Unity Bancorp, Inc. $UNTY Stock Position Boosted by American Century Companies Inc.

American Century Companies Inc. raised its stake in shares of Unity Bancorp, Inc. (NASDAQ:UNTY) by 17.7% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 163,312 shares of the financial services provider’s stock after buying an additional 24,528 shares during the period. American Century Companies Inc.’s holdings in Unity Bancorp were worth $7,689,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the stock. Rhumbline Advisers boosted its holdings in shares of Unity Bancorp by 3.7% in the second quarter. Rhumbline Advisers now owns 10,805 shares of the financial services provider’s stock valued at $509,000 after acquiring an additional 385 shares in the last quarter. Franklin Resources Inc. bought a new position in Unity Bancorp during the 2nd quarter valued at $208,000. Cetera Investment Advisers boosted its stake in Unity Bancorp by 7.3% during the 2nd quarter. Cetera Investment Advisers now owns 8,335 shares of the financial services provider’s stock valued at $392,000 after purchasing an additional 565 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Unity Bancorp by 4.3% during the 2nd quarter. Geode Capital Management LLC now owns 164,189 shares of the financial services provider’s stock valued at $7,732,000 after purchasing an additional 6,708 shares during the period. Finally, Los Angeles Capital Management LLC bought a new stake in shares of Unity Bancorp in the 2nd quarter worth $279,000. 42.31% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

UNTY has been the subject of several research reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Unity Bancorp in a research note on Wednesday, October 8th. Wall Street Zen downgraded shares of Unity Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, November 15th. Finally, Piper Sandler raised their price objective on shares of Unity Bancorp from $60.00 to $61.00 and gave the company an “overweight” rating in a research report on Wednesday, October 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 an average price target of $62.00.

Unity Bancorp Stock Performance

Shares of UNTY opened at $52.01 on Friday. Unity Bancorp, Inc. has a one year low of $36.65 and a one year high of $54.64. The company has a 50-day moving average of $48.33 and a two-hundred day moving average of $48.67. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.15 and a quick ratio of 1.15. The stock has a market cap of $522.18 million, a price-to-earnings ratio of 9.85 and a beta of 0.64.

Unity Bancorp (NASDAQ:UNTY) last announced its 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%. On average, equities research analysts expect that Unity Bancorp, Inc. will post 4.83 earnings per share for the current year.

Unity Bancorp Dividend Announcement

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

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.