Connor Clark & Lunn Investment Management Ltd. Makes New Investment in Unity Bancorp, Inc. $UNTY

Key Points

• Connor Clark & Lunn Investment Management acquired 41,061 shares of Unity Bancorp in the second quarter, valued at approximately $2.41 million and representing a 0.41% stake. Institutional investors collectively own 42.31% of the company.
• Analysts remain bullish, with Unity Bancorp carrying a consensus “Buy” rating and a $65.50 average price target; recent targets from DA Davidson and Piper Sandler reached $68.
• Unity Bancorp increased its quarterly dividend from $0.16 to $0.17 per share, implying an annualized dividend of $0.68 and a 1.2% yield. Its latest quarterly earnings slightly missed estimates, with EPS of $1.42 versus $1.44 expected.

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Unity Bancorp, Inc. (NASDAQ:UNTY - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 41,061 shares of the financial services provider's stock, valued at approximately $2,410,000. Connor Clark & Lunn Investment Management Ltd. owned 0.41% of Unity Bancorp at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. CWM LLC raised its stake in shares of Unity Bancorp by 38.0% during the 4th quarter. CWM LLC now owns 857 shares of the financial services provider's stock worth $44,000 after purchasing an additional 236 shares during the period. Russell Investments Group Ltd. increased its holdings in Unity Bancorp by 159.1% during the third quarter. Russell Investments Group Ltd. now owns 987 shares of the financial services provider's stock worth $48,000 after buying an additional 606 shares during the last quarter. Strs Ohio purchased a new stake in Unity Bancorp during the first quarter worth about $49,000. Allworth Financial LP bought a new stake in Unity Bancorp in the second quarter worth about $92,000. Finally, BNP Paribas Financial Markets raised its position in Unity Bancorp by 14.8% in the second quarter. BNP Paribas Financial Markets now owns 2,883 shares of the financial services provider's stock worth $136,000 after acquiring an additional 372 shares during the period. 42.31% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Unity Bancorp Trading Up 0.8%

Shares of UNTY opened at $58.78 on Friday. Unity Bancorp, Inc. has a twelve month low of $44.34 and a twelve month high of $62.50. The stock has a market cap of $590.15 million, a PE ratio of 10.22 and a beta of 0.62. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.88. The business's 50-day moving average price is $58.50 and its 200-day moving average price is $55.17.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last issued 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 firm had revenue of $33.75 million for 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%. On average, equities analysts forecast that Unity Bancorp, Inc. will post 5.86 EPS for the current fiscal year.

Unity Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 17th. Stockholders of record on Thursday, September 3rd will be given a dividend of $0.17 per share. This is an increase from Unity Bancorp's previous quarterly dividend of $0.16. The ex-dividend date is Thursday, September 3rd. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.2%. Unity Bancorp's dividend payout ratio (DPR) is presently 11.13%.

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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