Axecap Investments LLC Makes New Investment in Unity Bancorp, Inc. (NASDAQ:UNTY)

Axecap Investments LLC bought a new position in shares of Unity Bancorp, Inc. (NASDAQ:UNTY - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 30,390 shares of the financial services provider's stock, valued at approximately $1,237,000. Axecap Investments LLC owned 0.30% of Unity Bancorp at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in UNTY. Whipplewood Advisors LLC grew its stake in Unity Bancorp by 11,000.0% in 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 during the period. Delphi Management Inc. MA lifted its holdings in shares of Unity Bancorp by 11.0% in the first quarter. Delphi Management Inc. MA now owns 31,971 shares of the financial services provider's stock valued at $1,301,000 after purchasing an additional 3,177 shares in the last quarter. GAMMA Investing LLC lifted its holdings in 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 worth $111,000 after acquiring an additional 2,703 shares during the period. Wellington Management Group LLP lifted its holdings in Unity Bancorp by 6.4% during the fourth quarter. Wellington Management Group LLP now owns 310,953 shares of the financial services provider's stock worth $13,561,000 after acquiring an additional 18,660 shares during the period. Finally, Public Employees Retirement System of Ohio bought a new stake in Unity Bancorp during the fourth quarter worth $33,000. Institutional investors and hedge funds own 42.31% of the company's stock.

Insider Activity

In related news, Director Donald E. Jr. Souders sold 1,333 shares of the business's stock in a transaction dated Thursday, April 24th. The stock was sold at an average price of $41.23, for a total transaction of $54,959.59. Following the completion of the transaction, the director now directly owns 8,477 shares in the company, valued at $349,506.71. The trade was a 13.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 29.68% of the stock is owned by company insiders.

Unity Bancorp Stock Performance

NASDAQ:UNTY traded down $2.09 during trading hours on Friday, reaching $43.66. The stock had a trading volume of 72,036 shares, compared to its average volume of 32,532. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.16 and a current ratio of 1.16. The stock has a 50 day simple moving average of $42.89 and a 200 day simple moving average of $44.16. Unity Bancorp, Inc. has a 12-month low of $25.60 and a 12-month high of $51.22. The stock has a market cap of $437.95 million, a P/E ratio of 10.75 and a beta of 0.71.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last announced 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. The company 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 period in the previous year, the business earned $0.93 earnings per share. On average, research analysts forecast that Unity Bancorp, Inc. will post 4.83 EPS for the current fiscal year.

Unity Bancorp Announces Dividend

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 given a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 1.28%. The ex-dividend date of this dividend is Friday, June 6th. Unity Bancorp's dividend payout ratio (DPR) is presently 13.15%.

Analyst Upgrades and Downgrades

UNTY has been the topic of a number of recent analyst reports. Wall Street Zen lowered Unity Bancorp from a "buy" rating to a "hold" rating in a report on Saturday, May 24th. Piper Sandler decreased their target price on Unity Bancorp from $54.00 to $50.00 and set an "overweight" rating for the company in a research report on Monday, April 14th.

About Unity Bancorp

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.