CenterBook Partners LP Buys New Shares in Unity Bancorp, Inc. $UNTY

CenterBook Partners LP purchased a new stake in shares of Unity Bancorp, Inc. (NASDAQ:UNTY) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 13,956 shares of the financial services provider’s stock, valued at approximately $682,000. CenterBook Partners LP owned about 0.14% of Unity Bancorp at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. American Century Companies Inc. lifted its stake in 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. Gator Capital Management LLC increased its stake in shares of Unity Bancorp by 40.2% in the 2nd quarter. Gator Capital Management LLC now owns 33,256 shares of the financial services provider’s stock valued at $1,566,000 after acquiring an additional 9,530 shares in the last quarter. Los Angeles Capital Management LLC acquired a new position in shares of Unity Bancorp during the 2nd quarter valued at $279,000. Principal Financial Group Inc. bought a new position in Unity Bancorp during the third quarter worth $550,000. Finally, Squarepoint Ops LLC bought a new position in Unity Bancorp during the second quarter worth $498,000. 42.31% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CEO James A. Hughes sold 1,500 shares of Unity Bancorp stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $54.50, for a total transaction of $81,750.00. Following the sale, the chief executive officer directly owned 173,013 shares in the company, valued at $9,429,208.50. The trade was a 0.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Vincent Geraci sold 1,573 shares of the stock in a transaction dated Thursday, January 15th. The shares were sold at an average price of $55.38, for a total transaction of $87,112.74. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 4,865 shares of company stock valued at $268,336. 29.68% of the stock is owned by company insiders.

Unity Bancorp Price Performance

Shares of NASDAQ:UNTY opened at $54.25 on Friday. The stock’s fifty day simple moving average is $53.82 and its two-hundred day simple moving average is $51.11. The stock has a market cap of $544.67 million, a PE ratio of 9.57 and a beta of 0.66. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.72. Unity Bancorp, Inc. has a 1-year low of $36.65 and a 1-year high of $57.30.

Unity Bancorp (NASDAQ:UNTY) last released its quarterly earnings results on Tuesday, January 13th. The financial services provider reported $1.41 earnings per share for the quarter, topping the consensus estimate of $1.35 by $0.06. Unity Bancorp had a net margin of 30.76% and a return on equity of 16.19%. The business had revenue of $33.70 million for the quarter, compared to analysts’ expectations of $33.39 million. As a group, analysts forecast that Unity Bancorp, Inc. will post 4.83 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

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

Unity Bancorp Company Profile

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.