Squarepoint Ops LLC Buys New Shares in Unity Bancorp, Inc. $UNTY

Squarepoint Ops LLC bought a new position in shares of Unity Bancorp, Inc. (NASDAQ:UNTY) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 10,576 shares of the financial services provider’s stock, valued at approximately $498,000. Squarepoint Ops LLC owned approximately 0.11% of Unity Bancorp at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the stock. Nuveen LLC acquired a new position in shares of Unity Bancorp during the first quarter worth about $519,000. American Century Companies Inc. raised its holdings in Unity Bancorp by 41.7% in the first quarter. American Century Companies Inc. now owns 138,784 shares of the financial services provider’s stock valued at $5,649,000 after acquiring an additional 40,809 shares in the last quarter. Hsbc Holdings PLC lifted its stake in Unity Bancorp by 20.8% in the first quarter. Hsbc Holdings PLC now owns 5,761 shares of the financial services provider’s stock worth $236,000 after acquiring an additional 993 shares during the last quarter. Panagora Asset Management Inc. grew its holdings in Unity Bancorp by 52.8% during the 1st quarter. Panagora Asset Management Inc. now owns 36,165 shares of the financial services provider’s stock worth $1,472,000 after acquiring an additional 12,494 shares in the last quarter. Finally, AQR Capital Management LLC grew its holdings in Unity Bancorp by 70.8% during the 1st quarter. AQR Capital Management LLC now owns 11,419 shares of the financial services provider’s stock worth $465,000 after acquiring an additional 4,732 shares in the last quarter. Institutional investors and hedge funds own 42.31% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Unity Bancorp in a research report on Wednesday, October 8th. Piper Sandler increased their target price on 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 downgraded Unity Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, November 15th. Three analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Unity Bancorp has a consensus rating of “Buy” and an average price target of $62.00.

Unity Bancorp Trading Down 1.3%

NASDAQ UNTY opened at $53.11 on Thursday. The firm’s fifty day moving average price is $49.89 and its 200 day moving average price is $49.70. Unity Bancorp, Inc. has a 12 month low of $36.65 and a 12 month high of $57.24. 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 company has a market capitalization of $533.17 million, a price-to-earnings ratio of 10.06 and a beta of 0.64.

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

Unity Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 19th. Investors of record on Friday, December 5th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date was Friday, December 5th. Unity Bancorp’s dividend payout ratio (DPR) is currently 11.36%.

Unity Bancorp Company 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.