550,326 Shares in Unity Bancorp, Inc. $UNTY Purchased by BlackRock Inc.

Key Points

• BlackRock acquired 550,326 shares of Unity Bancorp in the second quarter, valued at roughly $32.3 million and representing a 5.48% stake. Institutional investors collectively own 42.31% of the bank.
• Unity Bancorp’s latest quarterly results fell slightly short of expectations, with earnings of $1.42 per share versus the $1.44 consensus and revenue of $33.75 million versus $34.62 million expected.
• The company raised its quarterly dividend from $0.16 to $0.17 per share, while analysts maintained an overall “Buy” consensus with an average price target of $65.50.

BlackRock Inc. bought a new stake in shares of Unity Bancorp, Inc. (NASDAQ:UNTY - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 550,326 shares of the financial services provider's stock, valued at approximately $32,299,000. BlackRock Inc. owned about 5.48% of Unity Bancorp as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in UNTY. Deutsche Bank AG purchased a new position in shares of Unity Bancorp in the 2nd quarter worth approximately $428,000. Bank of New York Mellon Corp purchased a new stake in Unity Bancorp in the 2nd quarter worth about $1,976,000. GSA Capital Partners LLP purchased a new stake in Unity Bancorp in the 2nd quarter worth about $268,000. Empowered Funds LLC lifted its stake in Unity Bancorp by 9.5% in the first quarter. Empowered Funds LLC now owns 49,848 shares of the financial services provider's stock worth $2,584,000 after purchasing an additional 4,308 shares during the last quarter. Finally, Quantinno Capital Management LP lifted its stake in Unity Bancorp by 33.0% in the first quarter. Quantinno Capital Management LP now owns 6,615 shares of the financial services provider's stock worth $343,000 after purchasing an additional 1,643 shares during the last quarter. Hedge funds and other institutional investors own 42.31% of the company's stock.

Unity Bancorp Stock Down 0.4%

Shares of NASDAQ UNTY opened at $57.80 on Wednesday. Unity Bancorp, Inc. has a 12-month low of $44.34 and a 12-month high of $62.50. The stock's fifty day simple moving average is $58.58 and its two-hundred day simple moving average is $55.21. The stock has a market capitalization of $580.31 million, a PE ratio of 10.05 and a beta of 0.61. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.88.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last released its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.42 EPS for the quarter, missing the consensus estimate of $1.44 by ($0.02). The firm had revenue of $33.75 million for the quarter, compared to analysts' expectations of $34.62 million. Unity Bancorp had a net margin of 30.26% and a return on equity of 16.10%. As a group, analysts expect that Unity Bancorp, Inc. will post 5.86 EPS for the current fiscal year.

Unity Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 17th. Shareholders of record on Thursday, September 3rd will be issued a $0.17 dividend. This is an increase from Unity Bancorp's previous quarterly dividend of $0.16. This represents a $0.68 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Thursday, September 3rd. Unity Bancorp's dividend payout ratio is presently 11.13%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Freedom Capital upgraded Unity Bancorp from a "hold" rating to a "strong-buy" rating in a report on Thursday, July 16th. Piper Sandler lifted their target price on Unity Bancorp from $65.00 to $68.00 and gave the stock an "overweight" rating in a research report on Friday, June 26th. DA Davidson reissued a "buy" rating and set a $68.00 target price on shares of Unity Bancorp in a research note on Wednesday, July 15th. Finally, Weiss Ratings restated a "buy (b+)" rating on shares of Unity Bancorp in a report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the stock. According to MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $65.50.

Unity Bancorp Company Profile

Unity Bancorp, Inc is a bank holding company headquartered in Morrisville, Pennsylvania, trading on the NASDAQ under the ticker UNTY. Through its primary subsidiary, Unity Bank, the company delivers a comprehensive suite of commercial and retail banking services to individuals, businesses and municipal clients in its regional markets.

Founded in 1906, Unity Bank maintains a network of conveniently located branches across Bucks County and adjacent areas of southeastern Pennsylvania. The company's deposit portfolio includes checking and savings accounts, money market accounts and certificates of deposit, while its loan offerings encompass commercial real estate, construction and land development, agricultural and consumer lending solutions.

Beyond traditional deposit and lending activities, Unity Bancorp provides cash management and merchant services, as well as internet and mobile banking platforms designed to streamline day-to-day financial operations.

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