Assenagon Asset Management S.A. Acquires 100,780 Shares of Univest Corporation of Pennsylvania $UVSP

Key Points

• Assenagon Asset Management increased its Univest (UVSP) stake by 39.2%, purchasing 100,780 additional shares to hold 358,183 shares valued at approximately $15.7 million. Institutional investors own 75.07% of the company.
• Analyst sentiment improved, with Zacks Research upgrading UVSP to “strong buy” and the consensus rating standing at “Buy”; the consensus price target is $40.50.
• Univest reported quarterly EPS of $0.82, below the $0.87 estimate, while revenue of $89.59 million exceeded expectations. The company declared a $0.23 quarterly dividend, representing a 2.2% annualized yield.

Assenagon Asset Management S.A. grew its holdings in shares of Univest Corporation of Pennsylvania (NASDAQ:UVSP - Free Report) by 39.2% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 358,183 shares of the financial services provider's stock after purchasing an additional 100,780 shares during the quarter. Assenagon Asset Management S.A. owned approximately 1.29% of Univest Corporation of Pennsylvania worth $15,671,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in UVSP. Los Angeles Capital Management LLC grew its position in shares of Univest Corporation of Pennsylvania by 1.8% during the 4th quarter. Los Angeles Capital Management LLC now owns 17,012 shares of the financial services provider's stock valued at $557,000 after acquiring an additional 295 shares during the period. BNP Paribas Financial Markets raised its holdings in shares of Univest Corporation of Pennsylvania by 1.7% in the 2nd quarter. BNP Paribas Financial Markets now owns 22,354 shares of the financial services provider's stock worth $672,000 after purchasing an additional 369 shares during the period. Strs Ohio lifted its stake in Univest Corporation of Pennsylvania by 3.0% in the first quarter. Strs Ohio now owns 20,600 shares of the financial services provider's stock valued at $706,000 after purchasing an additional 600 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Univest Corporation of Pennsylvania by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 17,171 shares of the financial services provider's stock valued at $487,000 after purchasing an additional 703 shares during the last quarter. Finally, Martingale Asset Management L P grew its holdings in Univest Corporation of Pennsylvania by 0.9% during the third quarter. Martingale Asset Management L P now owns 79,091 shares of the financial services provider's stock valued at $2,374,000 after purchasing an additional 731 shares during the period. 75.07% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Univest Corporation of Pennsylvania news, CEO Jeffrey M. Schweitzer sold 13,933 shares of the firm's stock in a transaction on Monday, June 8th. The shares were sold at an average price of $40.91, for a total value of $569,999.03. Following the completion of the transaction, the chief executive officer directly owned 110,513 shares of the company's stock, valued at $4,521,086.83. This trade represents a 11.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Brian J. Richardson sold 2,090 shares of the business's stock in a transaction on Monday, June 8th. The shares were sold at an average price of $40.90, for a total transaction of $85,481.00. Following the transaction, the chief financial officer owned 24,228 shares of the company's stock, valued at $990,925.20. This trade represents a 7.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.83% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

UVSP has been the subject of a number of recent research reports. Keefe, Bruyette & Woods raised their target price on Univest Corporation of Pennsylvania from $45.00 to $47.00 and gave the stock a "market perform" rating in a research report on Friday, July 24th. Weiss Ratings raised Univest Corporation of Pennsylvania from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Tuesday, July 28th. Finally, Zacks Research upgraded Univest Corporation of Pennsylvania from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 28th. Two analysts have rated the stock with a Strong Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Univest Corporation of Pennsylvania currently has an average rating of "Buy" and a consensus price target of $40.50.

Univest Corporation of Pennsylvania Price Performance

Univest Corporation of Pennsylvania stock opened at $42.19 on Tuesday. Univest Corporation of Pennsylvania has a one year low of $28.03 and a one year high of $45.46. The business has a fifty day moving average price of $43.19 and a 200-day moving average price of $38.37. The company has a debt-to-equity ratio of 0.10, a current ratio of 1.02 and a quick ratio of 1.02. The firm has a market capitalization of $1.16 billion, a P/E ratio of 12.19 and a beta of 0.66.

Univest Corporation of Pennsylvania (NASDAQ:UVSP - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.87 by ($0.05). The company had revenue of $89.59 million for the quarter, compared to analysts' expectations of $86.66 million. Univest Corporation of Pennsylvania had a return on equity of 10.41% and a net margin of 18.86%. As a group, equities research analysts forecast that Univest Corporation of Pennsylvania will post 3.67 EPS for the current year.

Univest Corporation of Pennsylvania Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 19th. Stockholders of record on Wednesday, August 5th will be given a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Wednesday, August 5th. Univest Corporation of Pennsylvania's dividend payout ratio (DPR) is 26.59%.

Univest Corporation of Pennsylvania Profile

Univest Corporation of Pennsylvania is a financial holding company headquartered in Souderton, Pennsylvania, operating through its primary subsidiary, Univest Bank and Trust Co The company offers a comprehensive range of banking services, including commercial and consumer lending, deposit products, mortgage banking, treasury and payment solutions, and wealth management services. Through its community banking model, Univest serves individuals, small to middle-market businesses, and nonprofit and public institutions.

Founded in 1893 as Souderton Industrial Savings Association, Univest has grown through a combination of organic expansion and targeted acquisitions.

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