Nuveen LLC Buys New Position in Unity Bancorp, Inc. $UNTY

Nuveen LLC acquired a new stake in shares of Unity Bancorp, Inc. (NASDAQ:UNTY) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 12,750 shares of the financial services provider’s stock, valued at approximately $519,000. Nuveen LLC owned approximately 0.13% of Unity Bancorp as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. CWM LLC grew its position in shares of Unity Bancorp by 122.5% in the 1st quarter. CWM LLC now owns 612 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 337 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new position in shares of Unity Bancorp in the 4th quarter worth approximately $33,000. Whipplewood Advisors LLC grew its position in shares of Unity Bancorp by 11,000.0% in the 1st quarter. Whipplewood Advisors LLC now owns 1,221 shares of the financial services provider’s stock worth $50,000 after acquiring an additional 1,210 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Unity Bancorp by 11,262.5% in the 1st quarter. GAMMA Investing LLC now owns 2,727 shares of the financial services provider’s stock worth $111,000 after acquiring an additional 2,703 shares in the last quarter. Finally, Virtus Investment Advisers Inc. acquired a new position in shares of Unity Bancorp in the 4th quarter worth approximately $148,000. Institutional investors and hedge funds own 42.31% of the company’s stock.

Unity Bancorp Trading Up 1.7%

Shares of UNTY stock opened at $52.98 on Friday. The company has a debt-to-equity ratio of 1.21, a quick ratio of 1.20 and a current ratio of 1.20. Unity Bancorp, Inc. has a 1 year low of $31.44 and a 1 year high of $54.64. The stock has a fifty day moving average of $50.55 and a two-hundred day moving average of $45.74. The firm has a market capitalization of $531.39 million, a PE ratio of 10.72 and a beta of 0.79.

Unity Bancorp (NASDAQ:UNTY) last announced its quarterly earnings data on Tuesday, July 15th. The financial services provider reported $1.20 earnings per share for the quarter, beating the consensus estimate of $1.17 by $0.03. Unity Bancorp had a return on equity of 15.34% and a net margin of 28.72%.The business had revenue of $34.37 million during the quarter, compared to analyst estimates of $30.30 million. As a group, research analysts expect that Unity Bancorp, Inc. will post 4.83 EPS for the current year.

Unity Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 19th. Stockholders of record on Friday, September 5th will be issued a dividend of $0.15 per share. The ex-dividend date is Friday, September 5th. This represents a $0.60 annualized dividend and a dividend yield of 1.1%. This is an increase from Unity Bancorp’s previous quarterly dividend of $0.14. Unity Bancorp’s dividend payout ratio is presently 11.34%.

Wall Street Analyst Weigh In

UNTY has been the subject of several research reports. Wall Street Zen lowered Unity Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, August 30th. Keefe, Bruyette & Woods boosted their price objective on Unity Bancorp from $55.00 to $63.00 and gave the company an “outperform” rating in a research report on Friday, July 18th. Two equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $56.50.

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.