20,900 Shares in Unity Bancorp, Inc. $UNTY Acquired by Wesbanco Bank Inc.

Wesbanco Bank Inc. bought a new position in Unity Bancorp, Inc. (NASDAQ:UNTY) in the first quarter, HoldingsChannel.com reports. The institutional investor bought 20,900 shares of the financial services provider’s stock, valued at approximately $1,083,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Alliancebernstein L.P. increased its stake in shares of Unity Bancorp by 2.4% in the 3rd quarter. Alliancebernstein L.P. now owns 357,310 shares of the financial services provider’s stock valued at $17,462,000 after acquiring an additional 8,520 shares in the last quarter. Geode Capital Management LLC grew its holdings in Unity Bancorp by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 169,355 shares of the financial services provider’s stock worth $8,761,000 after purchasing an additional 1,291 shares during the period. Maltese Capital Management LLC grew its holdings in Unity Bancorp by 2.4% in the fourth quarter. Maltese Capital Management LLC now owns 159,000 shares of the financial services provider’s stock worth $8,223,000 after purchasing an additional 3,700 shares during the period. Royce & Associates LP increased its stake in Unity Bancorp by 8.0% in the third quarter. Royce & Associates LP now owns 157,496 shares of the financial services provider’s stock valued at $7,697,000 after purchasing an additional 11,676 shares in the last quarter. Finally, Bridgeway Capital Management LLC raised its holdings in shares of Unity Bancorp by 6.2% during the third quarter. Bridgeway Capital Management LLC now owns 90,179 shares of the financial services provider’s stock valued at $4,407,000 after purchasing an additional 5,248 shares during the period. 42.31% of the stock is currently owned by institutional investors.

Unity Bancorp Stock Performance

UNTY opened at $59.54 on Monday. Unity Bancorp, Inc. has a 1-year low of $44.34 and a 1-year high of $60.86. The company has a market cap of $597.78 million, a price-to-earnings ratio of 10.02 and a beta of 0.61. The company’s fifty day moving average price is $54.47 and its two-hundred day moving average price is $53.63. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.72.

Unity Bancorp (NASDAQ:UNTY) last issued its quarterly earnings data on Tuesday, April 14th. The financial services provider reported $1.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.37 by $0.03. The firm had revenue of $33.61 million during the quarter, compared to analysts’ expectations of $33.59 million. Unity Bancorp had a net margin of 31.33% and a return on equity of 16.06%. On average, analysts expect that Unity Bancorp, Inc. will post 5.84 EPS for the current fiscal year.

Unity Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Thursday, June 4th were paid a dividend of $0.16 per share. The ex-dividend date was Thursday, June 4th. This represents a $0.64 dividend on an annualized basis and a yield of 1.1%. Unity Bancorp’s payout ratio is 10.77%.

Insider Transactions at Unity Bancorp

In other Unity Bancorp news, Director Mark S. Brody sold 1,600 shares of the business’s stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $55.23, for a total transaction of $88,368.00. Following the completion of the sale, the director directly owned 113,854 shares of the company’s stock, valued at approximately $6,288,156.42. The trade was a 1.39% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Mary E. Gross sold 2,075 shares of the stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $56.01, for a total value of $116,220.75. Following the completion of the sale, the director directly owned 18,479 shares of the company’s stock, valued at approximately $1,035,008.79. This trade represents a 10.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 28.87% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

UNTY has been the topic of a number of research analyst reports. Weiss Ratings raised shares of Unity Bancorp from a “buy (b)” rating to a “buy (b+)” rating in a research report on Monday, May 4th. DA Davidson initiated coverage on Unity Bancorp in a research note on Friday, May 15th. They set a “buy” rating and a $68.00 price target on the stock. Piper Sandler increased their price target on Unity Bancorp from $65.00 to $68.00 and gave the stock an “overweight” rating in a report on Friday. Finally, Brean Capital started coverage on Unity Bancorp in a research note on Wednesday, April 22nd. They issued a “buy” rating and a $61.00 price objective for the company. Five equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $65.50.

Unity Bancorp Company Profile

Unity Bancorp, Inc is a bank holding company headquartered in Morrisville, Pennsylvania, trading on the NASDAQ under the ticker UNTY. Through its primary subsidiary, Unity Bank, the company delivers a comprehensive suite of commercial and retail banking services to individuals, businesses and municipal clients in its regional markets.

Founded in 1906, Unity Bank maintains a network of conveniently located branches across Bucks County and adjacent areas of southeastern Pennsylvania. The company’s deposit portfolio includes checking and savings accounts, money market accounts and certificates of deposit, while its loan offerings encompass commercial real estate, construction and land development, agricultural and consumer lending solutions.

Beyond traditional deposit and lending activities, Unity Bancorp provides cash management and merchant services, as well as internet and mobile banking platforms designed to streamline day-to-day financial operations.