Empowered Funds LLC Buys Shares of 25,848 Unity Bancorp, Inc. $UNTY

Key Points

• Empowered Funds LLC acquired 25,848 Unity Bancorp shares worth approximately $1.52 million, while institutional investors collectively own 42.31% of the company.
• Analysts maintain a positive outlook, with a consensus “Buy” rating and an average price target of $65.50; individual targets reached $68.00.
• Unity Bancorp raised its quarterly dividend to $0.17 per share, implying a $0.68 annualized payout and a 1.2% yield, despite slightly missing quarterly earnings and revenue estimates.

Empowered Funds LLC bought 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 Securities and Exchange Commission (SEC). The institutional investor bought 25,848 shares of the financial services provider's stock, valued at approximately $1,517,000. Empowered Funds LLC owned approximately 0.26% of Unity Bancorp as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. AQR Capital Management LLC boosted its position in shares of Unity Bancorp by 70.8% in the first quarter. AQR Capital Management LLC now owns 11,419 shares of the financial services provider's stock worth $465,000 after buying an additional 4,732 shares during the period. Jane Street Group LLC purchased a new stake in Unity Bancorp in the 1st quarter worth about $283,000. Strs Ohio purchased a new stake in Unity Bancorp in the 1st quarter worth about $49,000. Cetera Investment Advisers boosted its position in Unity Bancorp by 7.3% during the 2nd quarter. Cetera Investment Advisers now owns 8,335 shares of the financial services provider's stock worth $392,000 after acquiring an additional 565 shares during the period. Finally, Franklin Resources Inc. purchased a new position in Unity Bancorp during the 2nd quarter valued at about $208,000. Hedge funds and other institutional investors own 42.31% of the company's stock.

Wall Street Analyst Weigh In

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

Unity Bancorp Stock Performance

Shares of UNTY stock opened at $58.91 on Friday. Unity Bancorp, Inc. has a fifty-two week low of $44.34 and a fifty-two week high of $62.50. The stock's 50-day moving average is $58.61 and its two-hundred day moving average is $55.27. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.17 and a quick ratio of 1.17. The firm has a market cap of $591.46 million, a P/E ratio of 10.25 and a beta of 0.61.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last announced its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.44 by ($0.02). Unity Bancorp had a net margin of 30.26% and a return on equity of 16.10%. The firm had revenue of $33.75 million for the quarter, compared to analyst estimates of $34.62 million. Analysts predict that Unity Bancorp, Inc. will post 5.86 earnings per share for the current fiscal year.

Unity Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 17th. Shareholders of record on Thursday, September 3rd will be given a $0.17 dividend. This is a positive change from Unity Bancorp's previous quarterly dividend of $0.16. This represents a $0.68 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Thursday, September 3rd. Unity Bancorp's payout ratio 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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