Royce & Associates LP Lowers Stock Holdings in Unity Bancorp, Inc. (NASDAQ:UNTY)

Royce & Associates LP trimmed its stake in Unity Bancorp, Inc. (NASDAQ:UNTY) by 4.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 215,424 shares of the financial services provider’s stock after selling 9,293 shares during the period. Royce & Associates LP’s holdings in Unity Bancorp were worth $7,337,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Dimensional Fund Advisors LP lifted its stake in Unity Bancorp by 1.2% in the second quarter. Dimensional Fund Advisors LP now owns 478,877 shares of the financial services provider’s stock worth $14,159,000 after acquiring an additional 5,449 shares during the period. Ritholtz Wealth Management bought a new stake in shares of Unity Bancorp during the 2nd quarter valued at about $202,000. Panagora Asset Management Inc. lifted its position in shares of Unity Bancorp by 2.4% during the 2nd quarter. Panagora Asset Management Inc. now owns 20,852 shares of the financial services provider’s stock valued at $617,000 after buying an additional 488 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Unity Bancorp by 2,329.8% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,385 shares of the financial services provider’s stock worth $41,000 after purchasing an additional 1,328 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in Unity Bancorp by 7.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 35,083 shares of the financial services provider’s stock worth $1,037,000 after purchasing an additional 2,393 shares in the last quarter. 42.31% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on UNTY. Piper Sandler reaffirmed an “overweight” rating and issued a $44.00 price objective (up previously from $40.00) on shares of Unity Bancorp in a research report on Monday, October 14th. StockNews.com cut Unity Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, October 22nd.

Unity Bancorp Trading Down 0.7 %

Shares of UNTY opened at $45.34 on Monday. The company has a debt-to-equity ratio of 0.97, a current ratio of 1.16 and a quick ratio of 1.15. The stock has a market cap of $452.95 million, a PE ratio of 11.66 and a beta of 0.99. Unity Bancorp, Inc. has a 12 month low of $25.33 and a 12 month high of $48.08. The stock’s 50-day moving average is $37.30 and its two-hundred day moving average is $32.44.

Unity Bancorp (NASDAQ:UNTY) last announced its earnings results on Friday, October 11th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.10. The company had revenue of $27.66 million for the quarter, compared to the consensus estimate of $26.40 million. Unity Bancorp had a net margin of 24.46% and a return on equity of 14.63%. Equities analysts forecast that Unity Bancorp, Inc. will post 4.01 earnings per share for the current fiscal year.

Insider Buying and Selling at Unity Bancorp

In related news, Director Vincent Geraci sold 1,043 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $44.98, for a total value of $46,914.14. Following the completion of the transaction, the director now owns 8,250 shares of the company’s stock, valued at $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 available at this link. Insiders own 28.88% of the company’s stock.

Unity Bancorp Company Profile

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.