Unity Bancorp, Inc. (NASDAQ:UNTY – Get Rating) was the target of a large growth in short interest in April. As of April 15th, there was short interest totalling 53,900 shares, a growth of 31.5% from the March 31st total of 41,000 shares. Approximately 0.7% of the shares of the stock are sold short. Based on an average daily trading volume, of 29,400 shares, the short-interest ratio is presently 1.8 days.
Analyst Upgrades and Downgrades
UNTY has been the subject of a number of analyst reports. StockNews.com started coverage on shares of Unity Bancorp in a research report on Thursday, March 16th. They issued a “hold” rating for the company. Keefe, Bruyette & Woods decreased their price objective on Unity Bancorp from $34.00 to $31.50 and set an “outperform” rating on the stock in a report on Thursday, April 6th. Finally, TheStreet lowered Unity Bancorp from a “b” rating to a “c+” rating in a research note on Wednesday, February 1st.
Insider Buying and Selling
In other Unity Bancorp news, Chairman David D. Dallas acquired 20,000 shares of the stock in a transaction that occurred on Wednesday, April 26th. The shares were purchased at an average cost of $22.72 per share, with a total value of $454,400.00. Following the purchase, the chairman now owns 1,767,578 shares in the company, valued at $40,159,372.16. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Vincent Geraci sold 15,500 shares of the company’s stock in a transaction on Tuesday, February 7th. The stock was sold at an average price of $27.13, for a total value of $420,515.00. Following the sale, the director now directly owns 2,169 shares in the company, valued at $58,844.97. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman David D. Dallas acquired 20,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 26th. The shares were bought at an average price of $22.72 per share, with a total value of $454,400.00. Following the transaction, the chairman now owns 1,767,578 shares in the company, valued at approximately $40,159,372.16. The disclosure for this purchase can be found here. Insiders have sold 34,907 shares of company stock worth $928,355 in the last three months. Corporate insiders own 32.35% of the company’s stock.
Institutional Investors Weigh In On Unity Bancorp
Several institutional investors and hedge funds have recently modified their holdings of UNTY. Summit Global Investments acquired a new position in Unity Bancorp during the 3rd quarter worth approximately $213,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Unity Bancorp during the third quarter worth $103,000. River Oaks Capital LLC lifted its position in shares of Unity Bancorp by 0.6% during the third quarter. River Oaks Capital LLC now owns 95,000 shares of the financial services provider’s stock worth $2,385,000 after purchasing an additional 600 shares in the last quarter. BNP Paribas Arbitrage SA purchased a new position in shares of Unity Bancorp in the second quarter valued at $45,000. Finally, MetLife Investment Management LLC acquired a new stake in Unity Bancorp during the 4th quarter valued at $102,000. Hedge funds and other institutional investors own 49.07% of the company’s stock.
Unity Bancorp Stock Performance
Unity Bancorp stock opened at $23.15 on Friday. The stock’s 50-day moving average is $23.88 and its 200-day moving average is $26.10. The company has a market cap of $244.70 million, a price-to-earnings ratio of 6.24 and a beta of 1.00. Unity Bancorp has a 12 month low of $21.70 and a 12 month high of $29.88. The company has a debt-to-equity ratio of 1.64, a current ratio of 1.22 and a quick ratio of 1.22.
Unity Bancorp (NASDAQ:UNTY – Get Rating) last released its quarterly earnings data on Monday, April 17th. The financial services provider reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.91 by $0.05. The company had revenue of $34.77 million during the quarter, compared to analyst estimates of $24.82 million. Unity Bancorp had a net margin of 32.98% and a return on equity of 17.23%. Equities analysts anticipate that Unity Bancorp will post 3.58 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 24th. Shareholders of record on Friday, March 10th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date of this dividend was Thursday, March 9th. This is a boost from Unity Bancorp’s previous quarterly dividend of $0.11. Unity Bancorp’s payout ratio is currently 12.97%.
About Unity Bancorp
Unity Bancorp, Inc is a bank holding company, which engages in the ownership and supervision of Unity Bank. The firm accepts personal and business checking accounts, time deposits, money market accounts, regular savings accounts, and demand and savings deposits. Its loan portfolio comprises credit cards, mortgage, home equity, and personal loans.
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