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In a series of transactions at the end of August and the beginning of September, Jeffrey M. Schweitzer, the Chairman, President, and CEO of Univest Financial Corp (NASDAQ:UVSP), sold shares of the company's stock, totaling over $49,000.
On August 30th and September 3rd, Schweitzer engaged in both acquisitions and disposals of Univest Financial's common stock. According to the latest filings, the CEO sold a total of 1,747 shares at prices ranging from $28.50 to $28.56, amounting to approximately $49,812. These sales were executed in multiple transactions with prices within the stated range.
Alongside these sales, Schweitzer also acquired shares through option exercises on the same dates. On August 30th, he exercised options to acquire 547 shares, and on September 3rd, another 1,200 shares, both at a price of $19.68 per share, totaling $34,380 for all the exercised options.
Following these transactions, the CEO's direct holdings in Univest Financial have changed, but the exact post-transaction share count includes additional shares acquired through the company's dividend reinvestment plan, as noted in the footnotes of the filing.
Investors often monitor insider transactions such as these for insights into executive confidence and company performance. However, it is essential to consider that insider sales can occur for various reasons, including personal financial management, and may not always indicate a change in the executive's view of the company's future prospects.
Univest Financial Corp, headquartered 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 businesses and consumers.
In other recent news, Univest Corporation of Pennsylvania reported a net income of $18.2 million for the second quarter of 2024, marking a period of solid financial growth. The company's earnings per share (EPS) of $0.62 notably surpassed the expected $0.51 EPS by both Piper Sandler and the consensus estimate. Despite total revenues falling slightly short by $0.02, attributed mainly to a $0.02 shortfall in Net Interest Income (NII), the company saw improvements in credit and capital, as well as increases in loan and deposit balances.
Univest also repurchased nearly 191,000 shares and provided updated guidance for the year. This guidance includes steady loan growth, a slight net interest income contraction, lower provision for credit losses, and increased non-interest income growth. Piper Sandler, following these developments, adjusted its price target for Univest, increasing it from $20.00 to $24.00 while maintaining a Neutral rating on the stock.
The company expects deposit pricing to become more competitive in the coming quarters. Univest's loan book is composed of approximately 32% purely floating rate loans, which yields slightly above 200-250 basis points attached to SOFR prime. These are among the recent developments at Univest Corporation of Pennsylvania.
InvestingPro Insights
Amidst the insider trading activity by Univest Financial Corp's (NASDAQ:UVSP) CEO, investors looking at the broader financial health of the company can consider several key metrics and insights from InvestingPro. The company's market capitalization stands at a robust $823.79 million, reflecting investor confidence and a sizable presence in the banking sector.
With a Price/Earnings (P/E) ratio of 11.55, Univest Financial appears to offer a reasonable valuation relative to its earnings. This is further supported by the consistency in dividend payments, as evidenced by one of the InvestingPro Tips, which highlights that the company has raised its dividend for 3 consecutive years and has maintained dividend payments for 46 consecutive years. This could be a signal of financial stability and a commitment to returning value to shareholders.
Another InvestingPro Tip points out that analysts have revised their earnings upwards for the upcoming period, indicating potential optimism about the company's future performance. Furthermore, Univest Financial has demonstrated a strong return over the last three months, with a 34.86% total price return in that period, and a notable 60.21% return over the last year.
For those interested in diving deeper into the company's financials and future outlook, InvestingPro offers additional insights. There are currently 8 more InvestingPro Tips available for Univest Financial Corp, which can be accessed for more in-depth analysis to help investors make informed decisions.
Overall, while insider transactions like those of CEO Jeffrey M. Schweitzer can provide individual insights, the broader financial metrics and trends provided by InvestingPro paint a comprehensive picture of Univest Financial's market position and potential for future growth.
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