Pacific Ridge Capital Partners LLC Sells 23,164 Shares of Unity Bancorp, Inc. (NASDAQ:UNTY)

Pacific Ridge Capital Partners LLC cut its holdings in shares of Unity Bancorp, Inc. (NASDAQ:UNTY) by 12.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 168,047 shares of the financial services provider’s stock after selling 23,164 shares during the period. Unity Bancorp accounts for approximately 1.7% of Pacific Ridge Capital Partners LLC’s holdings, making the stock its 14th biggest holding. Pacific Ridge Capital Partners LLC owned about 1.68% of Unity Bancorp worth $7,329,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of UNTY. Geode Capital Management LLC lifted its holdings in 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 buying an additional 492 shares during the period. JPMorgan Chase & Co. raised its position in shares of Unity Bancorp by 46.1% during the 4th quarter. JPMorgan Chase & Co. now owns 128,941 shares of the financial services provider’s stock valued at $5,623,000 after acquiring an additional 40,710 shares during the last quarter. American Century Companies Inc. lifted its stake in shares of Unity Bancorp by 53.4% in the 4th quarter. American Century Companies Inc. now owns 97,975 shares of the financial services provider’s stock valued at $4,273,000 after purchasing an additional 34,089 shares during the period. State Street Corp boosted its position in shares of Unity Bancorp by 0.6% in the 3rd quarter. State Street Corp now owns 94,750 shares of the financial services provider’s stock worth $3,227,000 after purchasing an additional 607 shares during the last quarter. Finally, Segall Bryant & Hamill LLC acquired a new stake in shares of Unity Bancorp during the fourth quarter worth $1,795,000. Institutional investors own 42.31% of the company’s stock.

Insider Transactions at Unity Bancorp

In other Unity Bancorp news, Director Mark S. Brody sold 1,600 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $48.32, for a total transaction of $77,312.00. Following the completion of the transaction, the director now owns 71,802 shares of the company’s stock, valued at $3,469,472.64. This represents a 2.18 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP James Joseph Donovan sold 1,080 shares of the firm’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $48.88, for a total transaction of $52,790.40. Following the transaction, the senior vice president now directly owns 4,975 shares of the company’s stock, valued at $243,178. This represents a 17.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 7,791 shares of company stock valued at $380,669 over the last quarter. Corporate insiders own 29.68% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on UNTY shares. Piper Sandler reissued an “overweight” rating and issued a $54.00 target price (up previously from $53.00) on shares of Unity Bancorp in a research note on Thursday, January 16th. Keefe, Bruyette & Woods reiterated an “outperform” rating and issued a $55.00 price target (up from $51.00) on shares of Unity Bancorp in a research report on Thursday, January 16th.

Unity Bancorp Price Performance

UNTY opened at $41.70 on Thursday. The stock has a market cap of $419.42 million, a P/E ratio of 10.27 and a beta of 0.95. Unity Bancorp, Inc. has a 12 month low of $25.60 and a 12 month high of $51.22. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.97. The company has a fifty day simple moving average of $46.07 and a 200 day simple moving average of $42.52.

Unity Bancorp (NASDAQ:UNTY) last released its quarterly 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%. On average, research analysts expect that Unity Bancorp, Inc. will post 4.83 EPS for the current year.

Unity Bancorp Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 14th will be issued a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 1.34%. The ex-dividend date is Friday, March 14th. This is a boost from Unity Bancorp’s previous quarterly dividend of $0.13. Unity Bancorp’s dividend payout ratio is 13.79%.

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.