Hillsdale Investment Management Inc. Buys Shares of 6,480 Unity Bancorp, Inc. (NASDAQ:UNTY)

Hillsdale Investment Management Inc. purchased a new position in shares of Unity Bancorp, Inc. (NASDAQ:UNTY) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 6,480 shares of the financial services provider’s stock, valued at approximately $283,000. Hillsdale Investment Management Inc. owned about 0.06% of Unity Bancorp as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its position in Unity Bancorp by 79.3% during the third quarter. JPMorgan Chase & Co. now owns 88,231 shares of the financial services provider’s stock worth $3,005,000 after buying an additional 39,033 shares in the last quarter. American Century Companies Inc. increased its position in Unity Bancorp by 53.4% during the 4th quarter. American Century Companies Inc. now owns 97,975 shares of the financial services provider’s stock worth $4,273,000 after purchasing an additional 34,089 shares in the last quarter. Delphi Management Inc. MA acquired a new position in Unity Bancorp in the 4th quarter valued at about $1,256,000. Raymond James Financial Inc. purchased a new position in Unity Bancorp in the 4th quarter valued at about $1,247,000. Finally, Inspire Investing LLC acquired a new stake in shares of Unity Bancorp during the 4th quarter worth about $845,000. 42.31% of the stock is owned by institutional investors and hedge funds.

Unity Bancorp Trading Up 2.2 %

NASDAQ UNTY opened at $43.06 on Tuesday. The company has a market cap of $433.10 million, a P/E ratio of 10.61 and a beta of 0.95. Unity Bancorp, Inc. has a 12 month low of $25.60 and a 12 month high of $51.22. 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 company has a 50-day moving average of $46.17 and a 200-day moving average of $42.45.

Unity Bancorp (NASDAQ:UNTY) last issued its quarterly earnings results on Wednesday, January 15th. The financial services provider reported $1.13 EPS for the quarter, topping the consensus estimate of $1.08 by $0.05. Unity Bancorp had a net margin of 25.24% and a return on equity of 15.08%. As a group, equities analysts predict that Unity Bancorp, Inc. will post 4.83 earnings per share for the current year.

Unity Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 28th. Investors of record on Friday, March 14th will be issued a $0.14 dividend. The ex-dividend date is Friday, March 14th. This represents a $0.56 dividend on an annualized basis and a yield of 1.30%. This is a boost from Unity Bancorp’s previous quarterly dividend of $0.13. Unity Bancorp’s dividend payout ratio (DPR) is presently 13.79%.

Insider Activity at Unity Bancorp

In other Unity Bancorp news, SVP James Joseph Donovan sold 1,080 shares of Unity Bancorp stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $48.88, for a total transaction of $52,790.40. Following the transaction, the senior vice president now directly owns 4,975 shares of the company’s stock, valued at $243,178. The trade was a 17.84 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Mary E. Gross sold 3,300 shares of the business’s stock in a transaction that occurred on Tuesday, January 28th. The stock was sold at an average price of $48.04, for a total transaction of $158,532.00. Following the sale, the director now owns 18,479 shares of the company’s stock, valued at approximately $887,731.16. This represents a 15.15 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 7,791 shares of company stock worth $380,669. 29.68% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the stock. Piper Sandler reissued an “overweight” rating and issued a $54.00 price objective (up previously from $53.00) on shares of Unity Bancorp in a research report on Thursday, January 16th. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $55.00 price target (up previously from $51.00) on shares of Unity Bancorp in a research note on Thursday, January 16th.

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.