Unity Bancorp, Inc. $UNTY Shares Purchased by JPMorgan Chase & Co.

JPMorgan Chase & Co. raised its holdings in Unity Bancorp, Inc. (NASDAQ:UNTY) by 31.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 65,477 shares of the financial services provider’s stock after buying an additional 15,628 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.65% of Unity Bancorp worth $3,200,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of UNTY. Alliancebernstein L.P. boosted its position in shares of Unity Bancorp by 2.4% in the third quarter. Alliancebernstein L.P. now owns 357,310 shares of the financial services provider’s stock worth $17,462,000 after acquiring an additional 8,520 shares during the last quarter. Geode Capital Management LLC increased its position in Unity Bancorp by 4.3% during the second quarter. Geode Capital Management LLC now owns 164,189 shares of the financial services provider’s stock worth $7,732,000 after purchasing an additional 6,708 shares during the last quarter. American Century Companies Inc. increased its position in Unity Bancorp by 17.7% during the second quarter. American Century Companies Inc. now owns 163,312 shares of the financial services provider’s stock worth $7,689,000 after purchasing an additional 24,528 shares during the last quarter. Royce & Associates LP raised its stake in Unity Bancorp by 8.0% during the third quarter. Royce & Associates LP now owns 157,496 shares of the financial services provider’s stock worth $7,697,000 after purchasing an additional 11,676 shares during the period. Finally, Bridgeway Capital Management LLC boosted its holdings in shares of Unity Bancorp by 6.2% in the 3rd quarter. Bridgeway Capital Management LLC now owns 90,179 shares of the financial services provider’s stock valued at $4,407,000 after purchasing an additional 5,248 shares during the last quarter. Institutional investors and hedge funds own 42.31% of the company’s stock.

Unity Bancorp Price Performance

Unity Bancorp stock opened at $52.91 on Friday. The firm has a fifty day moving average of $52.59 and a 200-day moving average of $51.26. Unity Bancorp, Inc. has a 52-week low of $36.65 and a 52-week high of $57.30. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $530.16 million, a P/E ratio of 9.33 and a beta of 0.64.

Unity Bancorp (NASDAQ:UNTY) last posted its earnings results on Tuesday, January 13th. The financial services provider reported $1.41 earnings per share for the quarter, beating the consensus estimate of $1.35 by $0.06. Unity Bancorp had a net margin of 30.76% and a return on equity of 15.88%. The business had revenue of $33.70 million for the quarter, compared to analyst estimates of $33.39 million. As a group, analysts predict that Unity Bancorp, Inc. will post 4.83 EPS for the current year.

Unity Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 20th. Shareholders of record on Friday, March 6th were given a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 1.2%. This is a positive change from Unity Bancorp’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Friday, March 6th. Unity Bancorp’s dividend payout ratio is 11.29%.

Insider Activity at Unity Bancorp

In other news, SVP Minsu Kim sold 750 shares of the business’s stock in a transaction on 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 of the company’s stock, 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 SEC, which is available at this hyperlink. Also, SVP James Joseph Donovan sold 777 shares of the company’s stock in a transaction on Thursday, January 15th. The shares were sold at an average price of $56.07, for a total transaction of $43,566.39. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 19,678 shares of company stock valued at $1,003,769. 28.87% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

UNTY has been the subject of several research reports. Weiss Ratings reissued a “buy (b)” rating on shares of Unity Bancorp in a research note on Wednesday, January 21st. Keefe, Bruyette & Woods boosted their price target on Unity Bancorp from $60.00 to $65.00 and gave the company an “outperform” rating in a research report on Wednesday, January 14th. Finally, 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. Three equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $65.00.

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.