Univest Financial Corp (NASDAQ:UVSP) has reported a series of transactions by its Chairman, President, and CEO, Jeffrey M. Schweitzer. According to recent filings, Schweitzer sold a total of 600 shares of the company’s stock over two days, fetching over $17,000.
The transactions occurred on September 4th and 5th, with the executive selling 400 shares at $28.50 each and 200 shares at $28.26 per share. These sales resulted in a total of $17,052 being exchanged. In addition to the sales, Schweitzer also acquired 600 shares through option exercises at a set price of $19.68 per share, amounting to a total of $11,808.
The reported transactions reflect a common practice among executives, where stock options are exercised and the underlying shares are often sold immediately. It is important to note that the shares acquired by Schweitzer through the dividend reinvestment plan were not part of this transaction. The executive's holdings following these transactions include shares acquired through the dividend reinvestment plan.
Investors and market watchers often look to insider buying and selling as a signal of a company’s prospects. However, it is also common for executives to sell shares for personal financial planning reasons, unrelated to their outlook on the company’s future performance.
Univest Financial Corp, based in Souderton, Pennsylvania, operates as the bank holding company for Univest Bank and Trust Co., providing various commercial and retail banking, and wealth management services to individuals, businesses, municipalities, and nonprofit organizations.
The company's stock trades under the ticker UVSP on the NASDAQ exchange, and these recent insider transactions provide current and potential investors with insights into executive moves within the company.
In other recent news, Univest Corporation of Pennsylvania reported an impressive second-quarter earnings per share (EPS) of $0.62, surpassing the expected $0.51 EPS by both Piper Sandler and consensus estimates. This was followed by Piper Sandler raising its price target for Univest from $20.00 to $24.00, while maintaining a Neutral rating. Despite revenues falling slightly short of estimates, attributed mainly to a $0.02 shortfall in Net Interest Income (NII), the company's strategic share repurchases and improvements in credit and capital were highlighted as contributing to a robust bottom-line result.
Further, Univest has reported a net income of $18.2 million for the second quarter, marking a period of solid financial growth. This growth was largely driven by a significant increase in deposits and loans, with deposits growing by $90 million and loans by approximately $106 million. Non-interest income also saw a rise of 5.8% compared to the previous year.
In the same vein, Univest has repurchased nearly 191,000 shares and provided updated guidance for the year. This includes steady loan growth, a slight net interest income contraction, lower provision for credit losses, and increased non-interest income growth. The company remains optimistic about its growth pipeline and future performance, despite anticipating an increase in the cost of deposits in the latter half of the year.
InvestingPro Insights
Univest Financial Corp (NASDAQ:UVSP) has not only been the subject of insider transactions but also presents interesting data points that investors may find valuable. According to InvestingPro, the company has raised its dividend for three consecutive years and has maintained dividend payments for an impressive 46 consecutive years, indicating a strong commitment to returning value to shareholders. This consistency in dividends is complemented by a current dividend yield of 3.01%, which is attractive to income-focused investors.
Moreover, recent performance metrics show that UVSP has experienced a high return over the last year, with a 65.66% price total return, and a particularly strong return over the last three months, at 31.45%. This suggests a bullish trend in the company's stock price, supported by the fact that the price is currently at 93.73% of its 52-week high. On the fundamental side, the company's P/E ratio stands at 11.48, which could be appealing to value investors looking for potentially undervalued stocks.
For those looking to delve deeper into Univest Financial Corp's performance and prospects, InvestingPro offers additional tips, including insights on earnings revisions and profitability. Notably, three analysts have revised their earnings upwards for the upcoming period, and analysts predict the company will be profitable this year, which may be indicative of positive momentum. These InvestingPro Tips, along with many others available on the platform, can provide a more nuanced view of the company's outlook. Currently, there are 9 additional tips listed on InvestingPro for Univest Financial Corp, which can be found at https://www.investing.com/pro/UVSP.
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