Unity Bancorp, Inc. (NASDAQ:UNTY) Shares Sold by Royce & Associates LP

Key Points

• Royce & Associates LP reduced its stake in Unity Bancorp, Inc. by 20.8%, selling 38,406 shares and now owning approximately 1.45% of the company.
• Unity Bancorp reported a quarterly earnings per share (EPS) of $1.20, surpassing estimates, with a net margin of 28.72% and revenue of $34.37 million.
• The company recently declared a quarterly dividend of $0.14, resulting in an annualized yield of 1.12%.

Royce & Associates LP cut its holdings in Unity Bancorp, Inc. (NASDAQ:UNTY - Free Report) by 20.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 146,045 shares of the financial services provider's stock after selling 38,406 shares during the quarter. Royce & Associates LP owned 1.45% of Unity Bancorp worth $5,944,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Unity Bancorp in the first quarter valued at approximately $602,000. CWM LLC increased its position in shares of Unity Bancorp by 122.5% during the first quarter. CWM LLC now owns 612 shares of the financial services provider's stock worth $25,000 after purchasing an additional 337 shares in the last quarter. Axecap Investments LLC purchased a new stake in shares of Unity Bancorp during the first quarter worth approximately $1,237,000. Whipplewood Advisors LLC increased its position in shares of Unity Bancorp by 11,000.0% during the first quarter. Whipplewood Advisors LLC now owns 1,221 shares of the financial services provider's stock worth $50,000 after purchasing an additional 1,210 shares in the last quarter. Finally, Delphi Management Inc. MA increased its position in shares of Unity Bancorp by 11.0% during the first quarter. Delphi Management Inc. MA now owns 31,971 shares of the financial services provider's stock worth $1,301,000 after purchasing an additional 3,177 shares in the last quarter. 42.31% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

UNTY has been the subject of several research reports. Wall Street Zen cut Unity Bancorp from a "buy" rating to a "hold" rating in a research report on Saturday, May 24th. Keefe, Bruyette & Woods boosted 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. Finally, Piper Sandler dropped their price target on Unity Bancorp from $54.00 to $50.00 and set an "overweight" rating for the company in a research report on Monday, April 14th.

Unity Bancorp Trading Up 1.3%

NASDAQ:UNTY traded up $0.64 during trading hours on Wednesday, hitting $50.82. The company had a trading volume of 28,361 shares, compared to its average volume of 49,822. 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 company has a 50-day moving average of $47.46 and a 200 day moving average of $45.36. The company has a market cap of $509.73 million, a P/E ratio of 10.29 and a beta of 0.72. Unity Bancorp, Inc. has a 1 year low of $30.27 and a 1 year high of $54.64.

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, beating 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 business had revenue of $34.37 million for the quarter, compared to analyst estimates of $30.30 million. Sell-side analysts expect that Unity Bancorp, Inc. will post 4.83 earnings per share for the current year.

Unity Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Friday, June 6th were paid a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 1.10%. The ex-dividend date of this dividend was Friday, June 6th. Unity Bancorp's dividend payout ratio (DPR) is presently 11.34%.

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.