Royce & Associates LP Sells 30,973 Shares of Unity Bancorp, Inc. (NASDAQ:UNTY)

Royce & Associates LP lowered its position in shares of Unity Bancorp, Inc. (NASDAQ:UNTY) by 14.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 184,451 shares of the financial services provider’s stock after selling 30,973 shares during the quarter. Royce & Associates LP’s holdings in Unity Bancorp were worth $8,044,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Allworth Financial LP bought a new stake in Unity Bancorp during the 4th quarter worth about $67,000. BNP Paribas Financial Markets grew its position in shares of Unity Bancorp by 84.6% during the 3rd quarter. BNP Paribas Financial Markets now owns 2,464 shares of the financial services provider’s stock worth $84,000 after buying an additional 1,129 shares during the period. SG Americas Securities LLC bought a new stake in shares of Unity Bancorp during the fourth quarter worth approximately $135,000. Los Angeles Capital Management LLC acquired a new position in Unity Bancorp in the fourth quarter valued at approximately $218,000. Finally, Foundations Investment Advisors LLC bought a new position in Unity Bancorp in the fourth quarter valued at approximately $219,000. Institutional investors and hedge funds own 42.31% of the company’s stock.

Unity Bancorp Price Performance

Shares of NASDAQ UNTY opened at $42.08 on Wednesday. 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. The stock has a market cap of $423.24 million, a P/E ratio of 10.36 and a beta of 0.95. The firm has a 50 day moving average price of $46.10 and a 200 day moving average price of $42.20.

Unity Bancorp (NASDAQ:UNTY) last announced its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.13 earnings per share (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%. Analysts expect that Unity Bancorp, Inc. will post 4.83 EPS for the current year.

Unity Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be given a dividend of $0.14 per share. The ex-dividend date is Friday, March 14th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.33%. This is a positive change from Unity Bancorp’s previous quarterly dividend of $0.13. Unity Bancorp’s dividend payout ratio (DPR) is currently 13.79%.

Analysts Set New Price Targets

Several analysts have commented on the stock. Keefe, Bruyette & Woods reiterated an “outperform” rating and set a $55.00 target price (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 issued a $54.00 price objective (up previously from $53.00) on shares of Unity Bancorp in a report on Thursday, January 16th.

Insider Activity

In related news, Director Mark S. Brody sold 1,600 shares of the business’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $48.32, for a total value of $77,312.00. Following the sale, the director now directly owns 71,802 shares of the company’s stock, valued at approximately $3,469,472.64. The trade was a 2.18 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP James Joseph Donovan sold 1,080 shares of the 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 transaction, the senior vice president now owns 4,975 shares of the company’s stock, valued at approximately $243,178. This trade represents a 17.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 7,791 shares of company stock worth $380,669 in the last 90 days. Corporate insiders own 28.88% of the company’s stock.

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.