Wellington Management Group LLP Has $13.56 Million Holdings in Unity Bancorp, Inc. (NASDAQ:UNTY)

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

Other institutional investors and hedge funds have also modified their holdings of the company. BNP Paribas Financial Markets boosted its holdings in shares of Unity Bancorp by 84.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 2,464 shares of the financial services provider’s stock worth $84,000 after acquiring an additional 1,129 shares in the last quarter. Barclays PLC raised its position in Unity Bancorp by 93.1% in the 3rd quarter. Barclays PLC now owns 14,197 shares of the financial services provider’s stock worth $484,000 after purchasing an additional 6,846 shares during the last quarter. JPMorgan Chase & Co. raised its position in Unity Bancorp by 79.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 88,231 shares of the financial services provider’s stock worth $3,005,000 after purchasing an additional 39,033 shares during the last quarter. Inspire Investing LLC bought a new position in Unity Bancorp in the 4th quarter worth approximately $845,000. Finally, Geode Capital Management LLC raised its position in Unity Bancorp by 0.3% in the 3rd quarter. Geode Capital Management LLC now owns 152,590 shares of the financial services provider’s stock worth $5,198,000 after purchasing an additional 492 shares during the last quarter. 42.31% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on UNTY shares. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $55.00 price objective (up previously from $51.00) on shares of Unity Bancorp in a research report on Thursday, January 16th. Piper Sandler reiterated an “overweight” rating and set a $54.00 target price (up previously from $53.00) on shares of Unity Bancorp in a research report on Thursday, January 16th.

Unity Bancorp Stock Performance

Shares of Unity Bancorp stock opened at $41.22 on Thursday. The firm has a fifty day moving average of $44.36 and a two-hundred day moving average of $43.06. The stock has a market capitalization of $414.59 million, a price-to-earnings 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. 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 (NASDAQ:UNTY) last issued its earnings results on Wednesday, January 15th. The financial services provider reported $1.13 EPS for the quarter, beating the consensus estimate of $1.08 by $0.05. Unity Bancorp had a net margin of 25.24% and a return on equity of 15.08%. As a group, equities research analysts predict that Unity Bancorp, Inc. will post 4.83 EPS for the current year.

Unity Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, March 14th were given a $0.14 dividend. The ex-dividend date was Friday, March 14th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.36%. This is a boost from Unity Bancorp’s previous quarterly dividend of $0.13. Unity Bancorp’s dividend payout ratio is currently 13.79%.

Insider Activity at Unity Bancorp

In related news, Director Mary E. Gross sold 3,300 shares of the company’s stock in a transaction on Tuesday, January 28th. The shares were sold at an average price of $48.04, for a total value of $158,532.00. Following the completion of the sale, the director now owns 18,479 shares in the company, valued at $887,731.16. This represents a 15.15 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Vincent Geraci sold 1,811 shares of the company’s stock in a transaction on Thursday, February 6th. The shares were sold at an average price of $50.82, for a total transaction of $92,035.02. Following the completion of the sale, the director now owns 8,312 shares of the company’s stock, valued at approximately $422,415.84. This represents a 17.89 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 7,791 shares of company stock worth $380,669 in the last quarter. Corporate insiders own 29.68% of the company’s stock.

Unity Bancorp 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.