Insider Buying: Unity Bancorp, Inc. (NASDAQ:UNTY) CFO Purchases 500 Shares of Stock

Unity Bancorp, Inc. (NASDAQ:UNTY – Get Rating) CFO George Boyan acquired 500 shares of the company’s stock in a transaction dated Thursday, January 19th. The stock was purchased at an average cost of $26.00 per share, for a total transaction of $13,000.00. Following the purchase, the chief financial officer now directly owns 3,031 shares in the company, valued at approximately $78,806. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Unity Bancorp Stock Performance

Shares of NASDAQ UNTY opened at $26.25 on Tuesday. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 1.26. The stock has a market capitalization of $276.81 million, a price-to-earnings ratio of 7.31 and a beta of 1.02. The stock’s fifty day simple moving average is $27.39 and its 200 day simple moving average is $27.39. Unity Bancorp, Inc. has a 52-week low of $24.80 and a 52-week high of $30.50.

Unity Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 30th. Stockholders of record on Friday, December 16th were issued a dividend of $0.11 per share. The ex-dividend date of this dividend was Thursday, December 15th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 1.68%. Unity Bancorp’s dividend payout ratio is 12.26%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Allspring Global Investments Holdings LLC grew its holdings in shares of Unity Bancorp by 168.0% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 11,035 shares of the financial services provider’s stock valued at $302,000 after buying an additional 6,917 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Unity Bancorp by 6.9% during the third quarter. Bank of New York Mellon Corp now owns 37,235 shares of the financial services provider’s stock valued at $935,000 after buying an additional 2,419 shares in the last quarter. Alliancebernstein L.P. grew its holdings in shares of Unity Bancorp by 1.8% during the third quarter. Alliancebernstein L.P. now owns 288,164 shares of the financial services provider’s stock valued at $7,236,000 after buying an additional 5,000 shares in the last quarter. State Street Corp grew its holdings in shares of Unity Bancorp by 1.2% during the third quarter. State Street Corp now owns 70,986 shares of the financial services provider’s stock valued at $1,782,000 after buying an additional 853 shares in the last quarter. Finally, Summit Global Investments purchased a new position in shares of Unity Bancorp during the third quarter valued at $213,000. Hedge funds and other institutional investors own 49.07% of the company’s stock.

Analyst Ratings Changes

UNTY has been the topic of a number of recent research reports. StockNews.com cut Unity Bancorp from a “buy” rating to a “hold” rating in a report on Friday, January 6th. Janney Montgomery Scott initiated coverage on Unity Bancorp in a report on Thursday, December 15th. They issued a “buy” rating and a $32.00 target price on the stock.

Unity Bancorp Company Profile

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Unity Bancorp, Inc is a bank holding company, which engages in the ownership and supervision of Unity Bank. The firm accepts personal and business checking accounts, time deposits, money market accounts, regular savings accounts, and demand and savings deposits. Its loan portfolio comprises credit cards, mortgage, home equity, and personal loans.