Unity Bancorp, Inc. $UNTY Holdings Trimmed by Wellington Management Group LLP

Key Points

• Wellington Management cut its Unity Bancorp stake by 33.4% in the second quarter, selling 65,359 shares and retaining 130,043 shares worth approximately $7.6 million. Institutional investors collectively own 42.31% of the company.
• Analysts remain bullish, with Unity Bancorp carrying a consensus “Buy” rating and an average price target of $65.50, above its reported opening price of $58.97.
• Unity Bancorp increased its quarterly dividend from $0.16 to $0.17 per share, while its latest quarterly results slightly missed expectations with earnings of $1.42 per share versus a $1.44 consensus estimate.

Wellington Management Group LLP reduced its position in shares of Unity Bancorp, Inc. (NASDAQ:UNTY - Free Report) by 33.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 130,043 shares of the financial services provider's stock after selling 65,359 shares during the quarter. Wellington Management Group LLP owned 1.29% of Unity Bancorp worth $7,632,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. CWM LLC grew its holdings in shares of Unity Bancorp by 38.0% during the fourth quarter. CWM LLC now owns 857 shares of the financial services provider's stock valued at $44,000 after buying an additional 236 shares in the last quarter. Legal & General Group Plc purchased a new stake in Unity Bancorp in the 2nd quarter worth about $44,000. Russell Investments Group Ltd. boosted its position in Unity Bancorp by 159.1% during the 3rd quarter. Russell Investments Group Ltd. now owns 987 shares of the financial services provider's stock worth $48,000 after acquiring an additional 606 shares during the period. Strs Ohio acquired a new stake in Unity Bancorp during the 1st quarter worth about $49,000. Finally, Allworth Financial LP purchased a new position in Unity Bancorp during the 2nd quarter valued at about $92,000. Hedge funds and other institutional investors own 42.31% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Weiss Ratings reissued a "buy (b+)" rating on shares of Unity Bancorp in a research report on Friday, July 31st. Piper Sandler boosted their price objective on shares of Unity Bancorp from $65.00 to $68.00 and gave the company an "overweight" rating in a research report on Friday, June 26th. Freedom Capital upgraded shares of Unity Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Thursday, July 16th. Finally, DA Davidson reiterated a "buy" rating and issued a $68.00 target price on shares of Unity Bancorp in a research report on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the company. According to MarketBeat.com, Unity Bancorp presently has a consensus rating of "Buy" and a consensus price target of $65.50.

Insider Transactions at Unity Bancorp

In related news, President George Boyan sold 6,504 shares of the company's stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $59.16, for a total value of $384,776.64. Following the completion of the sale, the president directly owned 25,015 shares in the company, valued at approximately $1,479,887.40. This represents a 20.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 28.87% of the company's stock.

Unity Bancorp Stock Down 1.7%

UNTY opened at $58.97 on Wednesday. The company has a market capitalization of $592.06 million, a PE ratio of 10.26 and a beta of 0.61. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.17 and a quick ratio of 1.17. Unity Bancorp, Inc. has a fifty-two week low of $44.34 and a fifty-two week high of $62.50. The business has a 50-day moving average of $58.65 and a 200-day moving average of $55.38.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last announced its quarterly earnings results on Tuesday, July 14th. The financial services provider reported $1.42 EPS for the quarter, missing the consensus estimate of $1.44 by ($0.02). The firm had revenue of $33.75 million during the quarter, compared to the consensus estimate of $34.62 million. Unity Bancorp had a net margin of 30.26% and a return on equity of 16.10%. Equities research analysts forecast that Unity Bancorp, Inc. will post 5.86 EPS for the current fiscal year.

Unity Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 17th. Investors of record on Thursday, September 3rd will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend is Thursday, September 3rd. This is a boost from Unity Bancorp's previous quarterly dividend of $0.16. Unity Bancorp's dividend payout ratio (DPR) is presently 11.83%.

Unity Bancorp 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.

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