Unity Bancorp, Inc. (NASDAQ:UNTY) Position Increased by Wellington Management Group LLP

Wellington Management Group LLP increased its position in shares of Unity Bancorp, Inc. (NASDAQ:UNTY) by 6.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 310,953 shares of the financial services provider’s stock after acquiring an additional 18,660 shares during the period. Wellington Management Group LLP owned about 3.11% of Unity Bancorp worth $13,561,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Allworth Financial LP purchased a new stake in shares of Unity Bancorp during the fourth quarter worth $67,000. BNP Paribas Financial Markets raised its holdings in Unity Bancorp by 84.6% during the third quarter. BNP Paribas Financial Markets now owns 2,464 shares of the financial services provider’s stock valued at $84,000 after buying an additional 1,129 shares in the last quarter. SG Americas Securities LLC bought a new position in Unity Bancorp during the fourth quarter valued at about $135,000. Thrivent Financial for Lutherans bought a new position in Unity Bancorp during the fourth quarter valued at about $200,000. Finally, Virtu Financial LLC bought a new position in Unity Bancorp during the fourth quarter valued at about $207,000. 42.31% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Unity Bancorp

In related news, Director Vincent Geraci sold 1,811 shares of Unity Bancorp stock in a transaction dated Thursday, February 6th. The stock was sold at an average price of $50.82, for a total transaction of $92,035.02. Following the sale, the director now directly owns 8,312 shares of the company’s stock, valued at $422,415.84. This trade represents a 17.89 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP James Joseph Donovan sold 1,080 shares of Unity Bancorp stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $48.88, for a total value of $52,790.40. Following the sale, the senior vice president now directly owns 4,975 shares in the company, valued at approximately $243,178. This trade represents a 17.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 7,791 shares of company stock worth $380,669. Company insiders own 29.68% of the company’s stock.

Wall Street Analyst Weigh In

UNTY has been the topic of several recent research reports. Piper Sandler restated an “overweight” rating and set a $54.00 target price (up from $53.00) on shares of Unity Bancorp in a report on Thursday, January 16th. Keefe, Bruyette & Woods restated an “outperform” rating and set a $55.00 target price (up from $51.00) on shares of Unity Bancorp in a report on Thursday, January 16th.

Unity Bancorp Trading Up 2.9 %

Unity Bancorp stock opened at $41.22 on Thursday. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.16 and a current ratio of 1.16. The business’s 50-day simple moving average is $44.36 and its 200-day simple moving average is $43.06. The firm has a market capitalization of $414.59 million, a PE ratio of 10.15 and a beta of 0.80. Unity Bancorp, Inc. has a 52 week low of $25.60 and a 52 week high of $51.22.

Unity Bancorp (NASDAQ:UNTY) last posted its quarterly earnings data on Wednesday, January 15th. The financial services provider reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.05. Unity Bancorp had a return on equity of 15.08% and a net margin of 25.24%. Equities research analysts forecast that Unity Bancorp, Inc. will post 4.83 earnings per share for the current year.

Unity Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, March 14th were paid a $0.14 dividend. The ex-dividend date was Friday, March 14th. This is a positive change 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 1.36%. Unity Bancorp’s payout ratio is presently 13.79%.

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.