Unity Bancorp, Inc. $UNTY Position Lifted by American Century Companies Inc.

American Century Companies Inc. grew its stake in Unity Bancorp, Inc. (NASDAQ:UNTY) by 17.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 163,312 shares of the financial services provider’s stock after purchasing an additional 24,528 shares during the quarter. American Century Companies Inc. owned approximately 1.63% of Unity Bancorp worth $7,689,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Strs Ohio acquired a new position in Unity Bancorp in the first quarter worth about $49,000. Franklin Resources Inc. bought a new position in Unity Bancorp during the 2nd quarter worth approximately $208,000. Hsbc Holdings PLC grew its position in shares of Unity Bancorp by 20.8% in the 1st quarter. Hsbc Holdings PLC now owns 5,761 shares of the financial services provider’s stock worth $236,000 after acquiring an additional 993 shares in the last quarter. Los Angeles Capital Management LLC acquired a new position in shares of Unity Bancorp in the 2nd quarter worth approximately $279,000. Finally, Jane Street Group LLC bought a new stake in shares of Unity Bancorp in the 1st quarter valued at approximately $283,000. Institutional investors own 42.31% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on UNTY shares. Wall Street Zen cut Unity Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, November 15th. Piper Sandler boosted their target price on shares of Unity Bancorp from $60.00 to $61.00 and gave the company an “overweight” rating in a research note on Wednesday, October 15th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Unity Bancorp in a research report on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, Unity Bancorp has an average rating of “Buy” and a consensus target price of $62.00.

Unity Bancorp Trading Down 0.3%

Unity Bancorp stock opened at $52.01 on Friday. Unity Bancorp, Inc. has a 52-week low of $36.65 and a 52-week high of $54.64. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.72. The firm has a market capitalization of $522.18 million, a price-to-earnings ratio of 9.85 and a beta of 0.64. The firm has a 50-day moving average price of $48.33 and a two-hundred day moving average price of $48.67.

Unity Bancorp (NASDAQ:UNTY) last released its quarterly earnings results on Tuesday, October 14th. The financial services provider reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.28 by $0.05. The company had revenue of $32.35 million for the quarter, compared to analysts’ expectations of $31.35 million. Unity Bancorp had a return on equity of 15.60% and a net margin of 29.85%. Sell-side analysts expect that Unity Bancorp, Inc. will post 4.83 earnings per share for the current year.

Unity Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Friday, December 5th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, December 5th. This represents a $0.60 annualized dividend and a yield of 1.2%. Unity Bancorp’s payout ratio is presently 11.36%.

Unity Bancorp Company Profile

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.