Axecap Investments LLC Takes Position in Unity Bancorp, Inc. (NASDAQ:UNTY)

Axecap Investments LLC acquired a new position in shares of Unity Bancorp, Inc. (NASDAQ:UNTY - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 30,390 shares of the financial services provider's stock, valued at approximately $1,237,000. Axecap Investments LLC owned approximately 0.30% of Unity Bancorp as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also added to or reduced their stakes in the stock. Wellington Management Group LLP raised its holdings in shares of Unity Bancorp by 6.4% in the 4th quarter. Wellington Management Group LLP now owns 310,953 shares of the financial services provider's stock valued at $13,561,000 after acquiring an additional 18,660 shares in the last quarter. Sei Investments Co. bought a new stake in Unity Bancorp during the fourth quarter valued at approximately $339,000. Ameriprise Financial Inc. lifted its position in Unity Bancorp by 97.2% during the fourth quarter. Ameriprise Financial Inc. now owns 21,439 shares of the financial services provider's stock valued at $937,000 after purchasing an additional 10,567 shares during the last quarter. Hsbc Holdings PLC bought a new stake in Unity Bancorp during the fourth quarter valued at approximately $209,000. Finally, JPMorgan Chase & Co. lifted its position in Unity Bancorp by 46.1% during the fourth quarter. JPMorgan Chase & Co. now owns 128,941 shares of the financial services provider's stock valued at $5,623,000 after purchasing an additional 40,710 shares during the last quarter. Institutional investors own 42.31% of the company's stock.

Insider Activity

In other news, Director Donald E. Jr. Souders sold 1,333 shares of the company's stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $41.23, for a total transaction of $54,959.59. Following the completion of the sale, the director now owns 8,477 shares of the company's stock, valued at $349,506.71. This represents a 13.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 29.68% of the company's stock.

Analyst Ratings Changes

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

Unity Bancorp Stock Up 3.4%

Shares of UNTY stock traded up $1.52 during mid-day trading on Thursday, reaching $45.75. 100,985 shares of the company's stock traded hands, compared to its average volume of 32,196. The company's 50-day moving average price is $42.70 and its 200-day moving average price is $44.19. 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 company has a market cap of $458.92 million, a P/E ratio of 11.27 and a beta of 0.71. Unity Bancorp, Inc. has a 12 month low of $25.60 and a 12 month high of $51.22.

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 (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.01. The firm had revenue of $29.35 million during the quarter, compared to analyst estimates 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 in the previous year, the firm earned $0.93 EPS. On average, equities analysts expect that Unity Bancorp, Inc. will post 4.83 earnings per share for the current fiscal year.

Unity Bancorp Dividend Announcement

The business also recently declared 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 1.22%. The ex-dividend date is Friday, June 6th. Unity Bancorp's payout ratio 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.