Segall Bryant & Hamill LLC Takes $1.80 Million Position in Unity Bancorp, Inc. (NASDAQ:UNTY)

Segall Bryant & Hamill LLC purchased a new stake in shares of Unity Bancorp, Inc. (NASDAQ:UNTY) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 41,167 shares of the financial services provider’s stock, valued at approximately $1,795,000.

Several other hedge funds have also added to or reduced their stakes in the company. Geode Capital Management LLC lifted its position in 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 valued at $5,198,000 after purchasing an additional 492 shares during the period. American Century Companies Inc. boosted its stake in Unity Bancorp by 53.4% in the fourth quarter. American Century Companies Inc. now owns 97,975 shares of the financial services provider’s stock valued at $4,273,000 after acquiring an additional 34,089 shares during the last quarter. State Street Corp grew its holdings in Unity Bancorp by 0.6% during the 3rd quarter. State Street Corp now owns 94,750 shares of the financial services provider’s stock worth $3,227,000 after acquiring an additional 607 shares during the period. JPMorgan Chase & Co. grew its holdings in Unity Bancorp by 79.3% during the 3rd quarter. JPMorgan Chase & Co. now owns 88,231 shares of the financial services provider’s stock worth $3,005,000 after acquiring an additional 39,033 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in shares of Unity Bancorp by 34.0% in the 4th quarter. Bank of New York Mellon Corp now owns 40,102 shares of the financial services provider’s stock valued at $1,749,000 after purchasing an additional 10,167 shares during the period. Institutional investors own 42.31% of the company’s stock.

Insider Buying and Selling at Unity Bancorp

In other news, SVP James Joseph Donovan sold 1,080 shares of the business’s stock in a transaction dated Tuesday, February 4th. The stock was sold at an average price of $48.88, for a total value of $52,790.40. Following the sale, the senior vice president now directly owns 4,975 shares in the company, valued at $243,178. The trade was a 17.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Mary E. Gross sold 3,300 shares of the stock in a transaction dated Tuesday, January 28th. The stock was sold at an average price of $48.04, for a total value of $158,532.00. Following the transaction, the director now owns 18,479 shares of the company’s stock, valued at approximately $887,731.16. The trade was a 15.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 7,791 shares of company stock valued at $380,669. 29.68% of the stock is currently owned by corporate insiders.

Unity Bancorp Price Performance

UNTY opened at $41.29 on Friday. The stock has a market cap of $415.29 million, a P/E ratio of 10.17 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 $45.87 and a 200 day simple moving average of $42.58.

Unity Bancorp (NASDAQ:UNTY) last announced 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 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 announced a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 14th were issued a dividend of $0.14 per share. This is an increase from Unity Bancorp’s previous quarterly dividend of $0.13. This represents a $0.56 annualized dividend and a yield of 1.36%. The ex-dividend date was Friday, March 14th. Unity Bancorp’s dividend payout ratio (DPR) is 13.79%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on UNTY. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and set a $55.00 price objective (up 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 price target (up from $53.00) on shares of Unity Bancorp in a research note on Thursday, January 16th.

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.