Man Group plc Invests $712,000 in Unity Bancorp, Inc. $UNTY

Man Group plc purchased a new position in shares of Unity Bancorp, Inc. (NASDAQ:UNTY) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 12,139 shares of the financial services provider’s stock, valued at approximately $712,000. Man Group plc owned approximately 0.12% of Unity Bancorp at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in UNTY. AQR Capital Management LLC lifted its stake in Unity Bancorp by 70.8% during the first quarter. AQR Capital Management LLC now owns 11,419 shares of the financial services provider’s stock worth $465,000 after purchasing an additional 4,732 shares during the last quarter. Empowered Funds LLC increased its stake in shares of Unity Bancorp by 7.2% in the 1st quarter. Empowered Funds LLC now owns 37,456 shares of the financial services provider’s stock valued at $1,524,000 after purchasing an additional 2,524 shares during the last quarter. Jane Street Group LLC bought a new position in shares of Unity Bancorp in the 1st quarter valued at $283,000. Strs Ohio acquired a new position in shares of Unity Bancorp during the 1st quarter worth $49,000. Finally, Cetera Investment Advisers raised its holdings in shares of Unity Bancorp by 7.3% during the 2nd quarter. Cetera Investment Advisers now owns 8,335 shares of the financial services provider’s stock worth $392,000 after buying an additional 565 shares in the last quarter. 42.31% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Freedom Capital upgraded Unity Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 16th. Piper Sandler raised their price target on shares of Unity Bancorp from $65.00 to $68.00 and gave the company an “overweight” rating in a research note on Friday, June 26th. Weiss Ratings restated a “buy (b+)” rating on shares of Unity Bancorp in a research report on Friday, July 31st. Finally, DA Davidson reaffirmed a “buy” rating and set a $68.00 target price on shares of Unity Bancorp in a research note on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $65.50.

Unity Bancorp Stock Performance

Shares of UNTY stock opened at $58.91 on Friday. The firm has a market capitalization of $591.46 million, a price-to-earnings ratio of 10.25 and a beta of 0.61. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.88. The business’s 50-day moving average price is $58.61 and its 200-day moving average price is $55.27. Unity Bancorp, Inc. has a 12 month low of $44.34 and a 12 month high of $62.50.

Unity Bancorp (NASDAQ:UNTY) last released its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.44 by ($0.02). Unity Bancorp had a net margin of 30.26% and a return on equity of 16.10%. The firm had revenue of $33.75 million during the quarter, compared to analyst estimates of $34.62 million. Equities research analysts forecast that Unity Bancorp, Inc. will post 5.86 EPS for the current year.

Unity Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 17th. Stockholders of record on Thursday, September 3rd will be issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.2%. This is a boost from Unity Bancorp’s previous quarterly dividend of $0.16. The ex-dividend date is Thursday, September 3rd. Unity Bancorp’s dividend payout ratio (DPR) is presently 11.13%.

About Unity Bancorp

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.