Unity Bancorp, Inc. (NASDAQ:UNTY) Sees Large Increase in Short Interest

Unity Bancorp, Inc. (NASDAQ:UNTY) was the target of a large increase in short interest in July. As of July 15th, there was short interest totalling 46,000 shares, an increase of 75.6% from the June 30th total of 26,200 shares. Currently, 0.8% of the company’s shares are short sold. Based on an average trading volume of 17,300 shares, the days-to-cover ratio is currently 2.7 days.

Analyst Upgrades and Downgrades

UNTY has been the topic of several analyst reports. Keefe, Bruyette & Woods restated an “outperform” rating and set a $39.00 price target (up previously from $35.00) on shares of Unity Bancorp in a research note on Monday, July 15th. StockNews.com lowered shares of Unity Bancorp from a “buy” rating to a “hold” rating in a research note on Friday, July 19th.

Insider Activity at Unity Bancorp

In other Unity Bancorp news, SVP Minsu Kim sold 2,264 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $34.90, for a total value of $79,013.60. Following the transaction, the senior vice president now owns 3,975 shares in the company, valued at approximately $138,727.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Unity Bancorp news, SVP Minsu Kim sold 2,264 shares of the company’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $34.90, for a total value of $79,013.60. Following the transaction, the senior vice president now owns 3,975 shares in the company, valued at approximately $138,727.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Vincent Geraci sold 2,600 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $27.19, for a total transaction of $70,694.00. Following the completion of the transaction, the director now owns 1,043 shares in the company, valued at approximately $28,359.17. The disclosure for this sale can be found here. In the last 90 days, insiders sold 4,896 shares of company stock worth $150,732. 28.88% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC boosted its holdings in Unity Bancorp by 2,329.8% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,385 shares of the financial services provider’s stock valued at $41,000 after purchasing an additional 1,328 shares during the period. BNP Paribas Financial Markets lifted its holdings in shares of Unity Bancorp by 80.3% during the 1st quarter. BNP Paribas Financial Markets now owns 3,389 shares of the financial services provider’s stock worth $94,000 after acquiring an additional 1,509 shares during the period. Hillsdale Investment Management Inc. lifted its holdings in shares of Unity Bancorp by 18.5% during the 4th quarter. Hillsdale Investment Management Inc. now owns 3,200 shares of the financial services provider’s stock worth $95,000 after acquiring an additional 500 shares during the period. SG Americas Securities LLC bought a new position in shares of Unity Bancorp during the 4th quarter worth about $117,000. Finally, O Shaughnessy Asset Management LLC lifted its holdings in shares of Unity Bancorp by 75.2% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 16,552 shares of the financial services provider’s stock worth $457,000 after acquiring an additional 7,104 shares during the period. 42.31% of the stock is currently owned by institutional investors and hedge funds.

Unity Bancorp Stock Down 0.1 %

Shares of UNTY traded down $0.03 during mid-day trading on Friday, hitting $34.64. 14,732 shares of the company’s stock were exchanged, compared to its average volume of 17,718. The firm has a fifty day moving average of $28.48 and a two-hundred day moving average of $27.87. Unity Bancorp has a twelve month low of $22.50 and a twelve month high of $35.66. The stock has a market cap of $347.79 million, a price-to-earnings ratio of 9.23 and a beta of 1.02. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 1.16.

Unity Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 21st. Investors of record on Friday, June 7th were paid a $0.13 dividend. The ex-dividend date was Friday, June 7th. This represents a $0.52 dividend on an annualized basis and a yield of 1.50%. Unity Bancorp’s payout ratio is presently 13.72%.

About Unity Bancorp

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.