Unity Bancorp, Inc. (NASDAQ:UNTY) Sees Significant Drop in Short Interest

Unity Bancorp, Inc. (NASDAQ:UNTY) was the target of a significant decrease in short interest during the month of July. As of July 31st, there was short interest totalling 36,300 shares, a decrease of 21.1% from the July 15th total of 46,000 shares. Approximately 0.6% of the shares of the company are short sold. Based on an average daily volume of 19,900 shares, the short-interest ratio is currently 1.8 days.

Unity Bancorp Price Performance

NASDAQ:UNTY traded up $0.83 during mid-day trading on Friday, reaching $32.65. The stock had a trading volume of 3,356 shares, compared to its average volume of 17,941. The stock has a market capitalization of $325.85 million, a P/E ratio of 8.61 and a beta of 1.02. The firm has a 50 day moving average price of $30.00 and a two-hundred day moving average price of $28.25. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.15 and a current ratio of 1.15. Unity Bancorp has a one year low of $22.50 and a one year high of $35.66.

Unity Bancorp (NASDAQ:UNTY) last posted its quarterly earnings results on Friday, July 12th. The financial services provider reported $0.93 EPS for the quarter, missing the consensus estimate of $0.94 by ($0.01). Unity Bancorp had a return on equity of 14.71% and a net margin of 24.37%. The business had revenue of $25.46 million for the quarter, compared to analysts’ expectations of $25.81 million. As a group, analysts expect that Unity Bancorp will post 3.8 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on UNTY shares. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $39.00 target price (up from $35.00) on shares of Unity Bancorp in a research note on Monday, July 15th. StockNews.com upgraded shares of Unity Bancorp from a “hold” rating to a “buy” rating in a research report on Tuesday.

Insider Activity at Unity Bancorp

In related news, SVP James Joseph Donovan sold 750 shares of the stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $34.97, for a total transaction of $26,227.50. Following the sale, the senior vice president now owns 166 shares of the company’s stock, valued at approximately $5,805.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Unity Bancorp news, SVP Minsu Kim sold 2,264 shares of the 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 sale, the senior vice president now directly owns 3,975 shares in the company, valued at approximately $138,727.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP James Joseph Donovan sold 750 shares of the company’s stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $34.97, for a total value of $26,227.50. Following the completion of the transaction, the senior vice president now owns 166 shares in the company, valued at $5,805.02. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,046 shares of company stock worth $106,265. Insiders own 28.88% of the company’s stock.

Institutional Trading of Unity Bancorp

Hedge funds have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP increased its holdings in shares of Unity Bancorp by 1.2% in the second quarter. Dimensional Fund Advisors LP now owns 478,877 shares of the financial services provider’s stock worth $14,159,000 after buying an additional 5,449 shares during the period. Ritholtz Wealth Management bought a new position in Unity Bancorp during the 2nd quarter worth approximately $202,000. Panagora Asset Management Inc. increased its stake 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 purchasing an additional 488 shares during the period. Allspring Global Investments Holdings LLC lifted its position in Unity Bancorp by 2,329.8% in the second 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 last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Unity Bancorp by 7.3% during the second quarter. Bank of New York Mellon Corp now owns 35,083 shares of the financial services provider’s stock valued at $1,037,000 after purchasing an additional 2,393 shares during the period. 42.31% of the stock is owned by institutional investors.

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.