Unity Bancorp, Inc. $UNTY Shares Newly Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 21,129 Unity Bancorp shares worth approximately $1.24 million in the second quarter, taking a 0.21% stake. Several other institutional investors also initiated positions, while institutions and hedge funds collectively own 42.31% of the stock.
• Unity Bancorp reported quarterly EPS of $1.42, slightly below the $1.44 consensus estimate, while revenue of $33.75 million also missed expectations. The stock opened at $54.65, with a market capitalization of about $548.7 million.
• The company raised its quarterly dividend from $0.16 to $0.17 per share, equating to an annualized dividend of $0.68 and a 1.2% yield. Analysts maintain a consensus “Buy” rating with a target price of $65.50.

Bank of America Corp DE acquired a new stake in Unity Bancorp, Inc. (NASDAQ:UNTY - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 21,129 shares of the financial services provider's stock, valued at approximately $1,240,000. Bank of America Corp DE owned 0.21% of Unity Bancorp as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Man Group plc bought a new position in Unity Bancorp in the second quarter valued at approximately $712,000. Hsbc Holdings PLC bought a new stake in shares of Unity Bancorp during the second quarter worth $509,000. Canada Pension Plan Investment Board acquired a new stake in shares of Unity Bancorp during the second quarter worth $563,000. Legal & General Group Plc acquired a new stake in shares of Unity Bancorp during the second quarter worth $44,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in Unity Bancorp in the 2nd quarter valued at $2,410,000. 42.31% of the stock is currently owned by institutional investors and hedge funds.

Unity Bancorp Price Performance

NASDAQ:UNTY opened at $54.65 on Friday. The stock has a market capitalization of $548.69 million, a PE ratio of 9.50 and a beta of 0.65. Unity Bancorp, Inc. has a 1-year low of $44.34 and a 1-year high of $62.50. The firm has a fifty day simple moving average of $58.77 and a 200 day simple moving average of $56.03. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.88.

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

Unity Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 17th. Investors of record on Thursday, September 3rd were issued a dividend of $0.17 per share. The ex-dividend date was Thursday, September 3rd. This is an increase from Unity Bancorp's previous quarterly dividend of $0.16. This represents a $0.68 dividend on an annualized basis and a yield of 1.2%. Unity Bancorp's dividend payout ratio is 11.83%.

Wall Street Analysts Forecast Growth

UNTY has been the subject of several recent research reports. Weiss Ratings reaffirmed a "buy (b+)" rating on shares of Unity Bancorp in a research report on Friday, July 31st. DA Davidson reissued a "buy" rating and issued a $68.00 target price on shares of Unity Bancorp in a research report on Friday, September 11th. Piper Sandler boosted their target price on Unity Bancorp from $65.00 to $68.00 and gave the company an "overweight" rating in a research note on Friday, June 26th. Finally, Freedom Capital raised Unity Bancorp from a "hold" rating to a "strong-buy" rating in a research report on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the stock. According to data from MarketBeat, Unity Bancorp presently has an average rating of "Buy" and a consensus target price of $65.50.

Insiders Place Their Bets

In other Unity Bancorp news, President George Boyan sold 6,504 shares of the business's stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $59.16, for a total transaction of $384,776.64. Following the transaction, the president owned 25,015 shares of the company's stock, valued at $1,479,887.40. The trade was a 20.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 28.87% of the stock is currently owned by company insiders.

About Unity Bancorp

Unity Bancorp, Inc is the bank holding company for Unity Bank, a full-service community bank headquartered in Clinton, New Jersey. The company provides banking services to individuals, families, businesses and nonprofit organizations through a network of branches and digital banking channels.

Unity Bank offers checking and savings accounts, certificates of deposit, consumer lending, residential mortgages, home equity financing, commercial real estate loans, construction financing and business loans.

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