CenterBook Partners LP Buys Shares of 13,956 Unity Bancorp, Inc. $UNTY

CenterBook Partners LP purchased a new stake in shares of Unity Bancorp, Inc. (NASDAQ:UNTY) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 13,956 shares of the financial services provider’s stock, valued at approximately $682,000.

Other large investors also recently added to or reduced their stakes in the company. Alliancebernstein L.P. raised its stake in Unity Bancorp by 3.8% in the 2nd quarter. Alliancebernstein L.P. now owns 348,790 shares of the financial services provider’s stock valued at $16,421,000 after acquiring an additional 12,652 shares during the period. Geode Capital Management LLC boosted its position in Unity Bancorp by 4.3% during the second quarter. Geode Capital Management LLC now owns 164,189 shares of the financial services provider’s stock worth $7,732,000 after purchasing an additional 6,708 shares during the period. American Century Companies Inc. increased its stake in shares of Unity Bancorp by 17.7% in the second quarter. American Century Companies Inc. now owns 163,312 shares of the financial services provider’s stock worth $7,689,000 after purchasing an additional 24,528 shares in the last quarter. Bridgeway Capital Management LLC increased its stake in shares of Unity Bancorp by 4.4% in the second quarter. Bridgeway Capital Management LLC now owns 84,931 shares of the financial services provider’s stock worth $3,999,000 after purchasing an additional 3,608 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Unity Bancorp by 31.4% in the third quarter. JPMorgan Chase & Co. now owns 65,477 shares of the financial services provider’s stock valued at $3,200,000 after purchasing an additional 15,628 shares during the period. Hedge funds and other institutional investors own 42.31% of the company’s stock.

Analyst Upgrades and Downgrades

UNTY has been the subject of several analyst reports. Piper Sandler raised their price objective on shares of Unity Bancorp from $64.00 to $65.00 and gave the stock an “overweight” rating in a report on Thursday, January 15th. Keefe, Bruyette & Woods raised their price target on Unity Bancorp from $60.00 to $65.00 and gave the stock an “outperform” rating in a report on Wednesday, January 14th. Wall Street Zen cut Unity Bancorp from a “buy” rating to a “hold” rating in a research report on Saturday, November 15th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Unity Bancorp in a report on Wednesday, January 21st. Three investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $65.00.

Insider Buying and Selling at Unity Bancorp

In related news, CEO James A. Hughes sold 1,500 shares of the stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $54.50, for a total transaction of $81,750.00. Following the transaction, the chief executive officer owned 173,013 shares of the company’s stock, valued at approximately $9,429,208.50. This trade represents a 0.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Vincent Geraci sold 1,573 shares of Unity Bancorp stock in a transaction on Thursday, January 15th. The stock was sold at an average price of $55.38, for a total transaction of $87,112.74. The SEC filing for this sale provides additional information. Insiders have sold 4,865 shares of company stock valued at $268,336 over the last ninety days. Insiders own 29.68% of the company’s stock.

Unity Bancorp Stock Up 1.6%

UNTY opened at $54.25 on Friday. The business’s fifty day simple moving average is $53.82 and its 200 day simple moving average is $51.11. Unity Bancorp, Inc. has a 52 week low of $36.65 and a 52 week high of $57.30. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 0.72. The stock has a market cap of $544.67 million, a PE ratio of 9.57 and a beta of 0.66.

Unity Bancorp (NASDAQ:UNTY) last posted its quarterly earnings data on Tuesday, January 13th. The financial services provider reported $1.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.35 by $0.06. The firm had revenue of $33.70 million during the quarter, compared to analysts’ expectations of $33.39 million. Unity Bancorp had a return on equity of 16.19% and a net margin of 30.76%. As a group, research analysts expect that Unity Bancorp, Inc. will post 4.83 earnings per share for the current fiscal year.

Unity Bancorp Profile

Unity Bancorp, Inc is a bank holding company headquartered in Morrisville, Pennsylvania, trading on the NASDAQ under the ticker UNTY. Through its primary subsidiary, Unity Bank, the company delivers a comprehensive suite of commercial and retail banking services to individuals, businesses and municipal clients in its regional markets.

Founded in 1906, Unity Bank maintains a network of conveniently located branches across Bucks County and adjacent areas of southeastern Pennsylvania. The company’s deposit portfolio includes checking and savings accounts, money market accounts and certificates of deposit, while its loan offerings encompass commercial real estate, construction and land development, agricultural and consumer lending solutions.

Beyond traditional deposit and lending activities, Unity Bancorp provides cash management and merchant services, as well as internet and mobile banking platforms designed to streamline day-to-day financial operations.