Bank of America Corp DE Acquires 2,793 Shares of Unity Bancorp, Inc. (NASDAQ:UNTY)

Bank of America Corp DE raised its holdings in shares of Unity Bancorp, Inc. (NASDAQ:UNTY) by 24.2% in the 4th quarter, Holdings Channel.com reports. The firm owned 14,340 shares of the financial services provider’s stock after buying an additional 2,793 shares during the quarter. Bank of America Corp DE’s holdings in Unity Bancorp were worth $625,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the business. Wells Fargo & Company MN lifted its position in Unity Bancorp by 25.8% during the fourth quarter. Wells Fargo & Company MN now owns 4,159 shares of the financial services provider’s stock valued at $181,000 after purchasing an additional 852 shares during the last quarter. Allworth Financial LP purchased a new stake in shares of Unity Bancorp in the fourth quarter valued at $67,000. Barclays PLC raised its stake in shares of Unity Bancorp by 10.6% in the fourth quarter. Barclays PLC now owns 15,700 shares of the financial services provider’s stock valued at $685,000 after acquiring an additional 1,503 shares during the period. Empowered Funds LLC raised its stake in shares of Unity Bancorp by 4.9% in the fourth quarter. Empowered Funds LLC now owns 34,932 shares of the financial services provider’s stock valued at $1,523,000 after acquiring an additional 1,629 shares during the period. Finally, SG Americas Securities LLC purchased a new stake in shares of Unity Bancorp in the fourth quarter valued at $135,000. Institutional investors own 42.31% of the company’s stock.

Unity Bancorp Stock Up 0.6%

UNTY stock opened at $43.25 on Tuesday. The firm has a 50 day moving average of $42.50 and a 200 day moving average of $44.19. The stock has a market capitalization of $433.84 million, a PE ratio of 10.65 and a beta of 0.71. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.97. Unity Bancorp, Inc. has a 52 week low of $25.60 and a 52 week high of $51.22.

Unity Bancorp (NASDAQ:UNTY) last announced its quarterly earnings data on Friday, April 11th. The financial services provider reported $1.13 EPS for the quarter, beating the consensus estimate of $1.12 by $0.01. Unity Bancorp had a net margin of 25.24% and a return on equity of 15.08%. The business had revenue of $29.35 million during the quarter, compared to analysts’ expectations of $28.81 million. During the same period in the previous year, the business posted $0.93 EPS. Sell-side analysts forecast that Unity Bancorp, Inc. will post 4.83 earnings per share for the current year.

Unity Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 20th. Investors of record on Friday, June 6th will be issued a $0.14 dividend. This represents a $0.56 annualized dividend and a yield of 1.29%. The ex-dividend date of this dividend is Friday, June 6th. Unity Bancorp’s payout ratio is presently 13.15%.

Insider Buying and Selling

In other Unity Bancorp news, Director Donald E. Jr. Souders sold 1,333 shares of Unity Bancorp stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $41.23, for a total transaction of $54,959.59. Following the sale, the director now owns 8,477 shares of the company’s stock, valued at $349,506.71. The trade was a 13.59% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 29.68% of the stock is owned by insiders.

Analysts Set New Price Targets

UNTY has been the topic of several recent analyst reports. Piper Sandler reduced their target price on shares of Unity Bancorp from $54.00 to $50.00 and set an “overweight” rating on the stock in a research note on Monday, April 14th. Wall Street Zen downgraded shares of Unity Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, May 24th.

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.