Boston, MA 09/03/2014 (wallstreetpr) – Four Directors of the financial services provider Unity Bancorp, Inc. (NASDAQ:UNTY) had resorted to acquiring the company’s shares to boost their holding. Their move had the potential to lift the sentiments of the investors.
Buys Shares
The company’s Independent Director Peter Maricondo had acquired 2,200 shares at an average cost of $8.3 on September 2, according to the company’s filing of Form 4 with the Securities and Exchange Commission or the SEC. He had paid about $18K to buy these stocks.
Similarly, another Director Austin Kutscher had bought 1,001 shares at the same price and paid $8,308 to buy the shares. Two more Directors, Aaron Tucker and Raj Patel, have also acquired 14,600 shares and 880 shares respectively at an average cost of $8.3 a share. They have paid approximately $121K and $7.3K respectively to acquire the shares.
Interestingly, all the Directors of Unity Bancorp, Inc. (NASDAQ:UNTY) have acquired the shares at the same price and suggested a premium of 23.2% to the 52-week low price of $6.74. However, they have purchased the shares at a discount of 15.4% compared to the yearly high price of $9.81.
Following the acquisition of shares, Peter Maricondo, Austin Kutscher, Aaron Tucker, and Raj Patel have increased their holding in the company to 13,381 shares, 9,019 shares, 25,000 shares, and 10,621 shares respectively.
Previous Insider Activity
In the last three-month period, there was no buying or selling by the insiders in Unity Bancorp, Inc. (NASDAQ:UNTY) shares, except the latest reported one. The last previous reported was in March when three Officers have acquired 2K shares each between $7.87 and $7.97 a share, according to the data in Nasdaq.
One-Year Insider Activity
In the last one-year period, there was no sale of shares from the insiders. All the 16 transactions were relating to the acquisition of shares only. This meant that the insiders have purchased a total of 94,296 shares during the last one-year period.
After five-month of lull in insider trading, the Directors have come back to buy the Unity Bancorp shares, which would only suggest that better days can be ahead.
