Wellington Management Group LLP Boosts Stock Holdings in Unity Bancorp, Inc. (NASDAQ:UNTY)

Wellington Management Group LLP grew its position in Unity Bancorp, Inc. (NASDAQ:UNTY - Free Report) by 6.4% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 310,953 shares of the financial services provider's stock after buying an additional 18,660 shares during the period. Wellington Management Group LLP owned approximately 3.09% of Unity Bancorp worth $13,561,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Public Employees Retirement System of Ohio acquired a new stake in shares of Unity Bancorp in the fourth quarter valued at approximately $33,000. Allworth Financial LP acquired a new position in shares of Unity Bancorp during the 4th quarter worth approximately $67,000. SG Americas Securities LLC acquired a new position in shares of Unity Bancorp in the fourth quarter valued at $135,000. Virtus Investment Advisers Inc. bought a new position in Unity Bancorp in the 4th quarter valued at about $148,000. Finally, State of Tennessee Department of Treasury bought a new position in shares of Unity Bancorp during the fourth quarter worth approximately $154,000. 42.31% of the stock is currently owned by institutional investors.

Unity Bancorp Stock Down 1.0%

Shares of UNTY traded down $0.41 during trading hours on Thursday, hitting $42.30. The stock had a trading volume of 36,018 shares, compared to its average volume of 31,347. The firm has a 50 day simple moving average of $42.40 and a 200-day simple moving average of $44.26. The firm has a market capitalization of $424.31 million, a P/E ratio of 10.42 and a beta of 0.69. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.16 and a quick ratio of 1.16. Unity Bancorp, Inc. has a 1-year low of $25.60 and a 1-year high of $51.22.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last issued its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.12 by $0.01. The firm had revenue of $29.35 million during the quarter, compared to analysts' expectations of $28.81 million. Unity Bancorp had a net margin of 25.24% and a return on equity of 15.08%. During the same period last year, the company earned $0.93 earnings per share. Sell-side analysts predict that Unity Bancorp, Inc. will post 4.83 EPS for the current fiscal year.

Unity Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 20th. Shareholders of record on Friday, June 6th will be issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a yield of 1.32%. The ex-dividend date of this dividend is Friday, June 6th. Unity Bancorp's dividend payout ratio is 13.15%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on UNTY. Wall Street Zen cut Unity Bancorp from a "buy" rating to a "hold" rating in a report on Saturday, May 24th. Piper Sandler lowered their target price on shares of Unity Bancorp from $54.00 to $50.00 and set an "overweight" rating for the company in a research note on Monday, April 14th.

Insider Transactions at Unity Bancorp

In related news, Director Donald E. Jr. Souders sold 1,333 shares of Unity Bancorp stock in a transaction on Thursday, April 24th. The stock was sold at an average price of $41.23, for a total transaction of $54,959.59. Following the sale, the director now directly owns 8,477 shares in the company, valued at approximately $349,506.71. This trade represents a 13.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 29.68% of the company's stock.

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.