Invesco Ltd. Boosts Stock Position in Unity Bancorp, Inc. (NASDAQ:UNTY)

Invesco Ltd. raised its holdings in Unity Bancorp, Inc. (NASDAQ:UNTY - Free Report) by 647.3% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 100,812 shares of the financial services provider's stock after buying an additional 87,321 shares during the quarter. Invesco Ltd. owned 1.01% of Unity Bancorp worth $4,396,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in UNTY. Segall Bryant & Hamill LLC acquired a new position in Unity Bancorp in the fourth quarter valued at about $1,795,000. JPMorgan Chase & Co. lifted its stake in Unity Bancorp by 46.1% in the 4th quarter. JPMorgan Chase & Co. now owns 128,941 shares of the financial services provider's stock valued at $5,623,000 after acquiring an additional 40,710 shares in the last quarter. American Century Companies Inc. grew its position in Unity Bancorp by 53.4% in the fourth quarter. American Century Companies Inc. now owns 97,975 shares of the financial services provider's stock valued at $4,273,000 after purchasing an additional 34,089 shares in the last quarter. Delphi Management Inc. MA bought a new stake in Unity Bancorp during the fourth quarter worth about $1,256,000. Finally, Raymond James Financial Inc. acquired a new position in Unity Bancorp during the fourth quarter worth $1,247,000. Institutional investors own 42.31% of the company's stock.

Unity Bancorp Stock Performance

UNTY traded up $0.29 during trading hours on Thursday, hitting $41.69. The stock had a trading volume of 2,824 shares, compared to its average volume of 28,126. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.97. Unity Bancorp, Inc. has a 1 year low of $25.60 and a 1 year high of $51.22. The stock has a market cap of $419.32 million, a PE ratio of 10.27 and a beta of 0.80. The company's fifty day simple moving average is $42.09 and its 200 day simple moving average is $43.79.

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

Unity Bancorp Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were paid a dividend of $0.14 per share. The ex-dividend date of this dividend was Friday, March 14th. This is an increase from Unity Bancorp's previous quarterly dividend of $0.13. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.34%. Unity Bancorp's payout ratio is 13.15%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on UNTY shares. Keefe, Bruyette & Woods reissued an "outperform" rating and issued a $55.00 target price (up previously from $51.00) on shares of Unity Bancorp in a research report on Thursday, January 16th. Piper Sandler decreased 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.

Insider Activity at Unity Bancorp

In related news, Director Mark S. Brody sold 1,600 shares of the company's stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $48.32, for a total transaction of $77,312.00. Following the transaction, the director now directly owns 71,802 shares in the company, valued at approximately $3,469,472.64. This represents a 2.18 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP James Joseph Donovan sold 1,080 shares of the stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $48.88, for a total transaction of $52,790.40. Following the transaction, the senior vice president now owns 4,975 shares in the company, valued at approximately $243,178. This represents a 17.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,824 shares of company stock valued at $277,097. 29.68% of the stock is owned by company insiders.

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.