Goldman Sachs Group Inc. Has $1.35 Million Stock Holdings in Unity Bancorp, Inc. $UNTY

Key Points

• Goldman Sachs Group Inc. reduced its stake in Unity Bancorp by 36.6%, now holding $1.35 million worth of shares after selling 19,171 shares in the first quarter.
• Several other institutional investors have increased their stake in Unity Bancorp, with CWM LLC growing its investment by 122.5% during the same period.
• Unity Bancorp recently raised its quarterly dividend from $0.14 to $0.15, marking an annualized dividend of $0.60 and a yield of 1.2%.

Goldman Sachs Group Inc. reduced its stake in shares of Unity Bancorp, Inc. (NASDAQ:UNTY - Free Report) by 36.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 33,189 shares of the financial services provider's stock after selling 19,171 shares during the quarter. Goldman Sachs Group Inc. owned about 0.33% of Unity Bancorp worth $1,351,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Ameriprise Financial Inc. grew its stake in shares of Unity Bancorp by 97.2% during the fourth quarter. Ameriprise Financial Inc. now owns 21,439 shares of the financial services provider's stock valued at $937,000 after purchasing an additional 10,567 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of Unity Bancorp during the first quarter valued at approximately $411,000. Jacobs Levy Equity Management Inc. bought a new stake in shares of Unity Bancorp during the first quarter valued at approximately $785,000. GAMMA Investing LLC grew its stake in shares of 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 valued at $111,000 after purchasing an additional 2,703 shares during the last quarter. Finally, Hsbc Holdings PLC grew its stake in shares of Unity Bancorp by 20.8% during the first quarter. Hsbc Holdings PLC now owns 5,761 shares of the financial services provider's stock valued at $236,000 after purchasing an additional 993 shares during the last quarter. 42.31% of the stock is owned by institutional investors.

Unity Bancorp Trading Down 0.8%

NASDAQ UNTY traded down $0.43 during trading hours on Tuesday, hitting $50.93. The company's stock had a trading volume of 14,828 shares, compared to its average volume of 47,083. The stock has a fifty day moving average of $50.83 and a 200 day moving average of $46.26. Unity Bancorp, Inc. has a twelve month low of $32.23 and a twelve month high of $54.64. The firm has a market capitalization of $510.83 million, a P/E ratio of 10.31 and a beta of 0.79. The company has a quick ratio of 1.20, a current ratio of 1.20 and a debt-to-equity ratio of 1.21.

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

Unity Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 19th. Shareholders of record on Friday, September 5th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.2%. This is a boost from Unity Bancorp's previous quarterly dividend of $0.14. The ex-dividend date was Friday, September 5th. Unity Bancorp's dividend payout ratio (DPR) is 12.15%.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Wall Street Zen raised shares of Unity Bancorp from a "hold" rating to a "buy" rating in a research note on Saturday, September 13th. Keefe, Bruyette & Woods increased their price objective on shares of Unity Bancorp from $55.00 to $63.00 and gave the company an "outperform" rating in a report on Friday, July 18th. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $56.50.

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.