Princeton Capital Management LLC Acquires Shares of 6,113 Unity Bancorp, Inc. (NASDAQ:UNTY)

Princeton Capital Management LLC bought a new position in shares of Unity Bancorp, Inc. (NASDAQ:UNTY) during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund bought 6,113 shares of the financial services provider’s stock, valued at approximately $208,000.

Other large investors have also modified their holdings of the company. Allspring Global Investments Holdings LLC grew its holdings in Unity Bancorp by 2,329.8% during 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 period. BNP Paribas Financial Markets boosted its position in shares of Unity Bancorp by 80.3% during the 1st quarter. BNP Paribas Financial Markets now owns 3,389 shares of the financial services provider’s stock worth $94,000 after purchasing an additional 1,509 shares in the last quarter. Hillsdale Investment Management Inc. grew its stake in shares of Unity Bancorp by 46.9% during the 1st quarter. Hillsdale Investment Management Inc. now owns 4,700 shares of the financial services provider’s stock worth $130,000 after purchasing an additional 1,500 shares during the period. Ritholtz Wealth Management purchased a new position in shares of Unity Bancorp in the 2nd quarter valued at about $202,000. Finally, O Shaughnessy Asset Management LLC lifted its stake in shares of Unity Bancorp by 75.2% in the first quarter. O Shaughnessy Asset Management LLC now owns 16,552 shares of the financial services provider’s stock valued at $457,000 after purchasing an additional 7,104 shares during the period. 42.31% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Insider Activity at Unity Bancorp

In other Unity Bancorp news, Director Vincent Geraci sold 1,043 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $44.98, for a total transaction of $46,914.14. Following the completion of the transaction, the director now owns 8,250 shares of the company’s stock, valued at approximately $371,085. This trade represents a 11.22 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 28.88% of the stock is owned by corporate insiders.

Unity Bancorp Price Performance

Unity Bancorp stock opened at $45.19 on Tuesday. The firm has a market capitalization of $451.45 million, a PE ratio of 11.62 and a beta of 0.99. Unity Bancorp, Inc. has a 52 week low of $25.33 and a 52 week high of $48.08. The firm’s 50-day simple moving average is $37.56 and its 200 day simple moving average is $32.56. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.97.

Unity Bancorp (NASDAQ:UNTY) last announced its quarterly 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. Unity Bancorp had a net margin of 24.46% and a return on equity of 14.63%. The company had revenue of $27.66 million for the quarter, compared to the consensus estimate of $26.40 million. On average, equities research analysts predict that Unity Bancorp, Inc. will post 4.01 EPS for the current fiscal year.

Unity Bancorp 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.