Janney Montgomery Scott LLC Lowers Stake in Unity Bancorp, Inc. (NASDAQ:UNTY)

Janney Montgomery Scott LLC decreased its position in Unity Bancorp, Inc. (NASDAQ:UNTY - Free Report) by 70.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,205 shares of the financial services provider's stock after selling 12,587 shares during the period. Janney Montgomery Scott LLC owned about 0.05% of Unity Bancorp worth $212,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Public Employees Retirement System of Ohio purchased a new stake in shares of Unity Bancorp in the fourth quarter valued at about $33,000. Whipplewood Advisors LLC boosted its holdings in shares of 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 acquiring an additional 1,210 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Unity Bancorp by 11,262.5% in the first quarter. GAMMA Investing LLC now owns 2,727 shares of the financial services provider's stock valued at $111,000 after acquiring an additional 2,703 shares in the last quarter. Virtus Investment Advisers Inc. purchased a new stake in shares of Unity Bancorp in the fourth quarter valued at about $148,000. Finally, State of Tennessee Department of Treasury purchased a new stake in shares of Unity Bancorp in the fourth quarter valued at about $154,000. Hedge funds and other institutional investors own 42.31% of the company's stock.

Unity Bancorp Trading Up 3.9%

Shares of UNTY opened at $52.29 on Monday. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.83. The firm's 50-day moving average is $44.65 and its two-hundred day moving average is $44.27. Unity Bancorp, Inc. has a twelve month low of $26.27 and a twelve month high of $52.26. The firm has a market capitalization of $524.42 million, a P/E ratio of 12.27 and a beta of 0.72.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last issued its earnings results on Friday, April 11th. The financial services provider reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.12 by $0.01. Unity Bancorp had a net margin of 25.95% and a return on equity of 14.99%. The company had revenue of $29.35 million for the quarter, compared to analyst estimates of $28.81 million. During the same period in the prior year, the business posted $0.93 earnings per share. On average, research analysts predict that Unity Bancorp, Inc. will post 4.83 earnings per share for the current fiscal year.

Unity Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were given a dividend of $0.14 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $0.56 annualized dividend and a yield of 1.07%. Unity Bancorp's payout ratio is currently 13.15%.

Insiders Place Their Bets

In other Unity Bancorp news, Director Donald E. Jr. Souders sold 1,333 shares of the company's stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $41.23, for a total transaction of $54,959.59. Following the transaction, the director directly owned 8,477 shares in the company, valued at approximately $349,506.71. This represents a 13.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 29.68% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on UNTY. Wall Street Zen downgraded shares of Unity Bancorp from a "buy" rating to a "hold" rating in a report on Saturday, May 24th. Piper Sandler lowered their target price on shares of Unity Bancorp from $54.00 to $50.00 and set an "overweight" rating on the stock in a report on Monday, April 14th.

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.

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