Banc Funds Co. LLC Sells 101,000 Shares of Unity Bancorp, Inc. (NASDAQ:UNTY)

Banc Funds Co. LLC decreased its position in shares of Unity Bancorp, Inc. (NASDAQ:UNTY) by 10.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 840,044 shares of the financial services provider’s stock after selling 101,000 shares during the period. Unity Bancorp accounts for about 3.1% of Banc Funds Co. LLC’s investment portfolio, making the stock its largest holding. Banc Funds Co. LLC owned 8.41% of Unity Bancorp worth $28,612,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets raised its position in Unity Bancorp by 84.6% in the third quarter. BNP Paribas Financial Markets now owns 2,464 shares of the financial services provider’s stock worth $84,000 after acquiring an additional 1,129 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Unity Bancorp in the 3rd quarter worth approximately $623,000. Princeton Capital Management LLC acquired a new stake in Unity Bancorp during the third quarter valued at approximately $208,000. Empowered Funds LLC boosted its holdings in Unity Bancorp by 5.1% during the third quarter. Empowered Funds LLC now owns 33,303 shares of the financial services provider’s stock worth $1,134,000 after buying an additional 1,608 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position 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 buying an additional 5,449 shares during the last quarter. 42.31% of the stock is currently owned by institutional investors and hedge funds.

Unity Bancorp Stock Performance

Shares of UNTY opened at $45.40 on Monday. The company has a 50-day moving average of $39.79 and a two-hundred day moving average of $33.72. The stock has a market cap of $453.55 million, a price-to-earnings ratio of 11.67 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. Unity Bancorp, Inc. has a one year low of $25.33 and a one year high of $48.22.

Unity Bancorp (NASDAQ:UNTY) last posted its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.07 EPS 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 firm had revenue of $27.66 million during the quarter, compared to analyst estimates of $26.40 million. On average, equities research analysts expect that Unity Bancorp, Inc. will post 4.01 earnings per share for the current year.

Unity Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued a dividend of $0.13 per share. 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 13.37%.

Insider Activity at Unity Bancorp

In other Unity Bancorp news, Director Mark S. Brody sold 2,800 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $47.33, for a total value of $132,524.00. Following the transaction, the director now owns 70,002 shares in the company, valued at approximately $3,313,194.66. This represents a 3.85 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Vincent Geraci sold 1,043 shares of the stock in a transaction that occurred 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 sale, the director now owns 8,250 shares of the company’s stock, valued at approximately $371,085. The trade was a 11.22 % decrease in their position. The disclosure for this sale can be found here. 28.88% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

UNTY has been the subject of a number of recent research reports. Piper Sandler reiterated an “overweight” rating and set 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 downgraded Unity Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, October 22nd.

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.