Unity Bancorp, Inc. $UNTY Shares Sold by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP reduced its stake in Unity Bancorp by 19.1%, now owning approximately 251,609 shares valued at $10.24 million.
• Several other institutional investors have also made significant changes to their holdings in Unity Bancorp, including CWM LLC increasing its stake by 122.5%.
• Unity Bancorp announced a quarterly dividend increase from $0.14 to $0.15 per share, representing a dividend yield of 1.1% with a payout ratio of 11.34%.

Wellington Management Group LLP cut its holdings in shares of Unity Bancorp, Inc. (NASDAQ:UNTY - Free Report) by 19.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 251,609 shares of the financial services provider's stock after selling 59,344 shares during the period. Wellington Management Group LLP owned 2.51% of Unity Bancorp worth $10,240,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of UNTY. American Century Companies Inc. lifted its holdings in shares of Unity Bancorp by 41.7% during the first quarter. American Century Companies Inc. now owns 138,784 shares of the financial services provider's stock worth $5,649,000 after purchasing an additional 40,809 shares during the period. Axecap Investments LLC acquired a new stake in shares of Unity Bancorp during the first quarter worth $1,237,000. Raymond James Financial Inc. acquired a new stake in shares of Unity Bancorp during the fourth quarter worth $1,247,000. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Unity Bancorp during the first quarter worth $602,000. Finally, Nuveen LLC acquired a new stake in shares of Unity Bancorp during the first quarter worth $519,000. 42.31% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on UNTY. Wall Street Zen downgraded Unity Bancorp from a "buy" rating to a "hold" rating in a report on Saturday. Keefe, Bruyette & Woods increased their price target on Unity Bancorp from $55.00 to $63.00 and gave the stock an "outperform" rating in a report on Friday, July 18th. Two research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $56.50.

Unity Bancorp Price Performance

Shares of NASDAQ UNTY traded down $0.14 during trading on Tuesday, hitting $52.21. 37,404 shares of the company were exchanged, compared to its average volume of 33,519. The company has a market cap of $523.67 million, a price-to-earnings ratio of 10.57 and a beta of 0.79. Unity Bancorp, Inc. has a 1 year low of $31.44 and a 1 year high of $54.64. The firm's fifty day moving average price is $50.30 and its 200 day moving average price is $45.66. The company has a debt-to-equity ratio of 1.21, a current ratio of 1.20 and a quick ratio of 1.20.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last issued its earnings results on Tuesday, July 15th. The financial services provider reported $1.20 EPS for the quarter, topping 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 net margin of 28.72% and a return on equity of 15.34%. On average, sell-side analysts expect that Unity Bancorp, Inc. will post 4.83 earnings per share for the current fiscal year.

Unity Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, September 5th will be paid a dividend of $0.15 per share. This is a boost from Unity Bancorp's previous quarterly dividend of $0.14. The ex-dividend date of this dividend is Friday, September 5th. This represents a $0.60 annualized dividend and a dividend yield of 1.1%. Unity Bancorp's dividend payout ratio is presently 11.34%.

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.