Unity Bancorp, Inc. (NASDAQ:UNTY) Sees Significant Increase in Short Interest

Unity Bancorp, Inc. (NASDAQ:UNTY - Get Free Report) saw a large increase in short interest in March. As of March 15th, there was short interest totalling 99,200 shares, an increase of 122.9% from the February 29th total of 44,500 shares. Based on an average daily trading volume, of 18,300 shares, the days-to-cover ratio is currently 5.4 days. Currently, 1.4% of the shares of the stock are sold short.

Insider Activity at Unity Bancorp

In related news, Director Vincent Geraci sold 2,500 shares of Unity Bancorp stock in a transaction that occurred on Tuesday, January 23rd. The stock was sold at an average price of $30.13, for a total transaction of $75,325.00. Following the sale, the director now owns 3,643 shares of the company's stock, valued at approximately $109,763.59. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Mary E. Gross sold 1,344 shares of the firm's stock in a transaction on Monday, January 29th. The shares were sold at an average price of $30.00, for a total value of $40,320.00. Following the completion of the transaction, the director now directly owns 17,176 shares of the company's stock, valued at $515,280. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Vincent Geraci sold 2,500 shares of the stock in a transaction dated Tuesday, January 23rd. The shares were sold at an average price of $30.13, for a total transaction of $75,325.00. Following the completion of the transaction, the director now directly owns 3,643 shares of the company's stock, valued at approximately $109,763.59. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,334 shares of company stock worth $157,046. 28.88% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Unity Bancorp

Several large investors have recently added to or reduced their stakes in the stock. BNP Paribas Arbitrage SA bought a new position in Unity Bancorp during the 2nd quarter worth about $45,000. Tower Research Capital LLC TRC lifted its stake in shares of Unity Bancorp by 376.1% during the 3rd quarter. Tower Research Capital LLC TRC now owns 2,076 shares of the financial services provider's stock worth $49,000 after purchasing an additional 1,640 shares during the last quarter. Citigroup Inc. boosted its position in Unity Bancorp by 221,600.0% during the second quarter. Citigroup Inc. now owns 2,217 shares of the financial services provider's stock valued at $52,000 after purchasing an additional 2,216 shares in the last quarter. BNP Paribas Financial Markets boosted its position in Unity Bancorp by 55.5% during the fourth quarter. BNP Paribas Financial Markets now owns 1,880 shares of the financial services provider's stock valued at $56,000 after purchasing an additional 671 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in Unity Bancorp by 148.1% in the first quarter. JPMorgan Chase & Co. now owns 2,630 shares of the financial services provider's stock worth $73,000 after purchasing an additional 1,570 shares in the last quarter. 42.31% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, StockNews.com downgraded Unity Bancorp from a "buy" rating to a "hold" rating in a research report on Friday, February 2nd.

Unity Bancorp Trading Down 0.9 %

Unity Bancorp stock traded down $0.25 during midday trading on Thursday, reaching $27.60. The stock had a trading volume of 15,933 shares, compared to its average volume of 18,797. The company has a quick ratio of 1.21, a current ratio of 1.21 and a debt-to-equity ratio of 1.40. The firm has a market cap of $279.86 million, a price-to-earnings ratio of 7.19 and a beta of 1.06. Unity Bancorp has a 52-week low of $20.01 and a 52-week high of $30.70. The company has a fifty day moving average of $27.79 and a 200 day moving average of $26.53.

Unity Bancorp (NASDAQ:UNTY - Get Free Report) last issued its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.87 by $0.09. Unity Bancorp had a return on equity of 15.91% and a net margin of 26.19%. The firm had revenue of $26.60 million for the quarter, compared to the consensus estimate of $24.90 million. On average, analysts anticipate that Unity Bancorp will post 3.77 earnings per share for the current fiscal year.

Unity Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 15th will be paid a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 1.88%. The ex-dividend date is Thursday, March 14th. This is an increase from Unity Bancorp's previous quarterly dividend of $0.12. Unity Bancorp's dividend payout ratio (DPR) is currently 13.54%.

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.