41,061 Shares in Unity Bancorp, Inc. $UNTY Acquired by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Unity Bancorp, Inc. (NASDAQ:UNTY) in the 2nd quarter, HoldingsChannel reports. The firm bought 41,061 shares of the financial services provider’s stock, valued at approximately $2,410,000.

Several other hedge funds have also bought and sold shares of the stock. Wesbanco Bank Inc. bought a new position in shares of Unity Bancorp in the first quarter valued at approximately $1,083,000. Jump Financial LLC purchased a new stake in shares of Unity Bancorp during the second quarter valued at approximately $246,000. Marshall Wace LLP lifted its holdings in Unity Bancorp by 300.8% during the second quarter. Marshall Wace LLP now owns 29,898 shares of the financial services provider’s stock worth $1,408,000 after acquiring an additional 22,439 shares during the period. First Trust Advisors LP lifted its holdings in Unity Bancorp by 6.8% during the second quarter. First Trust Advisors LP now owns 6,402 shares of the financial services provider’s stock worth $301,000 after acquiring an additional 409 shares during the period. Finally, Arrowstreet Capital Limited Partnership boosted its position in Unity Bancorp by 3.7% in the second quarter. Arrowstreet Capital Limited Partnership now owns 17,653 shares of the financial services provider’s stock worth $831,000 after purchasing an additional 637 shares during the last quarter. 42.31% of the stock is currently owned by institutional investors.

Unity Bancorp Stock Performance

NASDAQ:UNTY opened at $58.78 on Friday. The business’s fifty day moving average is $58.50 and its 200 day moving average is $55.17. The firm has a market cap of $590.15 million, a price-to-earnings ratio of 10.22 and a beta of 0.62. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.17 and a current ratio of 1.17. Unity Bancorp, Inc. has a 52-week low of $44.34 and a 52-week high of $62.50.

Unity Bancorp (NASDAQ:UNTY) last issued its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.42 EPS for the quarter, missing the consensus estimate of $1.44 by ($0.02). The firm had revenue of $33.75 million for the quarter, compared to analysts’ expectations of $34.62 million. Unity Bancorp had a net margin of 30.26% and a return on equity of 16.10%. Research analysts predict that Unity Bancorp, Inc. will post 5.86 EPS for the current year.

Unity Bancorp Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 17th. Investors of record on Thursday, September 3rd will be paid a $0.17 dividend. This is a boost from Unity Bancorp’s previous quarterly dividend of $0.16. This represents a $0.68 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend is Thursday, September 3rd. Unity Bancorp’s payout ratio is currently 11.13%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Piper Sandler increased their price target on shares of Unity Bancorp from $65.00 to $68.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. Freedom Capital raised shares of Unity Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Thursday, July 16th. DA Davidson reiterated a “buy” rating and issued a $68.00 target price on shares of Unity Bancorp in a research note on Wednesday, July 15th. Finally, Weiss Ratings reissued a “buy (b+)” rating on shares of Unity Bancorp in a research report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating and five have issued a Buy rating to the company’s stock. Based on data from MarketBeat.com, Unity Bancorp has an average rating of “Buy” and a consensus price target of $65.50.

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.