Dynamic Technology Lab Private Ltd Makes New Investment in Unity Bancorp, Inc. $UNTY

Key Points

• Dynamic Technology Lab Private Ltd acquired a new stake in Unity Bancorp, buying 10,110 shares valued at approximately $411,000, which represents 0.10% of the company's total shares.
• Unity Bancorp recently declared a quarterly dividend increase from $0.14 to $0.15, with a dividend yield of 1.1% and an ex-dividend date set for September 5th.
• Brokerages recently updated their ratings on Unity Bancorp, with Wall Street Zen lowering its rating from "buy" to "hold", while Keefe, Bruyette & Woods raised its price target to $63.00 and maintained an "outperform" rating.

Dynamic Technology Lab Private Ltd purchased a new stake in Unity Bancorp, Inc. (NASDAQ:UNTY - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 10,110 shares of the financial services provider's stock, valued at approximately $411,000. Dynamic Technology Lab Private Ltd owned 0.10% of Unity Bancorp at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in UNTY. American Century Companies Inc. grew its holdings in Unity Bancorp by 41.7% in the 1st quarter. American Century Companies Inc. now owns 138,784 shares of the financial services provider's stock valued at $5,649,000 after buying an additional 40,809 shares during the period. Axecap Investments LLC purchased a new stake in Unity Bancorp in the 1st quarter valued at about $1,237,000. Jacobs Levy Equity Management Inc. acquired a new position in shares of Unity Bancorp in the 1st quarter valued at about $785,000. Wellington Management Group LLP lifted its stake 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 purchasing an additional 18,660 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Unity Bancorp in the 1st quarter valued at about $602,000. Hedge funds and other institutional investors own 42.31% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently weighed in on UNTY shares. Wall Street Zen raised Unity Bancorp from a "hold" rating to a "buy" rating in a research note on Saturday. Keefe, Bruyette & Woods lifted their price objective on Unity Bancorp from $55.00 to $63.00 and gave the company an "outperform" rating in a research note on Friday, July 18th. Two research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Unity Bancorp presently has a consensus rating of "Buy" and a consensus price target of $56.50.

Unity Bancorp Stock Down 2.3%

Unity Bancorp stock traded down $1.21 during midday trading on Friday, hitting $51.89. 22,812 shares of the company were exchanged, compared to its average volume of 26,667. The company's fifty day moving average price is $50.88 and its 200-day moving average price is $45.94. The company has a market cap of $520.46 million, a PE ratio of 10.50 and a beta of 0.79. The company has a debt-to-equity ratio of 1.21, a current ratio of 1.20 and a quick ratio of 1.20. Unity Bancorp, Inc. has a fifty-two week low of $32.23 and a fifty-two week high of $54.64.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last released its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.20 EPS for the quarter, topping the consensus estimate of $1.17 by $0.03. The firm had revenue of $34.37 million for the quarter, compared to analyst estimates of $30.30 million. Unity Bancorp had a return on equity of 15.34% and a net margin of 28.72%. On average, research analysts predict that Unity Bancorp, Inc. will post 4.83 EPS for the current fiscal year.

Unity Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Investors of record on Friday, September 5th will be given a dividend of $0.15 per share. This is a boost from Unity Bancorp's previous quarterly dividend of $0.14. The ex-dividend date of this dividend is Friday, September 5th. This represents a $0.60 annualized dividend and a yield of 1.2%. Unity Bancorp's dividend payout ratio is presently 12.15%.

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.