Wesbanco Bank Inc. Makes New $1.08 Million Investment in Unity Bancorp, Inc. $UNTY

Key Points

• Wesbanco Bank Inc. opened a new position in Unity Bancorp during the first quarter, buying 20,900 shares worth about $1.08 million. The stake represented roughly 0.21% of the company.
• Unity Bancorp’s latest quarterly results beat expectations, with EPS of $1.40 versus estimates of $1.37 and revenue of $33.61 million. Analysts currently expect the company to earn 5.84 EPS for the full year.
• The bank also paid a quarterly dividend of $0.16 per share, equal to a 1.1% yield. Meanwhile, analysts remain constructive on the stock, with an average rating of Buy and a consensus target price of $65.50.

Wesbanco Bank Inc. bought a new position in Unity Bancorp, Inc. (NASDAQ:UNTY - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 20,900 shares of the financial services provider's stock, valued at approximately $1,083,000. Wesbanco Bank Inc. owned about 0.21% of Unity Bancorp at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. CWM LLC increased its position in Unity Bancorp by 38.0% during the 4th quarter. CWM LLC now owns 857 shares of the financial services provider's stock worth $44,000 after purchasing an additional 236 shares in the last quarter. Gator Capital Management LLC boosted its position in Unity Bancorp by 0.8% in the third quarter. Gator Capital Management LLC now owns 33,536 shares of the financial services provider's stock valued at $1,639,000 after buying an additional 280 shares in the last quarter. Hsbc Holdings PLC grew its stake in shares of Unity Bancorp by 5.1% during the second quarter. Hsbc Holdings PLC now owns 6,056 shares of the financial services provider's stock worth $287,000 after buying an additional 295 shares during the last quarter. BNP Paribas Financial Markets grew its stake in shares of Unity Bancorp by 14.8% during the second quarter. BNP Paribas Financial Markets now owns 2,883 shares of the financial services provider's stock worth $136,000 after buying an additional 372 shares during the last quarter. Finally, Rhumbline Advisers increased its holdings in shares of Unity Bancorp by 3.7% during the second quarter. Rhumbline Advisers now owns 10,805 shares of the financial services provider's stock worth $509,000 after buying an additional 385 shares in the last quarter. 42.31% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Mark S. Brody sold 1,600 shares of Unity Bancorp stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $55.23, for a total transaction of $88,368.00. Following the completion of the transaction, the director owned 113,854 shares of the company's stock, valued at $6,288,156.42. This trade represents a 1.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mary E. Gross sold 2,075 shares of the business's stock in a transaction on Friday, April 17th. The shares were sold at an average price of $56.01, for a total transaction of $116,220.75. Following the completion of the transaction, the director owned 18,479 shares in the company, valued at approximately $1,035,008.79. The trade was a 10.10% decrease in their position. The disclosure for this sale is available in the SEC filing. 28.87% of the stock is currently owned by insiders.

Unity Bancorp Price Performance

Shares of UNTY opened at $59.54 on Monday. The company has a market capitalization of $597.78 million, a PE ratio of 10.02 and a beta of 0.61. The stock's 50-day moving average price is $54.47 and its two-hundred day moving average price is $53.63. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.72. Unity Bancorp, Inc. has a 12 month low of $44.34 and a 12 month high of $60.86.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last issued its quarterly earnings data on Tuesday, April 14th. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.37 by $0.03. The company had revenue of $33.61 million during the quarter, compared to the consensus estimate of $33.59 million. Unity Bancorp had a return on equity of 16.06% and a net margin of 31.33%. On average, analysts anticipate that Unity Bancorp, Inc. will post 5.84 EPS for the current year.

Unity Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Thursday, June 4th were issued a dividend of $0.16 per share. The ex-dividend date was Thursday, June 4th. This represents a $0.64 annualized dividend and a yield of 1.1%. Unity Bancorp's dividend payout ratio (DPR) is presently 10.77%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on UNTY shares. Weiss Ratings raised Unity Bancorp from a "buy (b)" rating to a "buy (b+)" rating in a report on Monday, May 4th. Piper Sandler upped their target price on Unity Bancorp from $65.00 to $68.00 and gave the stock an "overweight" rating in a report on Friday. DA Davidson began coverage on Unity Bancorp in a research report on Friday, May 15th. They issued a "buy" rating and a $68.00 target price for the company. Finally, Brean Capital initiated coverage on Unity Bancorp in a report on Wednesday, April 22nd. They set a "buy" rating and a $61.00 price target on the stock. Five research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Unity Bancorp has an average rating of "Buy" and an average target price of $65.50.

Unity Bancorp Company 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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