Univest Financial Corp's (NASDAQ:UVSP) Senior EVP & COO, Michael S. Keim, recently engaged in transactions involving the company's common stock, according to the latest SEC filings. On September 4, 2024, Keim sold 400 shares at a price of $28.50 per share, totaling $11,400.
The transactions took place under a backdrop of Keim's role within the company and are part of the regular financial disclosures made by executives of publicly-traded companies. The sale was executed at prices ranging from $28.50, reflecting the market's valuation of Univest Financial at the time of the transactions.
In addition to the sale, Keim also acquired 400 shares through transactions priced at $19.68 per share, amounting to a total of $7,872. It is worth noting that the shares acquired are part of a non-derivative transaction, which directly impacts Keim's stake in the company.
Following these transactions, Keim's ownership in Univest Financial includes an additional 7,154.509 shares acquired through the dividend reinvestment plan, as indicated in the footnotes of the SEC filing. This detail provides a fuller picture of Keim's investment in the company and shows a long-term engagement with Univest Financial's performance and growth.
Investors often monitor the buying and selling activities of company executives as it may provide insights into their perspective on the company's current valuation and future prospects. The disclosed transactions are part of the routine financial activities executives undertake and are reported to the SEC for transparency and regulatory compliance.
Univest Financial Corp, based in Souderton, Pennsylvania, is a financial institution that operates primarily within the state commercial banks sector. The company's stock trades on the NASDAQ under the ticker symbol UVSP.
In other recent news, Univest Corporation of Pennsylvania has demonstrated strong financial growth in the second quarter of 2024, reporting earnings per share (EPS) of $0.62, surpassing both Piper Sandler and the consensus estimate of $0.51. Despite a slight shortfall in Net Interest Income (NII), the company's net income reached $18.2 million. This growth was largely driven by increases in deposits and loans, with deposits growing by $90 million and loans by approximately $106 million.
Univest Corporation also repurchased nearly 191,000 shares, contributing to its robust bottom-line result. Piper Sandler, after reviewing these results, adjusted its price target for the corporation from $20.00 to $24.00, while maintaining a Neutral rating on the stock. The firm's outlook reflects the mixed results of higher earnings and lower-than-anticipated revenues.
In addition to these developments, Univest Corporation provided updated guidance for the year, including steady loan growth, a slight net interest income contraction, lower provision for credit losses, and increased non-interest income growth. The company anticipates an increase in the cost of deposits in the latter half of the year but remains optimistic about its growth pipeline and future performance. Furthermore, Univest's loan book is composed of approximately 32% purely floating rate loans, yielding slightly above 200-250 basis points attached to SOFR prime.
InvestingPro Insights
Amidst the recent stock transactions by Univest Financial Corp's (NASDAQ:UVSP) Senior EVP & COO, Michael S. Keim, investors may find additional context through InvestingPro Insights. Notably, Univest Financial has demonstrated a commitment to shareholder returns, having raised its dividend for three consecutive years and maintained dividend payments for an impressive 46 years, as per InvestingPro Tips. This suggests a stable financial foundation and a focus on long-term shareholder value.
From a performance standpoint, Univest Financial has shown strong returns, with a notable price uptick over the last six months, and a remarkable one-year price total return of 65.66%. The company's market capitalization stands at $806.58 million, with a solid P/E ratio of 11.48, reflecting investor confidence in its earnings potential. Additionally, the stock's recent price was close to its 52-week high, at 93.73% of the peak value.
Investors considering Univest Financial's stock will also be interested in the company's robust revenue growth on a quarterly basis of 0.8% as of the last twelve months ending Q2 2024. These figures, alongside the company's profitability over the last twelve months, align with the positive revisions by analysts who predict Univest will remain profitable this year. For those seeking further insights, there are additional InvestingPro Tips available, providing a deeper dive into Univest Financial's financial health and market positioning.
For a comprehensive analysis and more InvestingPro Tips on Univest Financial Corp, investors can visit https://www.investing.com/pro/UVSP.
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