Banc Funds Co. LLC Has $28.61 Million Holdings in Unity Bancorp, Inc. (NASDAQ:UNTY)

Banc Funds Co. LLC lowered its holdings in shares of Unity Bancorp, Inc. (NASDAQ:UNTY) by 10.7% during the third quarter, Holdings Channel reports. The firm owned 840,044 shares of the financial services provider’s stock after selling 101,000 shares during the period. Unity Bancorp accounts for about 3.1% of Banc Funds Co. LLC’s portfolio, making the stock its largest position. Banc Funds Co. LLC owned about 0.08% of Unity Bancorp worth $28,612,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of UNTY. Allspring Global Investments Holdings LLC boosted its position in Unity Bancorp by 2,329.8% during the second quarter. Allspring Global Investments Holdings LLC now owns 1,385 shares of the financial services provider’s stock worth $41,000 after purchasing an additional 1,328 shares during the period. BNP Paribas Financial Markets lifted its stake in shares of Unity Bancorp by 84.6% in the third quarter. BNP Paribas Financial Markets now owns 2,464 shares of the financial services provider’s stock worth $84,000 after buying an additional 1,129 shares during the last quarter. Ritholtz Wealth Management bought a new stake in shares of Unity Bancorp during the 2nd quarter worth $202,000. Princeton Capital Management LLC acquired a new position in Unity Bancorp in the 3rd quarter valued at $208,000. Finally, Panagora Asset Management Inc. raised its holdings in Unity Bancorp by 2.4% in the 2nd quarter. Panagora Asset Management Inc. now owns 20,852 shares of the financial services provider’s stock worth $617,000 after acquiring an additional 488 shares during the period. Institutional investors and hedge funds own 42.31% of the company’s stock.

Insiders Place Their Bets

In other Unity Bancorp news, Director Mark S. Brody sold 2,800 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $47.33, for a total value of $132,524.00. Following the sale, the director now owns 70,002 shares of the company’s stock, valued at $3,313,194.66. The trade was a 3.85 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Vincent Geraci sold 1,043 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $44.98, for a total transaction of $46,914.14. Following the completion of the transaction, the director now owns 8,250 shares of the company’s stock, valued at approximately $371,085. This represents a 11.22 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 28.88% of the company’s stock.

Unity Bancorp Trading Down 0.5 %

Shares of UNTY stock opened at $45.40 on Monday. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.97. Unity Bancorp, Inc. has a 1 year low of $25.33 and a 1 year high of $48.22. The firm’s fifty day simple moving average is $39.79 and its 200 day simple moving average is $33.72. The firm has a market capitalization of $453.55 million, a P/E ratio of 11.67 and a beta of 0.99.

Unity Bancorp (NASDAQ:UNTY) last posted its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.97 by $0.10. The company had revenue of $27.66 million for the quarter, compared to the consensus estimate of $26.40 million. Unity Bancorp had a net margin of 24.46% and a return on equity of 14.63%. As a group, sell-side analysts predict that Unity Bancorp, Inc. will post 4.01 EPS for the current year.

Unity Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a $0.13 dividend. The ex-dividend date is Friday, December 13th. This represents a $0.52 annualized dividend and a yield of 1.15%. Unity Bancorp’s dividend payout ratio (DPR) is 13.37%.

Wall Street Analyst Weigh In

UNTY has been the subject of a number of recent analyst reports. StockNews.com cut shares of Unity Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd. Piper Sandler restated an “overweight” rating and set a $44.00 target price (up previously from $40.00) on shares of Unity Bancorp in a research note on Monday, October 14th.

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.