Unity Bancorp, Inc. (NASDAQ:UNTY) Short Interest Up 28.4% in January

Unity Bancorp, Inc. (NASDAQ:UNTY) was the recipient of a significant increase in short interest in the month of January. As of January 15th, there was short interest totalling 51,100 shares, an increase of 28.4% from the December 31st total of 39,800 shares. Currently, 0.8% of the company’s shares are sold short. Based on an average trading volume of 35,600 shares, the short-interest ratio is currently 1.4 days.

Insider Buying and Selling at Unity Bancorp

In related news, SVP David G. Bove sold 4,167 shares of the company’s stock in a transaction on Friday, December 13th. The shares were sold at an average price of $46.78, for a total value of $194,932.26. Following the completion of the transaction, the senior vice president now directly owns 9,837 shares of the company’s stock, valued at approximately $460,174.86. This represents a 29.76 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Mary E. Gross sold 3,300 shares of Unity Bancorp stock in a transaction dated Tuesday, January 28th. The shares were sold at an average price of $48.04, for a total value of $158,532.00. Following the completion of the sale, the director now directly owns 18,479 shares in the company, valued at $887,731.16. This represents a 15.15 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 14,110 shares of company stock valued at $658,174. Company insiders own 28.88% of the company’s stock.

Institutional Trading of Unity Bancorp

Several institutional investors and hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC increased its holdings in shares of Unity Bancorp by 0.3% during the 3rd quarter. Geode Capital Management LLC now owns 152,590 shares of the financial services provider’s stock worth $5,198,000 after acquiring an additional 492 shares during the last quarter. State Street Corp boosted its position in Unity Bancorp by 0.6% during the third 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 period. BNP Paribas Financial Markets increased its holdings 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 valued at $84,000 after purchasing an additional 1,129 shares during the last quarter. Allworth Financial LP bought a new position in shares of Unity Bancorp in the fourth quarter valued at about $67,000. Finally, Empowered Funds LLC lifted its stake in shares of Unity Bancorp by 5.1% during the 3rd quarter. Empowered Funds LLC now owns 33,303 shares of the financial services provider’s stock worth $1,134,000 after buying an additional 1,608 shares during the last quarter. Institutional investors own 42.31% of the company’s stock.

Unity Bancorp Stock Up 0.4 %

Shares of Unity Bancorp stock traded up $0.20 on Friday, reaching $48.35. 49,605 shares of the company were exchanged, compared to its average volume of 37,258. The company has a market capitalization of $482.82 million, a price-to-earnings ratio of 11.91 and a beta of 1.03. 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 has a one year low of $25.33 and a one year high of $49.13. The company has a 50-day moving average of $45.14 and a 200 day moving average of $39.15.

Unity Bancorp (NASDAQ:UNTY) last posted its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.05. Unity Bancorp had a net margin of 25.24% and a return on equity of 15.08%. On average, equities research analysts forecast that Unity Bancorp will post 4.83 earnings per share for the current year.

Unity Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 1.08%. The ex-dividend date of this dividend was Friday, December 13th. Unity Bancorp’s payout ratio is currently 12.81%.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Keefe, Bruyette & Woods restated an “outperform” rating and issued a $55.00 target price (up previously from $51.00) on shares of Unity Bancorp in a research note on Thursday, January 16th. Piper Sandler reaffirmed an “overweight” rating and issued a $54.00 target price (up previously from $53.00) on shares of Unity Bancorp in a research report on Thursday, January 16th. Finally, StockNews.com cut shares of Unity Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, October 22nd.

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.