Short Interest in Unity Bancorp, Inc. (NASDAQ:UNTY) Increases By 40.1%

Unity Bancorp, Inc. (NASDAQ:UNTY) saw a large increase in short interest during the month of November. As of November 15th, there was short interest totalling 33,200 shares, an increase of 40.1% from the October 31st total of 23,700 shares. Currently, 0.5% of the shares of the company are sold short. Based on an average daily volume of 25,100 shares, the short-interest ratio is presently 1.3 days.

Unity Bancorp Stock Down 0.5 %

Shares of NASDAQ UNTY opened at $45.40 on Friday. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.97. The company has a market cap of $453.55 million, a P/E ratio of 11.67 and a beta of 0.99. Unity Bancorp has a 52 week low of $25.33 and a 52 week high of $48.22. The business has a 50-day simple moving average of $39.79 and a two-hundred day simple moving average of $33.68.

Unity Bancorp (NASDAQ:UNTY) last issued its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.07 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 during the quarter, compared to analysts’ expectations of $26.40 million. Research analysts anticipate that Unity Bancorp will post 4.01 earnings per share for the current fiscal year.

Unity Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be given a $0.13 dividend. 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 (DPR) is presently 13.37%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on UNTY shares. Piper Sandler reissued an “overweight” rating and issued a $44.00 price target (up previously from $40.00) on shares of Unity Bancorp in a research report on Monday, October 14th. StockNews.com lowered shares of Unity Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, October 22nd.

Insider Transactions at Unity Bancorp

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

Hedge Funds Weigh In On Unity Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Panagora Asset Management Inc. grew its holdings in shares of Unity Bancorp by 2.4% during the second quarter. Panagora Asset Management Inc. now owns 20,852 shares of the financial services provider’s stock worth $617,000 after purchasing an additional 488 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Unity Bancorp in the third quarter worth $623,000. Bank of New York Mellon Corp grew its position in Unity Bancorp by 7.3% in the second quarter. Bank of New York Mellon Corp now owns 35,083 shares of the financial services provider’s stock worth $1,037,000 after acquiring an additional 2,393 shares in the last quarter. Vanguard Group Inc. increased its stake in Unity Bancorp by 0.8% in the first quarter. Vanguard Group Inc. now owns 414,036 shares of the financial services provider’s stock valued at $11,427,000 after acquiring an additional 3,170 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position 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 valued at $41,000 after purchasing an additional 1,328 shares in the last quarter. 42.31% of the stock is currently owned by hedge funds and other institutional investors.

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.