Unity Bancorp, Inc. (NASDAQ:UNTY) Sees Significant Increase in Short Interest

Unity Bancorp, Inc. (NASDAQ:UNTY) saw a significant growth in short interest in the month of June. As of June 30th, there was short interest totalling 37,400 shares, a growth of 72.4% from the May 30th total of 21,700 shares. Approximately 0.5% of the shares of the stock are short sold. Based on an average daily trading volume, of 8,800 shares, the short-interest ratio is currently 4.3 days.

In related news, CFO Alan J. Bedner sold 6,000 shares of Unity Bancorp stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $20.05, for a total transaction of $120,300.00. Following the completion of the sale, the chief financial officer now owns 18,939 shares of the company’s stock, valued at $379,726.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO John J. Kauchak sold 5,000 shares of Unity Bancorp stock in a transaction on Wednesday, April 24th. The shares were sold at an average price of $21.25, for a total value of $106,250.00. Following the sale, the chief operating officer now directly owns 55,090 shares of the company’s stock, valued at approximately $1,170,662.50. The disclosure for this sale can be found here. Insiders have sold 18,500 shares of company stock valued at $384,270 in the last three months. 29.66% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Arbitrage SA raised its position in Unity Bancorp by 654.4% during the first quarter. BNP Paribas Arbitrage SA now owns 1,637 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 1,420 shares in the last quarter. PNC Financial Services Group Inc. purchased a new stake in Unity Bancorp during the first quarter valued at about $41,000. Bank of America Corp DE increased its holdings in shares of Unity Bancorp by 94.1% in the fourth quarter. Bank of America Corp DE now owns 5,954 shares of the financial services provider’s stock worth $124,000 after buying an additional 2,886 shares during the period. Rhumbline Advisers purchased a new position in shares of Unity Bancorp in the fourth quarter worth about $225,000. Finally, Context BH Capital Management LP purchased a new position in shares of Unity Bancorp in the first quarter worth about $279,000. Institutional investors and hedge funds own 48.74% of the company’s stock.

NASDAQ UNTY traded up $0.14 during trading hours on Thursday, reaching $21.60. 10,500 shares of the stock traded hands, compared to its average volume of 11,162. The firm has a 50 day moving average price of $20.89. Unity Bancorp has a 1 year low of $16.74 and a 1 year high of $25.50. The company has a debt-to-equity ratio of 1.43, a quick ratio of 1.17 and a current ratio of 1.17. The firm has a market cap of $231.72 million, a P/E ratio of 10.75 and a beta of 0.66.

Unity Bancorp (NASDAQ:UNTY) last released its quarterly earnings results on Thursday, April 18th. The financial services provider reported $0.52 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.49 by $0.03. Unity Bancorp had a return on equity of 16.51% and a net margin of 28.43%. The business had revenue of $16.24 million for the quarter. On average, equities research analysts expect that Unity Bancorp will post 2.19 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were given a dividend of $0.08 per share. This is an increase from Unity Bancorp’s previous quarterly dividend of $0.07. The ex-dividend date of this dividend was Thursday, June 13th. This represents a $0.32 dividend on an annualized basis and a yield of 1.48%. Unity Bancorp’s dividend payout ratio (DPR) is presently 15.92%.

Several equities research analysts recently issued reports on UNTY shares. ValuEngine raised Xylem from a “hold” rating to a “buy” rating in a research note on Friday, June 21st. Boenning Scattergood started coverage on Unity Bancorp in a research note on Tuesday, June 11th. They set a “buy” rating and a $24.00 price objective for the company.

About Unity Bancorp

Unity Bancorp, Inc operates as the holding company for Unity Bank that provides a range of banking products and services to individuals, small and medium sized businesses, and professional communities. The company offers personal and business checking accounts, time deposits, money market accounts, and regular savings accounts.

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