First Trust Advisors LP Acquires New Holdings in Unity Bancorp, Inc. (NASDAQ:UNTY)

First Trust Advisors LP bought a new position in Unity Bancorp, Inc. (NASDAQ:UNTY - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 6,037 shares of the financial services provider's stock, valued at approximately $263,000. First Trust Advisors LP owned approximately 0.06% of Unity Bancorp as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the company. Allworth Financial LP bought a new position in Unity Bancorp during the fourth quarter valued at approximately $67,000. SG Americas Securities LLC bought a new stake in shares of Unity Bancorp during the 4th quarter valued at $135,000. Wells Fargo & Company MN boosted its stake in shares of Unity Bancorp by 25.8% in the fourth quarter. Wells Fargo & Company MN now owns 4,159 shares of the financial services provider's stock worth $181,000 after acquiring an additional 852 shares during the period. Thrivent Financial for Lutherans purchased a new stake in Unity Bancorp during the 4th quarter valued at approximately $200,000. Finally, Virtu Financial LLC bought a new stake in Unity Bancorp in the 4th quarter valued at $207,000. Hedge funds and other institutional investors own 42.31% of the company's stock.

Insider Activity at Unity Bancorp

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

Unity Bancorp Stock Down 0.0%

NASDAQ:UNTY traded down $0.01 during midday trading on Thursday, reaching $45.29. 2,821 shares of the stock traded hands, compared to its average volume of 29,557. The business has a 50-day moving average of $41.79 and a two-hundred day moving average of $44.12. The stock has a market capitalization of $454.31 million, a PE ratio of 11.19 and a beta of 0.69. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.16 and a current ratio of 1.16. Unity Bancorp, Inc. has a 12-month low of $25.60 and a 12-month high of $51.22.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last issued its quarterly earnings results 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. Unity Bancorp had a net margin of 25.24% and a return on equity of 15.08%. The business had revenue of $29.35 million for the quarter, compared to analyst estimates of $28.81 million. During the same quarter in the prior year, the business posted $0.93 EPS. On average, equities analysts forecast that Unity Bancorp, Inc. will post 4.83 earnings per share for the current fiscal year.

Unity Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were given a dividend of $0.14 per share. This is a boost from Unity Bancorp's previous quarterly dividend of $0.13. This represents a $0.56 annualized dividend and a yield of 1.24%. The ex-dividend date of this dividend was Friday, March 14th. Unity Bancorp's dividend payout ratio (DPR) is currently 13.15%.

Analysts Set New Price Targets

Several research firms have commented on UNTY. Keefe, Bruyette & Woods reiterated an "outperform" rating and set a $55.00 price objective (up previously from $51.00) on shares of Unity Bancorp in a research report on Thursday, January 16th. Piper Sandler dropped their target price on shares of Unity Bancorp from $54.00 to $50.00 and set an "overweight" rating on the stock in a research note on Monday, April 14th.

Unity Bancorp Profile

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.