Panagora Asset Management Inc. Grows Holdings in Unity Bancorp, Inc. $UNTY

Key Points

• Panagora Asset Management Inc. increased its stake in Unity Bancorp by 52.8%, acquiring an additional 12,494 shares during the first quarter, now owning approximately 36,165 shares valued at $1.47 million.
• Unity Bancorp recently declared a quarterly dividend of $0.15, an increase from the previous $0.14, with a current yield of 1.2% and a payout ratio of 11.34%.
• Analysts have raised the target price for Unity Bancorp from $55.00 to $63.00 and the stock holds an average rating of "Buy" with a target price of $56.50.

Panagora Asset Management Inc. lifted its position in Unity Bancorp, Inc. (NASDAQ:UNTY - Free Report) by 52.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 36,165 shares of the financial services provider's stock after purchasing an additional 12,494 shares during the quarter. Panagora Asset Management Inc. owned about 0.36% of Unity Bancorp worth $1,472,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of UNTY. Wellington Management Group LLP grew its position in shares of Unity Bancorp by 6.4% during the 4th quarter. Wellington Management Group LLP now owns 310,953 shares of the financial services provider's stock valued at $13,561,000 after acquiring an additional 18,660 shares during the period. American Century Companies Inc. increased its holdings in shares of Unity Bancorp by 41.7% during the 1st quarter. American Century Companies Inc. now owns 138,784 shares of the financial services provider's stock worth $5,649,000 after buying an additional 40,809 shares during the last quarter. Bridgeway Capital Management LLC increased its position in shares of Unity Bancorp by 2.1% in the 4th quarter. Bridgeway Capital Management LLC now owns 78,799 shares of the financial services provider's stock worth $3,436,000 after purchasing an additional 1,629 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Unity Bancorp by 1.2% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 33,020 shares of the financial services provider's stock worth $1,344,000 after buying an additional 384 shares in the last quarter. Finally, Delphi Management Inc. MA lifted its position in shares of Unity Bancorp by 11.0% in the 1st quarter. Delphi Management Inc. MA now owns 31,971 shares of the financial services provider's stock valued at $1,301,000 after acquiring an additional 3,177 shares in the last quarter. Hedge funds and other institutional investors own 42.31% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on UNTY shares. Wall Street Zen cut shares of Unity Bancorp from a "buy" rating to a "hold" rating in a research report on Saturday, August 30th. Keefe, Bruyette & Woods boosted their price target on shares of Unity Bancorp from $55.00 to $63.00 and gave the company an "outperform" rating in a research note on Friday, July 18th. Two investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $56.50.

Unity Bancorp Stock Up 0.8%

Shares of NASDAQ:UNTY traded up $0.41 on Monday, hitting $52.65. 8,840 shares of the company's stock were exchanged, compared to its average volume of 48,081. The company has a market capitalization of $528.03 million, a PE ratio of 10.66 and a beta of 0.79. The firm's 50-day moving average is $50.65 and its 200 day moving average is $45.74. Unity Bancorp, Inc. has a 1-year low of $31.44 and a 1-year high of $54.64. The company has a debt-to-equity ratio of 1.21, a quick ratio of 1.20 and a current ratio of 1.20.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last released its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.20 EPS for the quarter, beating 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 return on equity of 15.34% and a net margin of 28.72%. Sell-side analysts predict that Unity Bancorp, Inc. will post 4.83 EPS for the current year.

Unity Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, September 5th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Friday, September 5th. This is a positive change from Unity Bancorp's previous quarterly dividend of $0.14. Unity Bancorp's payout ratio is currently 12.15%.

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.