Royce & Associates LP Sells 9,293 Shares of Unity Bancorp, Inc. (NASDAQ:UNTY)

Royce & Associates LP lowered its position in shares of Unity Bancorp, Inc. (NASDAQ:UNTY) by 4.1% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 215,424 shares of the financial services provider’s stock after selling 9,293 shares during the quarter. Royce & Associates LP owned 2.16% of Unity Bancorp worth $7,337,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the company. Panagora Asset Management Inc. boosted its holdings in shares of Unity Bancorp by 2.4% in the second quarter. Panagora Asset Management Inc. now owns 20,852 shares of the financial services provider’s stock valued at $617,000 after buying an additional 488 shares during the period. Janney Montgomery Scott LLC boosted its holdings in shares of Unity Bancorp by 6.0% in the first quarter. Janney Montgomery Scott LLC now owns 20,007 shares of the financial services provider’s stock valued at $552,000 after buying an additional 1,135 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in shares of Unity Bancorp by 2,329.8% in 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 buying an additional 1,328 shares during the period. Hillsdale Investment Management Inc. boosted its holdings in shares of Unity Bancorp by 46.9% in the first quarter. Hillsdale Investment Management Inc. now owns 4,700 shares of the financial services provider’s stock valued at $130,000 after buying an additional 1,500 shares during the period. Finally, BNP Paribas Financial Markets boosted its holdings in shares of Unity Bancorp by 80.3% in the first quarter. BNP Paribas Financial Markets now owns 3,389 shares of the financial services provider’s stock valued at $94,000 after buying an additional 1,509 shares during the period. Institutional investors and hedge funds own 42.31% of the company’s stock.

Analyst Upgrades and Downgrades

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

Unity Bancorp Stock Performance

NASDAQ UNTY opened at $45.34 on Monday. The firm has a 50-day moving average of $37.30 and a 200-day moving average of $32.44. The company has a debt-to-equity ratio of 0.97, a quick ratio of 1.15 and a current ratio of 1.16. The stock has a market cap of $452.95 million, a PE ratio of 11.66 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.

Unity Bancorp (NASDAQ:UNTY) last issued its quarterly earnings data on Friday, October 11th. The financial services provider reported $1.07 earnings per share for the quarter, topping 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 business had revenue of $27.66 million during the quarter, compared to analysts’ expectations of $26.40 million. On average, sell-side analysts anticipate that Unity Bancorp, Inc. will post 4.01 EPS for the current year.

Insider Activity at Unity Bancorp

In other news, Director Vincent Geraci sold 1,043 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $44.98, for a total value of $46,914.14. Following the transaction, the director now owns 8,250 shares in the company, valued at approximately $371,085. The trade was a 11.22 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 28.88% of the stock is currently owned by insiders.

Unity Bancorp Company 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.