Hillsdale Investment Management Inc. Buys New Position in Unity Bancorp, Inc. (NASDAQ:UNTY)

Hillsdale Investment Management Inc. purchased a new position in Unity Bancorp, Inc. (NASDAQ:UNTY) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 6,480 shares of the financial services provider’s stock, valued at approximately $283,000.

Several other large investors also recently bought and sold shares of the company. Geode Capital Management LLC boosted its stake in shares of Unity Bancorp by 0.3% in the third quarter. Geode Capital Management LLC now owns 152,590 shares of the financial services provider’s stock valued at $5,198,000 after purchasing an additional 492 shares during the period. State Street Corp boosted its position in Unity Bancorp by 0.6% in the 3rd quarter. State Street Corp now owns 94,750 shares of the financial services provider’s stock valued at $3,227,000 after buying an additional 607 shares during the last quarter. BNP Paribas Financial Markets grew its stake in shares of Unity Bancorp by 84.6% during the third quarter. BNP Paribas Financial Markets now owns 2,464 shares of the financial services provider’s stock valued at $84,000 after acquiring an additional 1,129 shares in the last quarter. Allworth Financial LP purchased a new stake in shares of Unity Bancorp during the fourth quarter worth about $67,000. Finally, Empowered Funds LLC lifted its stake in shares of Unity Bancorp by 4.9% in the fourth quarter. Empowered Funds LLC now owns 34,932 shares of the financial services provider’s stock worth $1,523,000 after acquiring an additional 1,629 shares in the last quarter. Institutional investors and hedge funds own 42.31% of the company’s stock.

Insider Buying and Selling at Unity Bancorp

In other news, Director Vincent Geraci sold 1,811 shares of Unity Bancorp stock in a transaction dated Thursday, February 6th. The shares were sold at an average price of $50.82, for a total value of $92,035.02. Following the completion of the transaction, the director now directly owns 8,312 shares of the company’s stock, valued at approximately $422,415.84. The trade was a 17.89 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Mark S. Brody sold 1,600 shares of the stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $48.32, for a total transaction of $77,312.00. Following the sale, the director now owns 71,802 shares in the company, valued at approximately $3,469,472.64. This trade represents a 2.18 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 7,791 shares of company stock worth $380,669 over the last 90 days. Insiders own 29.68% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on UNTY. Piper Sandler restated an “overweight” rating and set a $54.00 price objective (up previously from $53.00) on shares of Unity Bancorp in a research note on Thursday, January 16th. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $55.00 price target (up previously from $51.00) on shares of Unity Bancorp in a research note on Thursday, January 16th.

Unity Bancorp Stock Performance

Shares of UNTY stock opened at $43.06 on Tuesday. The stock has a market capitalization of $433.10 million, a price-to-earnings ratio of 10.61 and a beta of 0.95. Unity Bancorp, Inc. has a one year low of $25.60 and a one year high of $51.22. The company’s 50-day simple moving average is $46.17 and its 200-day simple moving average is $42.45. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.16 and a current ratio of 1.16.

Unity Bancorp (NASDAQ:UNTY) last released its earnings results on Wednesday, January 15th. The financial services provider reported $1.13 EPS for the quarter, topping analysts’ consensus estimates of $1.08 by $0.05. Unity Bancorp had a return on equity of 15.08% and a net margin of 25.24%. Equities analysts anticipate that Unity Bancorp, Inc. will post 4.83 earnings per share for the current fiscal year.

Unity Bancorp Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Shareholders of record on Friday, March 14th will be issued a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a yield of 1.30%. The ex-dividend date of this dividend is Friday, March 14th. This is an increase from Unity Bancorp’s previous quarterly dividend of $0.13. Unity Bancorp’s payout ratio is currently 13.79%.

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.