US stock futures dip as Trump’s firing of Cook sparks Fed independence fears
Univest Financial Corporation (NASDAQ:UVSP) has reported that its Senior Executive Vice President and Chief Operating Officer, Michael S. Keim, sold a total of 295 shares of the company's common stock, according to a recent filing. The transactions, dated August 26, 2024, were executed at prices ranging from $28.50 to $28.5948, amounting to a total value of approximately $8,434.
The sales occurred in multiple transactions at varying prices, with the weighted average price for a portion of the shares being $28.5948. The specific details of the number of shares sold at each price within the range have been made available upon request, in compliance with SEC regulations.
In addition to the sales, the filing also indicated that Keim acquired 295 shares through the exercise of stock options at a price of $19.68 per share, totaling about $5,805. It is important to note that these transactions are part of the normal course of business and are reported in compliance with SEC regulations.
Following these transactions, Keim's ownership in Univest Financial Corp includes 55,959.077 shares directly held, which also encompasses shares acquired through the company's dividend reinvestment plan.
Univest Financial Corporation, based in Souderton, Pennsylvania, operates as a state commercial bank and is known for providing a range of financial services to individuals, businesses, and municipalities.
Investors and stakeholders typically monitor insider transactions as they can provide insights into an executive's confidence in the company's prospects or may reflect personal financial management decisions. However, such transactions are common and are not necessarily indicative of the company's future performance.
In other recent news, Univest Corporation of Pennsylvania has reported a notable increase in its second-quarter earnings for 2024, surpassing both analyst and consensus estimates. Piper Sandler, following these results, has raised its price target for Univest from $20.00 to $24.00, maintaining a neutral rating on the stock. The company reported earnings per share (EPS) of $0.62, exceeding the expected $0.51 EPS by both Piper Sandler and the consensus estimate.
Despite a slight shortfall in total revenues, the company's financial performance was viewed positively due to improvements in credit and capital, increases in loan and deposit balances, and strategic share repurchases. Univest also reported a net income of $18.2 million for the second quarter, driven by a significant increase in deposits and loans.
In other developments, the company repurchased nearly 191,000 shares and 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. Despite anticipating an increase in the cost of deposits in the latter half of the year, Univest remains optimistic about its growth pipeline and future performance. The company also expects deposit pricing to become more competitive in the coming quarters.
InvestingPro Insights
Univest Financial Corporation (NASDAQ:UVSP) has shown a notable performance in the financial market with its recent activities catching the eye of investors. According to InvestingPro data, Univest's market capitalization stands at a solid $815.91 million, reflecting investor confidence in the company's value and stability. The company's Price to Earnings (P/E) Ratio, a key indicator of market expectations about growth and profitability, is currently at an attractive 11.48. This figure aligns closely with the adjusted P/E ratio for the last twelve months as of Q2 2024, which is 11.36, suggesting a consistent valuation by the market.
InvestingPro Tips highlight that Univest has raised its dividend for three consecutive years and has maintained dividend payments for an impressive 46 consecutive years, underscoring the company's commitment to shareholder returns. Moreover, the dividend yield as of the latest data stands at 3.01%, which is a compelling figure for income-focused investors. Additionally, three analysts have recently revised their earnings upwards for the upcoming period, indicating potential optimism about the company's financial prospects.
On the performance front, Univest has witnessed a substantial price uptick over the last six months, with a 45.38% total return, and has continued to generate a strong return over the last three months, at 28.71%. These metrics suggest a robust short-term performance that could be of interest to investors looking for growth opportunities. It's worth noting that there are even more InvestingPro Tips available, offering deeper insights into Univest's financial health and market position.
While the company suffers from weak gross profit margins, it has been profitable over the last twelve months, and analysts predict profitability will continue this year. These insights, combined with the real-time data and additional tips available on InvestingPro, can provide investors with a comprehensive understanding of Univest's financial standing and future potential.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.