Unity Bancorp, Inc. (NASDAQ:UNTY) Position Lessened by Pacific Ridge Capital Partners LLC

Key Points

• Pacific Ridge Capital Partners LLC reduced its stake in Unity Bancorp by 4.8% in the first quarter, selling 8,080 shares and now holding a total of 159,967 shares, which accounts for approximately 1.7% of its overall portfolio.
• Several institutional investors, including CWM LLC and GAMMA Investing LLC, have significantly increased their positions in Unity Bancorp, indicating growing interest in the stock.
• Analysts have set varied price targets for Unity Bancorp, with Keefe, Bruyette & Woods raising their target from $55.00 to $63.00, while Piper Sandler decreased theirs from $54.00 to $50.00.

Pacific Ridge Capital Partners LLC cut its holdings in Unity Bancorp, Inc. (NASDAQ:UNTY - Free Report) by 4.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 159,967 shares of the financial services provider's stock after selling 8,080 shares during the quarter. Unity Bancorp accounts for approximately 1.7% of Pacific Ridge Capital Partners LLC's investment portfolio, making the stock its 18th largest position. Pacific Ridge Capital Partners LLC owned 1.59% of Unity Bancorp worth $6,511,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of UNTY. CWM LLC raised its holdings in shares of Unity Bancorp by 122.5% in the first quarter. CWM LLC now owns 612 shares of the financial services provider's stock valued at $25,000 after acquiring an additional 337 shares in the last quarter. Public Employees Retirement System of Ohio purchased a new stake in Unity Bancorp in the 4th quarter worth approximately $33,000. Whipplewood Advisors LLC raised its stake in shares of Unity Bancorp by 11,000.0% during the 1st quarter. Whipplewood Advisors LLC now owns 1,221 shares of the financial services provider's stock worth $50,000 after buying an additional 1,210 shares during the period. GAMMA Investing LLC raised its stake in 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 valued at $111,000 after purchasing an additional 2,703 shares during the last quarter. Finally, Virtus Investment Advisers Inc. acquired a new stake in shares of Unity Bancorp in the 4th quarter worth $148,000. 42.31% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

UNTY has been the subject of a number of research analyst reports. Piper Sandler lowered their target price on Unity Bancorp from $54.00 to $50.00 and set an "overweight" rating for the company in a report on Monday, April 14th. Wall Street Zen lowered Unity Bancorp from a "buy" rating to a "hold" rating in a research report on Saturday, May 24th. Finally, Keefe, Bruyette & Woods lifted their price target on Unity Bancorp from $55.00 to $63.00 and gave the stock an "outperform" rating in a research report on Friday, July 18th.

Unity Bancorp Price Performance

Shares of NASDAQ:UNTY traded down $0.11 on Wednesday, hitting $47.21. The company had a trading volume of 39,186 shares, compared to its average volume of 50,702. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.83. Unity Bancorp, Inc. has a 52-week low of $30.27 and a 52-week high of $54.64. The business has a 50 day moving average of $47.95 and a 200 day moving average of $45.47. The company has a market cap of $473.47 million, a PE ratio of 9.56 and a beta of 0.78.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last announced 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. Unity Bancorp had a return on equity of 15.66% and a net margin of 28.72%. The company had revenue of $34.37 million during the quarter, compared to analyst estimates of $30.30 million. As a group, equities analysts anticipate that Unity Bancorp, Inc. will post 4.83 earnings per share for the current fiscal year.

Unity Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date was Friday, June 6th. Unity Bancorp's dividend payout ratio (DPR) is 11.34%.

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.