Ritholtz Wealth Management Makes New $202,000 Investment in Unity Bancorp, Inc. (NASDAQ:UNTY)

Ritholtz Wealth Management acquired a new position in Unity Bancorp, Inc. (NASDAQ:UNTY) during the second quarter, according to the company in its most recent filing with the SEC. The fund acquired 6,832 shares of the financial services provider’s stock, valued at approximately $202,000. Ritholtz Wealth Management owned approximately 0.07% of Unity Bancorp at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Panagora Asset Management Inc. lifted its holdings in Unity Bancorp by 2.4% in the 2nd quarter. Panagora Asset Management Inc. now owns 20,852 shares of the financial services provider’s stock worth $617,000 after buying an additional 488 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Unity Bancorp by 2,329.8% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,385 shares of the financial services provider’s stock worth $41,000 after buying an additional 1,328 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Unity Bancorp by 7.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 35,083 shares of the financial services provider’s stock valued at $1,037,000 after purchasing an additional 2,393 shares in the last quarter. O Shaughnessy Asset Management LLC raised its stake in shares of Unity Bancorp by 75.2% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 16,552 shares of the financial services provider’s stock valued at $457,000 after purchasing an additional 7,104 shares in the last quarter. Finally, Hillsdale Investment Management Inc. raised its stake in shares of Unity Bancorp by 46.9% in the 1st quarter. Hillsdale Investment Management Inc. now owns 4,700 shares of the financial services provider’s stock valued at $130,000 after purchasing an additional 1,500 shares in the last quarter. Institutional investors and hedge funds own 42.31% of the company’s stock.

Insider Activity at Unity Bancorp

In related news, SVP James Joseph Donovan sold 750 shares of the business’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $34.97, for a total transaction of $26,227.50. Following the completion of the sale, the senior vice president now owns 166 shares of the company’s stock, valued at approximately $5,805.02. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, SVP James Joseph Donovan sold 750 shares of the business’s stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $34.97, for a total transaction of $26,227.50. Following the completion of the sale, the senior vice president now owns 166 shares of the company’s stock, valued at approximately $5,805.02. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Minsu Kim sold 2,264 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $34.90, for a total transaction of $79,013.60. Following the completion of the transaction, the senior vice president now owns 3,975 shares of the company’s stock, valued at approximately $138,727.50. The disclosure for this sale can be found here. Insiders sold a total of 3,046 shares of company stock valued at $106,265 in the last quarter. Insiders own 28.88% of the company’s stock.

Unity Bancorp Stock Performance

Shares of Unity Bancorp stock opened at $32.16 on Friday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.15 and a current ratio of 1.15. Unity Bancorp, Inc. has a 1 year low of $22.50 and a 1 year high of $35.66. The firm’s 50-day simple moving average is $32.04 and its 200-day simple moving average is $28.87. The firm has a market cap of $320.96 million, a PE ratio of 8.49 and a beta of 1.01.

Unity Bancorp (NASDAQ:UNTY) last announced its quarterly earnings data on Friday, July 12th. The financial services provider reported $0.93 earnings per share for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.01). Unity Bancorp had a net margin of 24.37% and a return on equity of 14.71%. The business had revenue of $25.46 million for the quarter, compared to the consensus estimate of $25.81 million. Equities analysts forecast that Unity Bancorp, Inc. will post 3.8 earnings per share for the current fiscal year.

Unity Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 20th. Investors of record on Friday, September 6th will be given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date is Friday, September 6th. Unity Bancorp’s dividend payout ratio is presently 13.72%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. StockNews.com lowered shares of Unity Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $39.00 target price (up previously from $35.00) on shares of Unity Bancorp in a research note on Monday, July 15th.

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.