Bank of New York Mellon Corp Acquires New Position in Unity Bancorp, Inc. $UNTY

Key Points

• Bank of New York Mellon initiated a position in Unity Bancorp during the second quarter, purchasing 33,660 shares worth approximately $1.98 million and representing 0.34% of the company. Institutional investors collectively own 42.31% of the stock.
• Unity Bancorp increased its quarterly dividend to $0.17 per share, equivalent to an annualized $0.68 dividend and a 1.2% yield. The company’s latest quarterly earnings slightly missed expectations, reporting $1.42 in EPS versus the $1.44 consensus.
• Analysts remain positive, with the stock carrying a consensus “Buy” rating and a $65.50 average price target, compared with a recent share price of $58.97.

Bank of New York Mellon Corp bought a new position in shares of Unity Bancorp, Inc. (NASDAQ:UNTY - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 33,660 shares of the financial services provider's stock, valued at approximately $1,976,000. Bank of New York Mellon Corp owned 0.34% of Unity Bancorp as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Wesbanco Bank Inc. purchased a new position in Unity Bancorp during the first quarter valued at approximately $1,083,000. Hsbc Holdings PLC lifted its holdings in Unity Bancorp by 17.9% during the fourth quarter. Hsbc Holdings PLC now owns 5,299 shares of the financial services provider's stock worth $271,000 after buying an additional 805 shares during the period. Corient Private Wealth LLC purchased a new stake in Unity Bancorp during the second quarter worth $260,000. Jump Financial LLC purchased a new stake in Unity Bancorp during the second quarter worth $246,000. Finally, Occudo Quantitative Strategies LP bought a new stake in Unity Bancorp during the 2nd quarter valued at $213,000. Institutional investors own 42.31% of the company's stock.

Insider Activity

In other news, President George Boyan sold 6,504 shares of the business's stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $59.16, for a total transaction of $384,776.64. Following the sale, the president directly owned 25,015 shares of the company's stock, valued at $1,479,887.40. The trade was a 20.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 28.87% of the company's stock.

Unity Bancorp Price Performance

Shares of NASDAQ UNTY opened at $58.97 on Wednesday. Unity Bancorp, Inc. has a fifty-two week low of $44.34 and a fifty-two week high of $62.50. The company has a market cap of $592.06 million, a PE ratio of 10.26 and a beta of 0.61. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.17 and a current ratio of 1.17. The business has a 50-day simple moving average of $58.65 and a two-hundred day simple moving average of $55.38.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last announced its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.42 EPS for the quarter, missing the consensus estimate of $1.44 by ($0.02). The company had revenue of $33.75 million during the quarter, compared to analysts' expectations of $34.62 million. Unity Bancorp had a net margin of 30.26% and a return on equity of 16.10%. As a group, equities analysts expect that Unity Bancorp, Inc. will post 5.86 EPS for the current fiscal year.

Unity Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 17th. Shareholders of record on Thursday, September 3rd will be paid a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Thursday, September 3rd. This is a positive change from Unity Bancorp's previous quarterly dividend of $0.16. Unity Bancorp's dividend payout ratio (DPR) is currently 11.83%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on UNTY shares. Weiss Ratings reiterated a "buy (b+)" rating on shares of Unity Bancorp in a report on Friday, July 31st. Piper Sandler upped their price objective on Unity Bancorp from $65.00 to $68.00 and gave the stock an "overweight" rating in a research note on Friday, June 26th. DA Davidson reaffirmed a "buy" rating and set a $68.00 price objective on shares of Unity Bancorp in a research report on Wednesday, July 15th. Finally, Freedom Capital upgraded Unity Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 16th. One equities research analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $65.50.

Unity Bancorp Profile

Unity Bancorp, Inc is a bank holding company headquartered in Morrisville, Pennsylvania, trading on the NASDAQ under the ticker UNTY. Through its primary subsidiary, Unity Bank, the company delivers a comprehensive suite of commercial and retail banking services to individuals, businesses and municipal clients in its regional markets.

Founded in 1906, Unity Bank maintains a network of conveniently located branches across Bucks County and adjacent areas of southeastern Pennsylvania. The company's deposit portfolio includes checking and savings accounts, money market accounts and certificates of deposit, while its loan offerings encompass commercial real estate, construction and land development, agricultural and consumer lending solutions.

Beyond traditional deposit and lending activities, Unity Bancorp provides cash management and merchant services, as well as internet and mobile banking platforms designed to streamline day-to-day financial operations.

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