Royce & Associates LP Sells 28,122 Shares of Unity Bancorp, Inc. $UNTY

Key Points

• Royce & Associates LP cut its Unity Bancorp stake by 17.9% in the fourth quarter, selling 28,122 shares and leaving it with 129,374 shares valued at about $6.69 million.
• Insider selling has also been notable: directors Robert H. Dallas II and Mary E. Gross sold shares, and insiders sold 16,888 shares worth $851,654 over the last quarter.
• Unity Bancorp reported better-than-expected quarterly earnings of $1.40 per share, and analysts remain bullish, with multiple buy ratings and an average price target of $64.75.

Royce & Associates LP lowered its holdings in Unity Bancorp, Inc. (NASDAQ:UNTY - Free Report) by 17.9% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 129,374 shares of the financial services provider's stock after selling 28,122 shares during the period. Royce & Associates LP owned approximately 1.29% of Unity Bancorp worth $6,691,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. CWM LLC boosted its holdings in Unity Bancorp by 38.0% in the 4th quarter. CWM LLC now owns 857 shares of the financial services provider's stock valued at $44,000 after purchasing an additional 236 shares during the period. Gator Capital Management LLC boosted its holdings in Unity Bancorp by 0.8% in the 3rd quarter. Gator Capital Management LLC now owns 33,536 shares of the financial services provider's stock valued at $1,639,000 after purchasing an additional 280 shares during the period. Hsbc Holdings PLC boosted its holdings in Unity Bancorp by 5.1% in the 2nd quarter. Hsbc Holdings PLC now owns 6,056 shares of the financial services provider's stock valued at $287,000 after purchasing an additional 295 shares during the period. BNP Paribas Financial Markets boosted its holdings in Unity Bancorp by 14.8% in the 2nd quarter. BNP Paribas Financial Markets now owns 2,883 shares of the financial services provider's stock valued at $136,000 after purchasing an additional 372 shares during the period. Finally, Rhumbline Advisers raised its position in shares of Unity Bancorp by 3.7% in the 2nd quarter. Rhumbline Advisers now owns 10,805 shares of the financial services provider's stock valued at $509,000 after buying an additional 385 shares in the last quarter. Institutional investors own 42.31% of the company's stock.

Insider Buying and Selling

In related news, Director Robert H. Dallas II sold 7,725 shares of the company's stock in a transaction that occurred on Friday, March 13th. The shares were sold at an average price of $49.60, for a total transaction of $383,160.00. Following the completion of the transaction, the director directly owned 32,073 shares in the company, valued at $1,590,820.80. This represents a 19.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Mary E. Gross sold 2,075 shares of the company's stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $56.01, for a total transaction of $116,220.75. Following the transaction, the director owned 18,479 shares of the company's stock, valued at approximately $1,035,008.79. This represents a 10.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 16,888 shares of company stock valued at $851,654. 28.87% of the stock is owned by corporate insiders.

Unity Bancorp Price Performance

UNTY stock opened at $56.25 on Friday. The company has a 50 day simple moving average of $53.17 and a 200 day simple moving average of $52.71. The stock has a market cap of $564.75 million, a price-to-earnings ratio of 9.47 and a beta of 0.60. Unity Bancorp, Inc. has a 1 year low of $41.67 and a 1 year high of $57.30. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.17 and a quick ratio of 1.17.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last released its quarterly earnings data on Tuesday, April 14th. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.37 by $0.03. The business had revenue of $33.61 million during the quarter, compared to analysts' expectations of $33.59 million. Unity Bancorp had a net margin of 31.33% and a return on equity of 16.06%. Research analysts anticipate that Unity Bancorp, Inc. will post 5.84 EPS for the current fiscal year.

Unity Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 18th. Investors of record on Thursday, June 4th will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Thursday, June 4th. Unity Bancorp's dividend payout ratio is currently 10.77%.

Analyst Ratings Changes

Several equities analysts have recently commented on UNTY shares. Brean Capital started coverage on shares of Unity Bancorp in a research report on Wednesday, April 22nd. They issued a "buy" rating and a $61.00 target price for the company. Weiss Ratings upgraded shares of Unity Bancorp from a "buy (b)" rating to a "buy (b+)" rating in a research report on Monday, May 4th. Finally, DA Davidson started coverage on shares of Unity Bancorp in a research report on Friday, May 15th. They issued a "buy" rating and a $68.00 target price for the company. Five equities research analysts have rated the stock with a Buy rating, According to MarketBeat, Unity Bancorp presently has an average rating of "Buy" and an average price target of $64.75.

Unity Bancorp Company Profile

Unity Bancorp, Inc is a bank holding company headquartered in Morrisville, Pennsylvania, trading on the NASDAQ under the ticker UNTY. Through its primary subsidiary, Unity Bank, the company delivers a comprehensive suite of commercial and retail banking services to individuals, businesses and municipal clients in its regional markets.

Founded in 1906, Unity Bank maintains a network of conveniently located branches across Bucks County and adjacent areas of southeastern Pennsylvania. The company's deposit portfolio includes checking and savings accounts, money market accounts and certificates of deposit, while its loan offerings encompass commercial real estate, construction and land development, agricultural and consumer lending solutions.

Beyond traditional deposit and lending activities, Unity Bancorp provides cash management and merchant services, as well as internet and mobile banking platforms designed to streamline day-to-day financial operations.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.