Allspring Global Investments Holdings LLC Sells 794 Shares of Unity Bancorp, Inc. (NASDAQ:UNTY)

Allspring Global Investments Holdings LLC cut its stake in shares of Unity Bancorp, Inc. (NASDAQ:UNTY) by 8.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,234 shares of the financial services provider’s stock after selling 794 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Unity Bancorp were worth $194,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the stock. Royal Bank of Canada increased its position in shares of Unity Bancorp by 8.1% during the 3rd quarter. Royal Bank of Canada now owns 5,986 shares of the financial services provider’s stock valued at $150,000 after purchasing an additional 447 shares during the last quarter. Morgan Stanley increased its position in shares of Unity Bancorp by 4.5% during the 4th quarter. Morgan Stanley now owns 11,482 shares of the financial services provider’s stock valued at $314,000 after purchasing an additional 491 shares during the last quarter. American Century Companies Inc. increased its position in shares of Unity Bancorp by 1.2% during the 4th quarter. American Century Companies Inc. now owns 44,770 shares of the financial services provider’s stock valued at $1,224,000 after purchasing an additional 516 shares during the last quarter. Martingale Asset Management L P increased its position in shares of Unity Bancorp by 2.5% during the 1st quarter. Martingale Asset Management L P now owns 21,923 shares of the financial services provider’s stock valued at $500,000 after purchasing an additional 544 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Unity Bancorp by 3.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 18,432 shares of the financial services provider’s stock valued at $504,000 after purchasing an additional 573 shares during the last quarter. 47.58% of the stock is currently owned by institutional investors.

Unity Bancorp Trading Up 1.3 %

Shares of UNTY opened at $25.17 on Monday. The business has a 50-day moving average of $23.83 and a 200 day moving average of $23.87. Unity Bancorp, Inc. has a fifty-two week low of $20.01 and a fifty-two week high of $29.88. The firm has a market cap of $253.21 million, a P/E ratio of 6.61 and a beta of 0.99. The company has a debt-to-equity ratio of 1.58, a quick ratio of 1.23 and a current ratio of 1.22.

Unity Bancorp (NASDAQ:UNTY) last posted its earnings results on Friday, October 13th. The financial services provider reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.08. The business had revenue of $39.03 million during the quarter, compared to analyst estimates of $25.05 million. Unity Bancorp had a return on equity of 16.35% and a net margin of 27.78%. As a group, research analysts forecast that Unity Bancorp, Inc. will post 3.77 EPS for the current year.

Unity Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 22nd. Shareholders of record on Friday, September 8th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.91%. The ex-dividend date of this dividend was Thursday, September 7th. Unity Bancorp’s payout ratio is presently 12.60%.

Analyst Ratings Changes

Separately, StockNews.com started coverage on Unity Bancorp in a report on Thursday, October 5th. They issued a “hold” rating for the company.

Unity Bancorp Company Profile

Unity Bancorp, Inc operates as a bank holding company for Unity Bank that provides commercial and retail banking services to individuals, small and medium sized businesses, and professional communities. The company offers personal and business checking accounts, time deposits, money market accounts, and savings accounts, as well as noninterest and interest-bearing demand deposits.