Unity Bancorp, Inc. (NASDAQ:UNTY) Shares Acquired by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Unity Bancorp, Inc. (NASDAQ:UNTY) by 78.3% during the 4th quarter, Holdings Channel.com reports. The fund owned 32,636 shares of the financial services provider’s stock after purchasing an additional 14,337 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Unity Bancorp were worth $1,423,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Allworth Financial LP purchased a new position in shares of Unity Bancorp during the fourth quarter worth about $67,000. BNP Paribas Financial Markets grew its stake in 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 last quarter. SG Americas Securities LLC acquired a new position in Unity Bancorp during the fourth quarter worth approximately $135,000. Los Angeles Capital Management LLC purchased a new stake in Unity Bancorp in the fourth quarter valued at approximately $218,000. Finally, Foundations Investment Advisors LLC acquired a new stake in shares of Unity Bancorp in the fourth quarter valued at approximately $219,000. 42.31% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

UNTY has been the subject of several research reports. Piper Sandler reiterated an “overweight” rating and issued a $54.00 price target (up previously from $53.00) on shares of Unity Bancorp in a research report on Thursday, January 16th. 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 note on Thursday, January 16th.

Unity Bancorp Price Performance

Shares of NASDAQ UNTY opened at $42.71 on Thursday. The stock has a fifty day moving average price of $46.12 and a 200 day moving average price of $42.20. Unity Bancorp, Inc. has a 1-year low of $25.60 and a 1-year high of $51.22. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.16 and a quick ratio of 1.16. The company has a market cap of $429.58 million, a PE ratio of 10.52 and a beta of 0.95.

Unity Bancorp (NASDAQ:UNTY) last released its earnings results on Wednesday, January 15th. The financial services provider reported $1.13 EPS for the quarter, topping 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%. Sell-side analysts forecast 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. Investors of record on Friday, March 14th will be paid a $0.14 dividend. The ex-dividend date is Friday, March 14th. This is an increase from Unity Bancorp’s previous quarterly dividend of $0.13. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.31%. Unity Bancorp’s payout ratio is 13.79%.

Insider Buying and Selling

In other Unity Bancorp 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 transaction of $77,312.00. Following the sale, the director now directly owns 71,802 shares in the company, valued at approximately $3,469,472.64. The trade was a 2.18 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP James Joseph Donovan sold 1,080 shares of the company’s stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $48.88, for a total transaction of $52,790.40. Following the transaction, the senior vice president now directly owns 4,975 shares in the company, valued at approximately $243,178. This trade represents a 17.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 7,791 shares of company stock valued at $380,669 over the last quarter. Company 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.