Empowered Funds LLC Buys Shares of 25,848 Unity Bancorp, Inc. $UNTY

Empowered Funds LLC purchased a new position in Unity Bancorp, Inc. (NASDAQ:UNTY) in the second quarter, Holdings Channel reports. The fund purchased 25,848 shares of the financial services provider’s stock, valued at approximately $1,517,000.

A number of other institutional investors have also made changes to their positions in UNTY. AQR Capital Management LLC lifted its holdings in Unity Bancorp by 70.8% in the 1st quarter. AQR Capital Management LLC now owns 11,419 shares of the financial services provider’s stock worth $465,000 after purchasing an additional 4,732 shares during the last quarter. Jane Street Group LLC acquired a new stake in shares of Unity Bancorp in the first quarter worth $283,000. Strs Ohio acquired a new stake in shares of Unity Bancorp in the first quarter worth $49,000. Cetera Investment Advisers boosted its holdings in shares of Unity Bancorp by 7.3% during the 2nd quarter. Cetera Investment Advisers now owns 8,335 shares of the financial services provider’s stock worth $392,000 after buying an additional 565 shares during the period. Finally, Franklin Resources Inc. acquired a new position in Unity Bancorp in the 2nd quarter valued at $208,000. 42.31% of the stock is owned by institutional investors.

Unity Bancorp Price Performance

NASDAQ:UNTY opened at $58.91 on Friday. The stock has a market cap of $591.46 million, a P/E ratio of 10.25 and a beta of 0.61. Unity Bancorp, Inc. has a one year low of $44.34 and a one year high of $62.50. The company has a fifty day moving average price of $58.61 and a 200 day moving average price of $55.27. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.17 and a quick ratio of 1.17.

Unity Bancorp (NASDAQ:UNTY) last posted its quarterly earnings data on Tuesday, July 14th. The financial services provider reported $1.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.44 by ($0.02). Unity Bancorp had a return on equity of 16.10% and a net margin of 30.26%.The company had revenue of $33.75 million for the quarter, compared to the consensus estimate of $34.62 million. Analysts anticipate that Unity Bancorp, Inc. will post 5.86 earnings per share 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 given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.2%. This is a boost from Unity Bancorp’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend is Thursday, September 3rd. Unity Bancorp’s dividend payout ratio (DPR) is 11.13%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on UNTY shares. Weiss Ratings reissued a “buy (b+)” rating on shares of Unity Bancorp in a research report on Friday, July 31st. Piper Sandler raised their price target on 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 upgraded Unity Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Thursday, July 16th. Finally, DA Davidson reissued a “buy” rating and set a $68.00 price objective on shares of Unity Bancorp in a research report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $65.50.

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.