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

Unity Bancorp, Inc. (NASDAQ:UNTY) was the recipient of a significant growth in short interest in March. As of March 15th, there was short interest totalling 99,200 shares, a growth of 122.9% from the February 29th total of 44,500 shares. Approximately 1.4% of the shares of the stock are short sold. Based on an average trading volume of 18,300 shares, the days-to-cover ratio is presently 5.4 days.

Wall Street Analysts Forecast Growth

Separately, StockNews.com cut Unity Bancorp from a “buy” rating to a “hold” rating in a report on Friday, February 2nd.

Unity Bancorp Trading Up 1.7 %

Shares of NASDAQ UNTY opened at $27.85 on Thursday. Unity Bancorp has a fifty-two week low of $20.01 and a fifty-two week high of $30.70. The firm has a market capitalization of $282.40 million, a P/E ratio of 7.25 and a beta of 1.06. The company has a debt-to-equity ratio of 1.40, a current ratio of 1.21 and a quick ratio of 1.21. The company’s 50 day simple moving average is $27.79 and its 200 day simple moving average is $26.52.

Unity Bancorp (NASDAQ:UNTY) last posted its quarterly earnings results on Friday, January 12th. The financial services provider reported $0.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.09. The business had revenue of $26.60 million for the quarter, compared to analyst estimates of $24.90 million. Unity Bancorp had a return on equity of 15.91% and a net margin of 26.19%. On average, analysts predict that Unity Bancorp will post 3.77 EPS for the current year.

Unity Bancorp Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Friday, March 15th will be given a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a dividend yield of 1.87%. This is an increase from Unity Bancorp’s previous quarterly dividend of $0.12. The ex-dividend date is Thursday, March 14th. Unity Bancorp’s dividend payout ratio (DPR) is currently 13.54%.

Insiders Place Their Bets

In other news, Director Mary E. Gross sold 1,344 shares of the company’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $30.00, for a total value of $40,320.00. Following the sale, the director now owns 17,176 shares of the company’s stock, valued at approximately $515,280. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, Director Vincent Geraci sold 2,500 shares of Unity Bancorp stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $30.13, for a total value of $75,325.00. Following the completion of the transaction, the director now directly owns 3,643 shares of the company’s stock, valued at $109,763.59. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Mary E. Gross sold 1,344 shares of the firm’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $30.00, for a total transaction of $40,320.00. Following the completion of the sale, the director now owns 17,176 shares of the company’s stock, valued at approximately $515,280. The disclosure for this sale can be found here. Insiders sold 5,334 shares of company stock worth $157,046 over the last three months. 28.88% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Northern Trust Corp grew its holdings in shares of Unity Bancorp by 0.7% in the 3rd quarter. Northern Trust Corp now owns 62,396 shares of the financial services provider’s stock valued at $1,462,000 after buying an additional 424 shares during the period. Royal Bank of Canada increased its holdings in shares of Unity Bancorp by 8.1% in the third quarter. Royal Bank of Canada now owns 5,986 shares of the financial services provider’s stock worth $150,000 after acquiring an additional 447 shares in the last quarter. Morgan Stanley raised its position in shares of Unity Bancorp by 4.5% during the fourth quarter. Morgan Stanley now owns 11,482 shares of the financial services provider’s stock worth $314,000 after purchasing an additional 491 shares during the period. Hillsdale Investment Management Inc. lifted its holdings in shares of Unity Bancorp by 18.5% during the 4th quarter. Hillsdale Investment Management Inc. now owns 3,200 shares of the financial services provider’s stock valued at $95,000 after purchasing an additional 500 shares in the last quarter. Finally, American Century Companies Inc. grew its position in shares of Unity Bancorp by 1.2% in the 4th quarter. American Century Companies Inc. now owns 44,770 shares of the financial services provider’s stock valued at $1,224,000 after purchasing an additional 516 shares during the period. Institutional investors and hedge funds own 42.31% of the company’s stock.

Unity Bancorp Company Profile

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.