Short Interest in Unity Bancorp, Inc. (NASDAQ:UNTY) Decreases By 13.4%

Unity Bancorp, Inc. (NASDAQ:UNTY) was the recipient of a significant decline in short interest during the month of November. As of November 29th, there was short interest totalling 23,300 shares, a decline of 13.4% from the November 14th total of 26,900 shares. Based on an average daily volume of 14,200 shares, the short-interest ratio is currently 1.6 days. Currently, 0.3% of the shares of the company are short sold.

Shares of NASDAQ:UNTY opened at $23.62 on Friday. Unity Bancorp has a 12-month low of $16.74 and a 12-month high of $24.70. The stock has a market cap of $253.15 million, a PE ratio of 11.75 and a beta of 0.74. The business has a 50 day moving average of $21.96 and a 200-day moving average of $21.13. The company has a quick ratio of 1.18, a current ratio of 1.18 and a debt-to-equity ratio of 1.42.

Unity Bancorp (NASDAQ:UNTY) last announced its earnings results on Thursday, October 17th. The financial services provider reported $0.54 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.53 by $0.01. The company had revenue of $17.11 million for the quarter, compared to analyst estimates of $16.80 million. Unity Bancorp had a return on equity of 15.92% and a net margin of 27.95%. Equities research analysts expect that Unity Bancorp will post 2.12 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 27th. Investors of record on Friday, December 13th will be paid a $0.08 dividend. The ex-dividend date is Thursday, December 12th. This represents a $0.32 annualized dividend and a yield of 1.35%. Unity Bancorp’s dividend payout ratio (DPR) is presently 15.92%.

A number of hedge funds and other institutional investors have recently modified their holdings of UNTY. Banc Funds Co. LLC increased its position in Unity Bancorp by 3.7% during the 2nd quarter. Banc Funds Co. LLC now owns 863,568 shares of the financial services provider’s stock worth $19,603,000 after buying an additional 30,736 shares during the period. BlackRock Inc. grew its stake in shares of Unity Bancorp by 6.4% in the second quarter. BlackRock Inc. now owns 406,867 shares of the financial services provider’s stock valued at $9,237,000 after acquiring an additional 24,352 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Unity Bancorp by 0.8% in the second quarter. Vanguard Group Inc. now owns 337,185 shares of the financial services provider’s stock valued at $7,654,000 after acquiring an additional 2,774 shares in the last quarter. State Street Corp increased its position in Unity Bancorp by 2.1% during the third quarter. State Street Corp now owns 125,295 shares of the financial services provider’s stock worth $2,775,000 after acquiring an additional 2,558 shares during the period. Finally, Northern Trust Corp raised its stake in Unity Bancorp by 2.2% in the 2nd quarter. Northern Trust Corp now owns 91,029 shares of the financial services provider’s stock worth $2,066,000 after purchasing an additional 1,969 shares in the last quarter. 50.88% of the stock is currently owned by hedge funds and other institutional investors.

UNTY has been the topic of several research analyst reports. Zacks Investment Research lowered shares of Unity Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, October 26th. ValuEngine downgraded shares of Unity Bancorp from a “hold” rating to a “sell” rating in a report on Friday.

About Unity Bancorp

Unity Bancorp, Inc operates as the holding company for Unity Bank that provides a range of banking products and services to individuals, small and medium sized businesses, and professional communities. The company offers personal and business checking accounts, time deposits, money market accounts, and regular savings accounts.

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