11,252 Shares in Unity Bancorp, Inc. $UNTY Bought by Principal Financial Group Inc.

Principal Financial Group Inc. acquired a new stake in Unity Bancorp, Inc. (NASDAQ:UNTY) in the third quarter, according to the company in its most recent filing with the SEC. The firm acquired 11,252 shares of the financial services provider’s stock, valued at approximately $550,000. Principal Financial Group Inc. owned about 0.11% of Unity Bancorp at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in UNTY. Alliancebernstein L.P. increased its holdings in Unity Bancorp by 3.8% in the second quarter. Alliancebernstein L.P. now owns 348,790 shares of the financial services provider’s stock valued at $16,421,000 after purchasing an additional 12,652 shares during the period. Geode Capital Management LLC increased its stake in shares of Unity Bancorp by 4.3% in the second quarter. Geode Capital Management LLC now owns 164,189 shares of the financial services provider’s stock valued at $7,732,000 after buying an additional 6,708 shares during the period. American Century Companies Inc. increased its stake in shares of Unity Bancorp by 17.7% in the second quarter. American Century Companies Inc. now owns 163,312 shares of the financial services provider’s stock valued at $7,689,000 after buying an additional 24,528 shares during the period. Bridgeway Capital Management LLC raised its position in shares of Unity Bancorp by 4.4% during the second quarter. Bridgeway Capital Management LLC now owns 84,931 shares of the financial services provider’s stock worth $3,999,000 after acquiring an additional 3,608 shares during the last quarter. Finally, Kennedy Capital Management LLC lifted its stake in shares of Unity Bancorp by 7.8% in the second quarter. Kennedy Capital Management LLC now owns 59,480 shares of the financial services provider’s stock worth $2,800,000 after acquiring an additional 4,285 shares during the period. 42.31% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Wall Street Zen downgraded shares of Unity Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, November 15th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Unity Bancorp in a research note on Wednesday, January 21st. Keefe, Bruyette & Woods lifted their target price on shares of Unity Bancorp from $60.00 to $65.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 14th. Finally, Piper Sandler boosted their target price on shares of Unity Bancorp from $64.00 to $65.00 and gave the company an “overweight” rating in a report on Thursday, January 15th. Three equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $65.00.

Insider Activity

In related news, SVP Minsu Kim sold 750 shares of the business’s stock in a transaction dated Thursday, January 15th. The shares were sold at an average price of $56.13, for a total transaction of $42,097.50. Following the transaction, the senior vice president directly owned 791 shares in the company, valued at approximately $44,398.83. The trade was a 48.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP James Joseph Donovan sold 777 shares of the stock in a transaction dated Thursday, January 15th. The shares were sold at an average price of $56.07, for a total transaction of $43,566.39. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 4,865 shares of company stock worth $268,336. Company insiders own 29.68% of the company’s stock.

Unity Bancorp Stock Down 1.5%

UNTY stock opened at $53.41 on Friday. The firm has a market capitalization of $536.24 million, a PE ratio of 9.42 and a beta of 0.66. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.72. Unity Bancorp, Inc. has a twelve month low of $36.65 and a twelve month high of $57.30. The stock’s 50 day moving average is $53.84 and its 200-day moving average is $51.04.

Unity Bancorp (NASDAQ:UNTY) last released its quarterly earnings results on Tuesday, January 13th. The financial services provider reported $1.41 EPS for the quarter, beating analysts’ consensus estimates of $1.35 by $0.06. The business had revenue of $33.70 million during the quarter, compared to analyst estimates of $33.39 million. Unity Bancorp had a return on equity of 16.19% and a net margin of 30.76%. Sell-side analysts expect that Unity Bancorp, Inc. will post 4.83 EPS for the current fiscal year.

About Unity Bancorp

Unity Bancorp, Inc is a bank holding company headquartered in Morrisville, Pennsylvania, trading on the NASDAQ under the ticker UNTY. Through its primary subsidiary, Unity Bank, the company delivers a comprehensive suite of commercial and retail banking services to individuals, businesses and municipal clients in its regional markets.

Founded in 1906, Unity Bank maintains a network of conveniently located branches across Bucks County and adjacent areas of southeastern Pennsylvania. The company’s deposit portfolio includes checking and savings accounts, money market accounts and certificates of deposit, while its loan offerings encompass commercial real estate, construction and land development, agricultural and consumer lending solutions.

Beyond traditional deposit and lending activities, Unity Bancorp provides cash management and merchant services, as well as internet and mobile banking platforms designed to streamline day-to-day financial operations.