by 2,329.8% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,385 shares of the financial services provider's stock worth $41,000 after buying an additional 1,328 shares during the period. BNP Paribas Financial Markets lifted its stake in 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 worth $84,000 after acquiring an additional 1,129 shares during the period. Ritholtz Wealth Management purchased a new stake in Unity Bancorp in the second quarter worth $202,000. Princeton Capital Management LLC bought a new stake in Unity Bancorp in the third quarter valued at $208,000. Finally, Panagora Asset Management Inc. increased its position in Unity Bancorp by 2.4% during the 2nd quarter. Panagora Asset Management Inc. now owns 20,852 shares of the financial services provider's stock valued at $617,000 after purchasing an additional 488 shares during the period. Hedge funds and other institutional investors own 42.31% of the company's stock.

Insider Activity

In related news, Director Vincent Geraci sold 1,043 shares of the business's stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $44.98, for a total value of $46,914.14. Following the completion of the transaction, the director now directly owns 8,250 shares in the company, valued at $371,085. The trade was a 11.22 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Peter E. Maricondo sold 2,800 shares of the stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $44.74, for a total value of $125,272.00. Following the sale, the director now owns 39,522 shares in the company, valued at approximately $1,768,214.28. This represents a 6.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 10,810 shares of company stock worth $499,642 over the last three months. 28.88% of the stock is currently owned by corporate insiders.

Unity Bancorp Stock Up 1.5 %

Shares of Unity Bancorp stock traded up $0.69 during trading on Monday, hitting $47.50. The company's stock had a trading volume of 60,749 shares, compared to its average volume of 20,207. Unity Bancorp, Inc. has a 52 week low of $25.33 and a 52 week high of $48.44. 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 has a fifty day simple moving average of $42.52 and a two-hundred day simple moving average of $35.15. The company has a market capitalization of $474.34 million, a PE ratio of 12.21 and a beta of 1.03.

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

Unity Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be paid a $0.13 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.09%. Unity Bancorp's dividend payout ratio is currently 13.37%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. StockNews.com lowered shares of Unity Bancorp from a "buy" rating to a "hold" rating in a research note on Tuesday, October 22nd. Keefe, Bruyette & Woods upped their target price on Unity Bancorp from $43.00 to $51.00 and gave the stock an "outperform" rating in a report on Wednesday, December 4th. Finally, Piper Sandler restated an "overweight" rating and issued a $44.00 target price (up previously from $40.00) on shares of Unity Bancorp in a research note on Monday, October 14th.

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.