Short Interest in Unity Bancorp, Inc. (NASDAQ:UNTY) Declines By 21.1%

Unity Bancorp, Inc. (NASDAQ:UNTY) saw a large drop in short interest in the month of July. As of July 31st, there was short interest totalling 36,300 shares, a drop of 21.1% from the July 15th total of 46,000 shares. Based on an average trading volume of 19,900 shares, the days-to-cover ratio is currently 1.8 days. Currently, 0.6% of the shares of the company are short sold.

Insiders Place Their Bets

In other news, SVP Minsu Kim sold 2,264 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $34.90, for a total value of $79,013.60. Following the completion of the sale, the senior vice president now directly owns 3,975 shares of the company’s stock, valued at approximately $138,727.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, SVP Minsu Kim sold 2,264 shares of the stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $34.90, for a total transaction of $79,013.60. Following the sale, the senior vice president now owns 3,975 shares of the company’s stock, valued at $138,727.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP James Joseph Donovan sold 750 shares of the business’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $34.97, for a total value of $26,227.50. Following the completion of the transaction, the senior vice president now owns 166 shares of the company’s stock, valued at $5,805.02. The disclosure for this sale can be found here. In the last ninety days, insiders sold 3,046 shares of company stock valued at $106,265. 28.88% of the stock is owned by company insiders.

Institutional Investors Weigh In On Unity Bancorp

Several institutional investors and hedge funds have recently added to or reduced their stakes in UNTY. Inspire Investing LLC acquired a new stake in shares of Unity Bancorp during the 1st quarter worth approximately $884,000. Panagora Asset Management Inc. boosted its position in Unity Bancorp by 11.7% in the 4th quarter. Panagora Asset Management Inc. now owns 20,540 shares of the financial services provider’s stock valued at $608,000 after buying an additional 2,150 shares during the last quarter. Empowered Funds LLC increased its position in Unity Bancorp by 7.7% in the first quarter. Empowered Funds LLC now owns 29,535 shares of the financial services provider’s stock worth $815,000 after purchasing an additional 2,100 shares during the period. GSA Capital Partners LLP grew its position in shares of Unity Bancorp by 47.4% during the 1st quarter. GSA Capital Partners LLP now owns 16,649 shares of the financial services provider’s stock worth $460,000 after buying an additional 5,352 shares during the period. Finally, Janney Montgomery Scott LLC raised its position in shares of Unity Bancorp by 6.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 20,007 shares of the financial services provider’s stock valued at $552,000 after acquiring an additional 1,135 shares during the last quarter. 42.31% of the stock is currently owned by institutional investors and hedge funds.

Unity Bancorp Trading Up 3.0 %

Shares of NASDAQ UNTY traded up $0.92 during mid-day trading on Thursday, hitting $31.82. 21,814 shares of the company traded hands, compared to its average volume of 18,034. Unity Bancorp has a 1 year low of $22.50 and a 1 year high of $35.66. The business has a 50 day moving average of $30.00 and a two-hundred day moving average of $28.25. The stock has a market capitalization of $319.44 million, a price-to-earnings ratio of 8.40 and a beta of 1.02. The company has a quick ratio of 1.15, a current ratio of 1.15 and a debt-to-equity ratio of 1.04.

Unity Bancorp (NASDAQ:UNTY) last issued its earnings results on Friday, July 12th. The financial services provider reported $0.93 earnings per share for the quarter, missing the consensus estimate of $0.94 by ($0.01). The firm had revenue of $25.46 million during the quarter, compared to analyst estimates of $25.81 million. Unity Bancorp had a return on equity of 14.71% and a net margin of 24.37%. On average, sell-side analysts anticipate that Unity Bancorp will post 3.8 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have commented on UNTY. StockNews.com upgraded Unity Bancorp from a “hold” rating to a “buy” rating in a research report on Tuesday. Keefe, Bruyette & Woods reaffirmed an “outperform” rating and issued a $39.00 price objective (up previously from $35.00) on shares of Unity Bancorp in a report on Monday, July 15th.

About Unity Bancorp

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.