Unity Bancorp, Inc. (NASDAQ:UNTY) Short Interest Up 40.1% in November

Unity Bancorp, Inc. (NASDAQ:UNTY) was the target of a significant increase in short interest during the month of November. As of November 15th, there was short interest totalling 33,200 shares, an increase of 40.1% from the October 31st total of 23,700 shares. Approximately 0.5% of the company’s shares are short sold. Based on an average daily trading volume, of 25,100 shares, the short-interest ratio is currently 1.3 days.

Unity Bancorp Stock Down 0.5 %

Unity Bancorp stock traded down $0.25 during mid-day trading on Friday, hitting $45.40. The company’s stock had a trading volume of 8,747 shares, compared to its average volume of 19,764. Unity Bancorp has a 52-week low of $25.33 and a 52-week high of $48.22. The company has a market cap of $453.55 million, a PE ratio of 11.74 and a beta of 0.99. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.16 and a quick ratio of 1.16. The firm’s 50 day moving average is $39.58 and its 200 day moving average is $33.51.

Unity Bancorp (NASDAQ:UNTY) last posted its quarterly earnings results on Friday, October 11th. The financial services provider reported $1.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.10. Unity Bancorp had a net margin of 24.46% and a return on equity of 14.63%. The business had revenue of $27.66 million for the quarter, compared to the consensus estimate of $26.40 million. On average, analysts anticipate that Unity Bancorp will post 4.01 earnings per share for the current year.

Unity Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be given a $0.13 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.15%. Unity Bancorp’s dividend payout ratio is currently 13.37%.

Insider Activity at Unity Bancorp

In related news, Director Vincent Geraci sold 1,043 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $44.98, for a total value of $46,914.14. Following the completion of the sale, the director now directly owns 8,250 shares in the company, valued at approximately $371,085. This represents a 11.22 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Mark S. Brody sold 2,800 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $47.33, for a total value of $132,524.00. Following the completion of the sale, the director now owns 70,002 shares of the company’s stock, valued at approximately $3,313,194.66. This trade represents a 3.85 % decrease in their position. The disclosure for this sale can be found here. Insiders own 28.88% of the company’s stock.

Institutional Investors Weigh In On Unity Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in UNTY. Allspring Global Investments Holdings LLC grew its stake in shares of 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 worth $41,000 after acquiring an additional 1,328 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Unity Bancorp by 84.6% during the third quarter. BNP Paribas Financial Markets now owns 2,464 shares of the financial services provider’s stock valued at $84,000 after acquiring an additional 1,129 shares during the period. Ritholtz Wealth Management acquired a new position in Unity Bancorp in the second quarter valued at about $202,000. Princeton Capital Management LLC bought a new stake in Unity Bancorp during the 3rd quarter worth approximately $208,000. Finally, Barclays PLC grew its holdings in shares of Unity Bancorp by 93.1% during the third quarter. Barclays PLC now owns 14,197 shares of the financial services provider’s stock worth $484,000 after purchasing an additional 6,846 shares during the last quarter. 42.31% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on UNTY. StockNews.com lowered shares of Unity Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, October 22nd. Piper Sandler restated an “overweight” rating and issued a $44.00 target price (up from $40.00) on shares of Unity Bancorp in a research report on Monday, October 14th.

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.