Panagora Asset Management Inc. Lowers Stock Position in Unity Bancorp, Inc. $UNTY

Panagora Asset Management Inc. decreased its holdings in shares of Unity Bancorp, Inc. (NASDAQ:UNTY) by 47.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 18,825 shares of the financial services provider’s stock after selling 17,340 shares during the period. Panagora Asset Management Inc. owned approximately 0.19% of Unity Bancorp worth $886,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of UNTY. Ameritas Investment Partners Inc. boosted its stake in shares of Unity Bancorp by 41.7% in the second quarter. Ameritas Investment Partners Inc. now owns 748 shares of the financial services provider’s stock valued at $35,000 after buying an additional 220 shares in the last quarter. Strs Ohio acquired a new stake in Unity Bancorp in the first quarter valued at $49,000. Franklin Resources Inc. acquired a new stake in Unity Bancorp in the second quarter valued at $208,000. Hsbc Holdings PLC boosted its position in shares of Unity Bancorp by 20.8% during the 1st quarter. Hsbc Holdings PLC now owns 5,761 shares of the financial services provider’s stock worth $236,000 after purchasing an additional 993 shares in the last quarter. Finally, Los Angeles Capital Management LLC acquired a new position in shares of Unity Bancorp during the 2nd quarter worth $279,000. 42.31% of the stock is owned by institutional investors and hedge funds.

Unity Bancorp Stock Performance

NASDAQ:UNTY opened at $52.01 on Friday. The company has a current ratio of 1.15, a quick ratio of 1.15 and a debt-to-equity ratio of 0.72. The company has a market capitalization of $522.18 million, a P/E ratio of 9.85 and a beta of 0.64. The firm has a 50-day moving average price of $48.33 and a two-hundred day moving average price of $48.67. Unity Bancorp, Inc. has a twelve month low of $36.65 and a twelve month high of $54.64.

Unity Bancorp (NASDAQ:UNTY) last announced its quarterly earnings results on Tuesday, October 14th. The financial services provider reported $1.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.28 by $0.05. The company had revenue of $32.35 million for the quarter, compared to the consensus estimate of $31.35 million. Unity Bancorp had a net margin of 29.85% and a return on equity of 15.60%. As a group, research analysts expect that Unity Bancorp, Inc. will post 4.83 earnings per share for the current fiscal year.

Unity Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Investors of record on Friday, December 5th will be paid a $0.15 dividend. The ex-dividend date of this dividend is Friday, December 5th. This represents a $0.60 dividend on an annualized basis and a yield of 1.2%. Unity Bancorp’s dividend payout ratio is presently 11.36%.

Wall Street Analyst Weigh In

Several brokerages recently commented on UNTY. Weiss Ratings reiterated a “buy (b)” rating on shares of Unity Bancorp in a research note on Wednesday, October 8th. Piper Sandler increased their target price on shares of Unity Bancorp from $60.00 to $61.00 and gave the company an “overweight” rating in a report on Wednesday, October 15th. Finally, Wall Street Zen lowered Unity Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, November 15th. Three investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Unity Bancorp has an average rating of “Buy” and a consensus price target of $62.00.

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.