Acadian Asset Management LLC Cuts Stock Position in Unity Bancorp, Inc. $UNTY

Key Points

• Acadian Asset Management LLC reduced its holdings in Unity Bancorp, Inc. by 9.7% during the first quarter, bringing its total shares to 97,948 valued at approximately $3.98 million.
• Unity Bancorp announced an increase in its quarterly dividend to $0.15, with an annualized yield of 1.2%, with the dividend to be paid on September 19th.
• Recent research reports have upgraded Unity Bancorp from a "hold" to a "buy" rating, with analysts raising the price target from $55.00 to $63.00.

Acadian Asset Management LLC decreased its position in shares of Unity Bancorp, Inc. (NASDAQ:UNTY - Free Report) by 9.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 97,948 shares of the financial services provider's stock after selling 10,580 shares during the quarter. Acadian Asset Management LLC owned about 0.98% of Unity Bancorp worth $3,985,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of UNTY. CWM LLC increased its holdings in shares of Unity Bancorp by 122.5% during the first quarter. CWM LLC now owns 612 shares of the financial services provider's stock valued at $25,000 after acquiring an additional 337 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in shares of Unity Bancorp during the fourth quarter valued at approximately $33,000. Whipplewood Advisors LLC increased its holdings in shares of Unity Bancorp by 11,000.0% during the first quarter. Whipplewood Advisors LLC now owns 1,221 shares of the financial services provider's stock valued at $50,000 after acquiring an additional 1,210 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Unity Bancorp by 11,262.5% during the first quarter. GAMMA Investing LLC now owns 2,727 shares of the financial services provider's stock valued at $111,000 after acquiring an additional 2,703 shares in the last quarter. Finally, Virtus Investment Advisers Inc. bought a new stake in shares of Unity Bancorp during the fourth quarter valued at approximately $148,000. Institutional investors own 42.31% of the company's stock.

Unity Bancorp Stock Down 4.2%

Shares of NASDAQ:UNTY traded down $2.27 during mid-day trading on Friday, hitting $51.45. 78,732 shares of the company traded hands, compared to its average volume of 26,476. The stock has a market cap of $516.04 million, a P/E ratio of 10.41 and a beta of 0.79. The company has a current ratio of 1.20, a quick ratio of 1.20 and a debt-to-equity ratio of 1.21. Unity Bancorp, Inc. has a 12-month low of $32.23 and a 12-month high of $54.64. The stock has a 50-day moving average price of $50.85 and a two-hundred day moving average price of $46.15.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last announced its earnings results on Tuesday, July 15th. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.17 by $0.03. Unity Bancorp had a return on equity of 15.34% and a net margin of 28.72%.The company had revenue of $34.37 million for the quarter, compared to analysts' expectations of $30.30 million. On average, equities research analysts forecast that Unity Bancorp, Inc. will post 4.83 earnings per share for the current year.

Unity Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 19th. Shareholders of record on Friday, September 5th will be given a $0.15 dividend. This is an increase from Unity Bancorp's previous quarterly dividend of $0.14. This represents a $0.60 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Friday, September 5th. Unity Bancorp's payout ratio is presently 12.15%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on UNTY shares. Wall Street Zen upgraded Unity Bancorp from a "hold" rating to a "buy" rating in a report on Saturday, September 13th. Keefe, Bruyette & Woods lifted their target price on Unity Bancorp from $55.00 to $63.00 and gave the company an "outperform" rating in a research report on Friday, July 18th. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $56.50.

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.