Univest Financial shareholders approve board directors and executive pay

In a recent shareholder meeting, Univest Financial Corp (NASDAQ:UVSP), a $843 million market cap financial institution trading at an attractive P/E ratio of 10.8, confirmed the election of its board directors and the ratification of its independent auditor for the current fiscal year. During the April 24, 2025 annual meeting, shareholders voted on several key proposals outlined in the company’s proxy statement filed on March 14, 2025.

The election of four Class II Directors, each for a three-year term expiring in 2028, was approved with a significant majority. The directors re-elected are Todd S. Benning, Martin P. Connor, Jeffrey M. Schweitzer, and Michael L. Turner, with respective votes of 23,312,037, 23,576,830, 23,249,678, and 23,226,669. Each director faced some votes withheld but still maintained overwhelming support from the shareholders. This strong shareholder backing aligns with the company’s impressive 47-year track record of consistent dividend payments, currently yielding 3.04%.

In addition, the firm’s choice of KPMG LLP as its independent registered public accounting firm for 2025 was ratified with 25,031,396 votes in favor, 424,809 against, and a mere 30,960 abstaining.

The advisory vote on executive compensation, a routine check on pay practices often referred to as "say on pay," also passed with 23,042,296 votes for, 669,660 against, and 57,807 abstentions. This indicates a solid endorsement from shareholders regarding the compensation of Univest Financial’s named executive officers.

No broker non-votes were recorded for the ratification of the independent auditor, while the other proposals saw 1,717,402 broker non-votes each.

The details of these votes are based on a press release statement from Univest Financial Corporation, as per the latest 8-K filing with the Securities and Exchange Commission. The results reflect the shareholder’s confidence in the company’s governance and financial oversight as Univest Financial continues its operations within the state commercial banks sector. According to InvestingPro analysis, the company maintains a "GOOD" overall financial health score and is currently trading below its Fair Value, presenting a potential opportunity for investors. For detailed insights and additional ProTips about UVSP, including its valuation metrics and growth prospects, explore the comprehensive Pro Research Report available on InvestingPro.

In other recent news, Univest Corporation Pennsylvania reported first-quarter 2025 earnings that surpassed analyst expectations. The company achieved earnings per share of $0.77, exceeding the projected $0.64, and reported revenue of $79.2 million, which was higher than the anticipated $77.65 million. Despite these positive financial results, Univest experienced a decrease in deposits by $100.8 million, primarily due to seasonal factors. The net interest margin improved to 3.09% from 2.88% in the previous quarter. Additionally, Univest maintained strong credit quality, with nonperforming assets at 43 basis points. Looking forward, the company expects fee income to grow by 4-6% for the year, with a loan-to-deposit ratio target of 95-100%. Analysts from Piper Sandler participated in the earnings call, inquiring about the company’s fee income growth expectations and loan-to-deposit ratio targets. CEO Jeff Schweitzer expressed confidence in the company’s ability to navigate economic uncertainties, highlighting the stabilization of noninterest-bearing deposits.

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