Wellington Management Group LLP Has $9.96 Million Stock Holdings in Unity Bancorp, Inc. (NASDAQ:UNTY)

Wellington Management Group LLP lowered its stake in Unity Bancorp, Inc. (NASDAQ:UNTY) by 8.4% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 292,293 shares of the financial services provider’s stock after selling 26,917 shares during the quarter. Wellington Management Group LLP owned about 2.93% of Unity Bancorp worth $9,955,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in UNTY. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Unity Bancorp in the third quarter valued at about $623,000. Panagora Asset Management Inc. increased its stake in shares of 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 valued at $617,000 after acquiring an additional 488 shares during the last quarter. Bank of New York Mellon Corp raised its position 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 acquiring an additional 2,393 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in Unity Bancorp by 2,329.8% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,385 shares of the financial services provider’s stock worth $41,000 after acquiring an additional 1,328 shares during the last quarter. Finally, Ritholtz Wealth Management acquired a new position in Unity Bancorp during the second quarter valued at approximately $202,000. 42.31% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on UNTY shares. Keefe, Bruyette & Woods increased their target price on shares of Unity Bancorp from $43.00 to $51.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Piper Sandler reaffirmed an “overweight” rating and set a $44.00 price objective (up previously from $40.00) on shares of Unity Bancorp in a research note on Monday, October 14th. Finally, StockNews.com cut Unity Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, October 22nd.

Insider Activity

In related news, Director Mark S. Brody sold 2,800 shares of Unity Bancorp stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $47.33, for a total value of $132,524.00. Following the sale, the director now owns 70,002 shares of the company’s stock, valued at approximately $3,313,194.66. This trade represents a 3.85 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Vincent Geraci sold 1,043 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $44.98, for a total value of $46,914.14. Following the transaction, the director now directly owns 8,250 shares of the company’s stock, valued at approximately $371,085. This trade represents a 11.22 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 6,643 shares of company stock worth $304,710 over the last three months. Corporate insiders own 28.88% of the company’s stock.

Unity Bancorp Stock Performance

Shares of UNTY stock opened at $46.81 on Monday. 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 52 week low of $25.33 and a 52 week high of $48.22. The company’s 50 day moving average price is $42.23 and its two-hundred day moving average price is $35.01. The company has a market capitalization of $467.44 million, a P/E ratio of 12.03 and a beta of 1.03.

Unity Bancorp (NASDAQ:UNTY) last issued its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.10. The company had revenue of $27.66 million during the quarter, compared to the consensus estimate of $26.40 million. Unity Bancorp had a net margin of 24.46% and a return on equity of 14.63%. On average, analysts expect that Unity Bancorp, Inc. will post 4.01 earnings per share for the current fiscal year.

Unity Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be paid a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 1.11%. The ex-dividend date of this dividend is Friday, December 13th. Unity Bancorp’s dividend payout ratio is 13.37%.

Unity Bancorp Company 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.