Invesco Ltd. Decreases Stock Holdings in Unity Bancorp, Inc. $UNTY

Key Points

• Invesco Ltd. reduced its stake in Unity Bancorp by 27.1%, owning approximately $2.99 million worth of shares after selling 27,315 shares in the first quarter.
• Unity Bancorp recently increased its quarterly dividend to $0.15, indicating a payout ratio of 11.34% and a dividend yield of 1.1%.
• Unity Bancorp reported $1.20 EPS for the quarter, exceeding analysts' expectations, with revenue coming in at $34.37 million compared to expectations of $30.30 million.

Invesco Ltd. lessened its stake in shares of Unity Bancorp, Inc. (NASDAQ:UNTY - Free Report) by 27.1% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 73,497 shares of the financial services provider's stock after selling 27,315 shares during the quarter. Invesco Ltd. owned about 0.73% of Unity Bancorp worth $2,991,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. CWM LLC increased its position in Unity Bancorp by 122.5% in the 1st quarter. CWM LLC now owns 612 shares of the financial services provider's stock valued at $25,000 after acquiring an additional 337 shares during the period. Public Employees Retirement System of Ohio bought a new stake in Unity Bancorp during the 4th quarter valued at $33,000. Whipplewood Advisors LLC raised its stake in Unity Bancorp by 11,000.0% in the first quarter. Whipplewood Advisors LLC now owns 1,221 shares of the financial services provider's stock valued at $50,000 after purchasing an additional 1,210 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Unity Bancorp by 11,262.5% in the 1st quarter. GAMMA Investing LLC now owns 2,727 shares of the financial services provider's stock worth $111,000 after acquiring an additional 2,703 shares during the last quarter. Finally, Virtus Investment Advisers Inc. bought a new position in shares of Unity Bancorp in the fourth quarter worth approximately $148,000. 42.31% of the stock is currently owned by institutional investors and hedge funds.

Unity Bancorp Trading Down 1.2%

Shares of NASDAQ:UNTY traded down $0.62 during trading on Wednesday, reaching $51.60. 5,091 shares of the company were exchanged, compared to its average volume of 48,541. Unity Bancorp, Inc. has a 12-month low of $31.44 and a 12-month high of $54.64. The firm has a market capitalization of $517.50 million, a PE ratio of 10.44 and a beta of 0.79. The business's fifty day simple moving average is $50.30 and its 200-day simple moving average is $45.66. 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 (NASDAQ:UNTY - Get Free Report) last issued its earnings results on Tuesday, July 15th. The financial services provider reported $1.20 earnings per share for the quarter, beating analysts' consensus estimates of $1.17 by $0.03. The business had revenue of $34.37 million during 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 anticipate that Unity Bancorp, Inc. will post 4.83 EPS for the current 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 an increase from Unity Bancorp's previous quarterly dividend of $0.14. This represents a $0.60 annualized dividend and a yield of 1.2%. The ex-dividend date is Friday, September 5th. Unity Bancorp's dividend payout ratio (DPR) is 11.34%.

Analyst Ratings Changes

A number of brokerages have recently commented on UNTY. Wall Street Zen cut shares of Unity Bancorp from a "buy" rating to a "hold" rating in a report on Saturday. Keefe, Bruyette & Woods upped their target price 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, Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $56.50.

Unity Bancorp Company Profile

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.