Banc Funds Co. LLC Sells 83,000 Shares of Unity Bancorp, Inc. $UNTY

Banc Funds Co. LLC reduced its holdings in Unity Bancorp, Inc. (NASDAQ:UNTY) by 15.8% in the 3rd quarter, HoldingsChannel reports. The fund owned 441,218 shares of the financial services provider’s stock after selling 83,000 shares during the period. Unity Bancorp comprises approximately 3.8% of Banc Funds Co. LLC’s holdings, making the stock its biggest position. Banc Funds Co. LLC’s holdings in Unity Bancorp were worth $21,562,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the business. Bank of America Corp DE lifted its holdings in shares of Unity Bancorp by 29.6% during the third quarter. Bank of America Corp DE now owns 17,259 shares of the financial services provider’s stock worth $843,000 after purchasing an additional 3,942 shares during the period. Alliancebernstein L.P. grew its stake in shares of Unity Bancorp by 2.4% in the third quarter. Alliancebernstein L.P. now owns 357,310 shares of the financial services provider’s stock worth $17,462,000 after purchasing an additional 8,520 shares during the last quarter. Creative Planning acquired a new stake in Unity Bancorp in the third quarter valued at $244,000. Lazard Asset Management LLC raised its position in Unity Bancorp by 4.4% during the 3rd quarter. Lazard Asset Management LLC now owns 18,626 shares of the financial services provider’s stock worth $910,000 after purchasing an additional 782 shares during the last quarter. Finally, Two Sigma Investments LP raised its position in Unity Bancorp by 115.9% during the 3rd quarter. Two Sigma Investments LP now owns 50,920 shares of the financial services provider’s stock worth $2,488,000 after purchasing an additional 27,340 shares during the last quarter. Institutional investors own 42.31% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Piper Sandler upped their price target on Unity Bancorp from $64.00 to $65.00 and gave the company an “overweight” rating in a research report on Thursday, January 15th. Wall Street Zen downgraded Unity Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, November 15th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Unity Bancorp in a research note on Wednesday, January 21st. Finally, Keefe, Bruyette & Woods upped their target price on Unity Bancorp from $60.00 to $65.00 and gave the company an “outperform” rating in a report on Wednesday, January 14th. Three research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and an average target price of $65.00.

Insiders Place Their Bets

In other Unity Bancorp news, CEO James A. Hughes sold 1,500 shares of the stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $54.50, for a total transaction of $81,750.00. Following the transaction, the chief executive officer directly owned 173,013 shares in the company, valued at approximately $9,429,208.50. This represents a 0.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Minsu Kim sold 750 shares of the firm’s stock in a transaction that occurred on Thursday, January 15th. The stock was sold at an average price of $56.13, for a total transaction of $42,097.50. Following the sale, the senior vice president directly owned 791 shares of the company’s stock, valued at approximately $44,398.83. This trade represents a 48.67% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 4,865 shares of company stock worth $268,336. Company insiders own 29.68% of the company’s stock.

Unity Bancorp Price Performance

UNTY stock opened at $50.01 on Friday. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.77. The firm has a market cap of $501.10 million, a price-to-earnings ratio of 8.82 and a beta of 0.66. The company’s fifty day simple moving average is $53.30 and its 200 day simple moving average is $51.41. Unity Bancorp, Inc. has a 12-month low of $36.65 and a 12-month high of $57.30.

Unity Bancorp (NASDAQ:UNTY) last issued its quarterly earnings results on Tuesday, January 13th. The financial services provider reported $1.41 earnings per share for the quarter, topping analysts’ consensus estimates of $1.35 by $0.06. Unity Bancorp had a return on equity of 15.88% and a net margin of 30.76%.The firm had revenue of $33.70 million during the quarter, compared to the consensus estimate of $33.39 million. On average, analysts expect that Unity Bancorp, Inc. will post 4.83 earnings per share for the current year.

Unity Bancorp Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 20th. Investors of record on Friday, March 6th will be paid a dividend of $0.16 per share. This is an increase from Unity Bancorp’s previous quarterly dividend of $0.15. This represents a $0.64 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Friday, March 6th. Unity Bancorp’s payout ratio is 11.29%.

Unity Bancorp Company Profile

Unity Bancorp, Inc is a bank holding company headquartered in Morrisville, Pennsylvania, trading on the NASDAQ under the ticker UNTY. Through its primary subsidiary, Unity Bank, the company delivers a comprehensive suite of commercial and retail banking services to individuals, businesses and municipal clients in its regional markets.

Founded in 1906, Unity Bank maintains a network of conveniently located branches across Bucks County and adjacent areas of southeastern Pennsylvania. The company’s deposit portfolio includes checking and savings accounts, money market accounts and certificates of deposit, while its loan offerings encompass commercial real estate, construction and land development, agricultural and consumer lending solutions.

Beyond traditional deposit and lending activities, Unity Bancorp provides cash management and merchant services, as well as internet and mobile banking platforms designed to streamline day-to-day financial operations.