In a recent SEC filing, Univest Financial Corp (NASDAQ:UVSP) disclosed that its director, Natalye Paquin, purchased 565 shares of common stock on November 1st. The shares were acquired at a price of $28.10 each, amounting to a total transaction value of $15,876. Following this transaction, Paquin now holds a total of 23,281.2048 shares, including shares acquired through the dividend reinvestment plan. This move reflects a continued investment in the company by its board members.
In other recent news, Univest Financial Corporation has been the subject of positive attention following its third-quarter earnings report. The company reported a net income of $18.6 million and earnings per share (EPS) of $0.63, surpassing both Piper Sandler's estimate of $0.56 and the consensus estimate of $0.54. This earnings beat was attributed to factors such as lower provisioning and reduced expenses, as well as a strong deposit growth of 5.5%, largely driven by seasonal municipal inflows.
Univest Financial also exceeded Piper Sandler's forecast in terms of share repurchases, buying back 157,000 shares compared to the projected 50,000 shares. Following these developments, Piper Sandler adjusted its outlook on Univest Financial, increasing the price target from $27 to $27 while maintaining a Neutral rating.
For 2024, Univest Financial anticipates a loan growth of approximately 4% and a contraction of net interest income by 4% to 5%. The company's management team has indicated a strategic focus on managing expenses and capital deployment, including continued share repurchases. Despite competitive pressures in the deposit market, Univest's deposit and loan portfolios are positioned to potentially benefit from loan repricing. These are the recent developments for Univest Financial Corporation.
InvestingPro Insights
Univest Financial Corp's recent insider buying activity aligns with several positive indicators highlighted by InvestingPro. The company's stock has shown impressive performance, with a 58.01% total return over the past year and a substantial 26.49% return in the last six months. This upward trend is further supported by InvestingPro Tips, which note that UVSP has maintained dividend payments for 46 consecutive years and has raised its dividend for 3 consecutive years, demonstrating a strong commitment to shareholder returns.
The company's financial health appears robust, with a P/E ratio of 10.9 based on the last twelve months as of Q3 2024, suggesting the stock may be undervalued relative to its earnings. Additionally, UVSP's price-to-book ratio of 0.91 indicates that the stock is trading below its book value, potentially representing an attractive entry point for investors.
InvestingPro Tips also reveal that two analysts have revised their earnings upwards for the upcoming period, which could signal positive expectations for the company's future performance. With a dividend yield of 3.02% and a market capitalization of $801.88 million, UVSP presents an interesting profile for value-oriented investors.
For those seeking a deeper analysis, InvestingPro offers 6 additional tips that could provide further insights into Univest Financial Corp's investment potential.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.