Man Group plc Purchases New Position in Unity Bancorp, Inc. (NASDAQ:UNTY)

Man Group plc purchased a new stake in shares of Unity Bancorp, Inc. (NASDAQ:UNTY - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 6,980 shares of the financial services provider's stock, valued at approximately $304,000. Man Group plc owned approximately 0.07% of Unity Bancorp as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of UNTY. Millennium Management LLC grew its holdings in Unity Bancorp by 33.5% during the 4th quarter. Millennium Management LLC now owns 16,635 shares of the financial services provider's stock worth $725,000 after acquiring an additional 4,173 shares in the last quarter. Lazard Asset Management LLC raised its stake in Unity Bancorp by 189.4% in the fourth quarter. Lazard Asset Management LLC now owns 6,986 shares of the financial services provider's stock worth $304,000 after buying an additional 4,572 shares in the last quarter. Janus Henderson Group PLC purchased a new stake in Unity Bancorp during the fourth quarter worth $202,000. Cetera Investment Advisers lifted its holdings in Unity Bancorp by 5.0% during the fourth quarter. Cetera Investment Advisers now owns 8,511 shares of the financial services provider's stock worth $371,000 after buying an additional 403 shares during the period. Finally, Bridgeway Capital Management LLC boosted its position in Unity Bancorp by 2.1% during the 4th quarter. Bridgeway Capital Management LLC now owns 78,799 shares of the financial services provider's stock valued at $3,436,000 after acquiring an additional 1,629 shares in the last quarter. 42.31% of the stock is owned by institutional investors.

Insider Activity at Unity Bancorp

In other Unity Bancorp news, Director Donald E. Jr. Souders sold 1,333 shares of the company's stock in a transaction that occurred on Thursday, April 24th. The stock was sold at an average price of $41.23, for a total value of $54,959.59. Following the sale, the director now owns 8,477 shares in the company, valued at approximately $349,506.71. This represents a 13.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 29.68% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Wall Street Zen downgraded shares of Unity Bancorp from a "buy" rating to a "hold" rating in a research report on Saturday, May 24th. Piper Sandler reduced their price target on Unity Bancorp from $54.00 to $50.00 and set an "overweight" rating on the stock in a research report on Monday, April 14th.

Unity Bancorp Stock Down 0.2%

Shares of UNTY stock traded down $0.07 during trading hours on Friday, reaching $44.66. 57,162 shares of the company's stock were exchanged, compared to its average volume of 31,203. The stock has a market cap of $447.98 million, a PE ratio of 11.00 and a beta of 0.69. Unity Bancorp, Inc. has a 1 year low of $25.60 and a 1 year high of $51.22. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.97. The stock's fifty day moving average price is $42.31 and its two-hundred day moving average price is $44.29.

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

Unity Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 20th. Investors of record on Friday, June 6th will be issued a dividend of $0.14 per share. The ex-dividend date is Friday, June 6th. This represents a $0.56 annualized dividend and a dividend yield of 1.25%. Unity Bancorp's dividend payout ratio (DPR) is presently 13.15%.

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.