Truist Financial Corp Increases Stake in Unity Bancorp, Inc. $UNTY

Truist Financial Corp boosted its stake in Unity Bancorp, Inc. (NASDAQ:UNTY) by 9.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 50,577 shares of the financial services provider’s stock after purchasing an additional 4,172 shares during the period. Truist Financial Corp owned about 0.50% of Unity Bancorp worth $2,381,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. CWM LLC increased its stake in shares of Unity Bancorp by 122.5% during the first quarter. CWM LLC now owns 612 shares of the financial services provider’s stock valued at $25,000 after buying an additional 337 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Unity Bancorp by 1.2% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 33,020 shares of the financial services provider’s stock worth $1,344,000 after acquiring an additional 384 shares in the last quarter. Gator Capital Management LLC boosted its holdings in Unity Bancorp by 1.8% in the first quarter. Gator Capital Management LLC now owns 23,726 shares of the financial services provider’s stock worth $966,000 after acquiring an additional 421 shares in the last quarter. Hsbc Holdings PLC lifted its holdings in shares of Unity Bancorp by 20.8% during the first quarter. Hsbc Holdings PLC now owns 5,761 shares of the financial services provider’s stock valued at $236,000 after purchasing an additional 993 shares in the last quarter. Finally, Strs Ohio bought a new position in shares of Unity Bancorp during the first quarter valued at $49,000. 42.31% of the stock is owned by hedge funds and other institutional investors.

Unity Bancorp Price Performance

NASDAQ:UNTY opened at $46.62 on Friday. Unity Bancorp, Inc. has a 1 year low of $33.39 and a 1 year high of $54.64. The company has a debt-to-equity ratio of 1.21, a current ratio of 1.20 and a quick ratio of 1.20. The firm has a market capitalization of $467.60 million, a price-to-earnings ratio of 9.44 and a beta of 0.72. The business has a 50 day simple moving average of $50.24 and a 200-day simple moving average of $46.88.

Unity Bancorp (NASDAQ:UNTY) last issued its quarterly earnings results on Tuesday, July 15th. The financial services provider reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.17 by $0.03. Unity Bancorp had a return on equity of 15.34% and a net margin of 28.72%.The firm had revenue of $34.37 million during the quarter, compared to analyst estimates of $30.30 million. Equities 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 was paid on Friday, September 19th. Investors of record on Friday, September 5th were paid a dividend of $0.15 per share. The ex-dividend date of this dividend was Friday, September 5th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.3%. This is an increase from Unity Bancorp’s previous quarterly dividend of $0.14. Unity Bancorp’s dividend payout ratio is 12.15%.

Analyst Upgrades and Downgrades

UNTY has been the topic of a number of recent research reports. Weiss Ratings reissued a “buy (b)” rating on shares of Unity Bancorp in a report on Wednesday. Keefe, Bruyette & Woods increased their target price on Unity Bancorp from $55.00 to $63.00 and gave the stock an “outperform” rating in a research report on Friday, July 18th. Finally, Wall Street Zen raised Unity Bancorp from a “hold” rating to a “buy” rating in a research note on Saturday, September 13th. Three equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target 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.