Ameriprise Financial Inc. Acquires 10,567 Shares of Unity Bancorp, Inc. (NASDAQ:UNTY)

Ameriprise Financial Inc. grew its position in Unity Bancorp, Inc. (NASDAQ:UNTY - Free Report) by 97.2% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 21,439 shares of the financial services provider's stock after buying an additional 10,567 shares during the period. Ameriprise Financial Inc. owned 0.21% of Unity Bancorp worth $937,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Wellington Management Group LLP boosted its stake in Unity Bancorp by 6.4% during the 4th quarter. Wellington Management Group LLP now owns 310,953 shares of the financial services provider's stock worth $13,561,000 after purchasing an additional 18,660 shares during the last quarter. Sei Investments Co. acquired a new stake in shares of Unity Bancorp during the fourth quarter worth about $339,000. Hsbc Holdings PLC purchased a new stake in shares of Unity Bancorp during the fourth quarter worth approximately $209,000. JPMorgan Chase & Co. increased its stake in shares of Unity Bancorp by 46.1% during the fourth quarter. JPMorgan Chase & Co. now owns 128,941 shares of the financial services provider's stock worth $5,623,000 after buying an additional 40,710 shares during the period. Finally, Empowered Funds LLC increased its stake in shares of Unity Bancorp by 4.9% during the fourth quarter. Empowered Funds LLC now owns 34,932 shares of the financial services provider's stock worth $1,523,000 after buying an additional 1,629 shares during the period. 42.31% of the stock is currently owned by institutional investors.

Unity Bancorp Stock Performance

NASDAQ UNTY traded down $0.41 during trading hours on Thursday, hitting $42.30. The company had a trading volume of 36,018 shares, compared to its average volume of 31,437. Unity Bancorp, Inc. has a fifty-two week low of $25.60 and a fifty-two week high of $51.22. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.97. The business has a fifty day simple moving average of $42.40 and a 200-day simple moving average of $44.26. The firm has a market cap of $424.31 million, a P/E ratio of 10.42 and a beta of 0.69.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last announced its 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. The business had revenue of $29.35 million during the quarter, compared to analysts' expectations of $28.81 million. Unity Bancorp had a return on equity of 15.08% and a net margin of 25.24%. During the same quarter last year, the business posted $0.93 earnings per share. Equities analysts predict that Unity Bancorp, Inc. will post 4.83 EPS for the current year.

Unity Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Stockholders of record on Friday, June 6th will be issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.32%. The ex-dividend date is Friday, June 6th. Unity Bancorp's dividend payout ratio is 13.15%.

Insider Activity

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

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Piper Sandler dropped their price target on shares of Unity Bancorp from $54.00 to $50.00 and set an "overweight" rating on the stock in a research note on Monday, April 14th. Wall Street Zen cut shares of Unity Bancorp from a "buy" rating to a "hold" rating in a research note on Saturday, May 24th.

Unity Bancorp Company 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.