12,139 Shares in Unity Bancorp, Inc. $UNTY Acquired by Man Group plc

Man Group plc bought a new stake in shares of Unity Bancorp, Inc. (NASDAQ:UNTY) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 12,139 shares of the financial services provider’s stock, valued at approximately $712,000.

Other hedge funds have also recently added to or reduced their stakes in the company. CWM LLC boosted its stake in shares of Unity Bancorp by 38.0% in the 4th quarter. CWM LLC now owns 857 shares of the financial services provider’s stock valued at $44,000 after purchasing an additional 236 shares during the last quarter. Hsbc Holdings PLC lifted its holdings in Unity Bancorp by 5.1% in the second quarter. Hsbc Holdings PLC now owns 6,056 shares of the financial services provider’s stock valued at $287,000 after buying an additional 295 shares during the period. Gator Capital Management LLC boosted its position in Unity Bancorp by 0.9% during the fourth quarter. Gator Capital Management LLC now owns 33,851 shares of the financial services provider’s stock valued at $1,751,000 after acquiring an additional 315 shares during the last quarter. BNP Paribas Financial Markets boosted its position in Unity Bancorp by 14.8% during the second quarter. BNP Paribas Financial Markets now owns 2,883 shares of the financial services provider’s stock valued at $136,000 after acquiring an additional 372 shares during the last quarter. Finally, Rhumbline Advisers grew its holdings in Unity Bancorp by 3.7% during the 2nd quarter. Rhumbline Advisers now owns 10,805 shares of the financial services provider’s stock worth $509,000 after acquiring an additional 385 shares during the period. Institutional investors own 42.31% of the company’s stock.

Unity Bancorp Price Performance

Shares of NASDAQ UNTY opened at $58.91 on Friday. The firm has a market capitalization of $591.46 million, a P/E ratio of 10.25 and a beta of 0.61. The firm’s 50-day moving average price is $58.61 and its 200-day moving average price is $55.27. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.88. Unity Bancorp, Inc. has a 1-year low of $44.34 and a 1-year high of $62.50.

Unity Bancorp (NASDAQ:UNTY) last issued its earnings results on Tuesday, July 14th. The financial services provider reported $1.42 EPS for the quarter, missing the consensus estimate of $1.44 by ($0.02). Unity Bancorp had a net margin of 30.26% and a return on equity of 16.10%. The firm had revenue of $33.75 million during the quarter, compared to analyst estimates of $34.62 million. Equities research analysts anticipate that Unity Bancorp, Inc. will post 5.86 earnings per share for the current fiscal year.

Unity Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 17th. Shareholders of record on Thursday, September 3rd will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 1.2%. This is a boost from Unity Bancorp’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Thursday, September 3rd. Unity Bancorp’s payout ratio is 11.13%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on UNTY shares. Freedom Capital raised Unity Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 16th. DA Davidson reiterated a “buy” rating and issued a $68.00 target price on shares of Unity Bancorp in a report on Wednesday, July 15th. Weiss Ratings reissued a “buy (b+)” rating on shares of Unity Bancorp in a research note on Friday, July 31st. Finally, Piper Sandler increased their price target on Unity Bancorp from $65.00 to $68.00 and gave the stock an “overweight” rating in a report on Friday, June 26th. One investment analyst has rated the stock with a Strong Buy rating and five have given a Buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $65.50.

Unity Bancorp Profile

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.