Assenagon Asset Management S.A. Takes Position in Univest Corporation of Pennsylvania $UVSP

Key Points

• Assenagon Asset Management opened a new position in Univest Corporation of Pennsylvania, buying 257,403 shares valued at about $8.8 million and representing roughly 0.92% ownership.
• Univest’s recent earnings beat expectations, with quarterly EPS of $0.96 versus the $0.84 consensus and revenue of $87.45 million versus $84.85 million expected.
• The company raised its quarterly dividend to $0.23 per share from $0.22, and insiders have recently sold shares, including the CEO and COO, while analysts currently rate the stock a Hold on average.

Assenagon Asset Management S.A. bought a new position in shares of Univest Corporation of Pennsylvania (NASDAQ:UVSP - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 257,403 shares of the financial services provider's stock, valued at approximately $8,819,000. Assenagon Asset Management S.A. owned approximately 0.92% of Univest Corporation of Pennsylvania as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Russell Investments Group Ltd. acquired a new stake in Univest Corporation of Pennsylvania during the second quarter worth approximately $42,000. Geneos Wealth Management Inc. boosted its holdings in shares of Univest Corporation of Pennsylvania by 545.3% in the 1st quarter. Geneos Wealth Management Inc. now owns 2,665 shares of the financial services provider's stock valued at $76,000 after buying an additional 2,252 shares in the last quarter. Osaic Holdings Inc. acquired a new position in shares of Univest Corporation of Pennsylvania in the 2nd quarter valued at $91,000. Tower Research Capital LLC TRC grew its position in shares of Univest Corporation of Pennsylvania by 69.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,225 shares of the financial services provider's stock valued at $97,000 after buying an additional 1,324 shares during the last quarter. Finally, Mariner LLC purchased a new position in shares of Univest Corporation of Pennsylvania in the 4th quarter valued at $211,000. 75.07% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

UVSP has been the subject of a number of research reports. Weiss Ratings reissued a "buy (b)" rating on shares of Univest Corporation of Pennsylvania in a research report on Wednesday. Keefe, Bruyette & Woods raised their price objective on Univest Corporation of Pennsylvania from $37.00 to $40.00 and gave the stock a "market perform" rating in a report on Friday, April 24th. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Univest Corporation of Pennsylvania currently has an average rating of "Hold" and an average target price of $37.00.

Insider Activity

In other Univest Corporation of Pennsylvania news, COO Michael S. Keim sold 7,245 shares of the business's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $38.71, for a total value of $280,453.95. Following the transaction, the chief operating officer directly owned 66,979 shares of the company's stock, valued at approximately $2,592,757.09. The trade was a 9.76% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Jeffrey M. Schweitzer sold 13,933 shares of the company's stock in a transaction on Monday, June 8th. The stock was sold at an average price of $40.91, for a total transaction of $569,999.03. Following the transaction, the chief executive officer owned 110,513 shares of the company's stock, valued at approximately $4,521,086.83. The trade was a 11.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 36,268 shares of company stock valued at $1,427,334. Corporate insiders own 1.83% of the company's stock.

Univest Corporation of Pennsylvania Price Performance

UVSP opened at $44.40 on Monday. The business has a 50 day moving average price of $39.61 and a two-hundred day moving average price of $36.07. The company has a quick ratio of 1.02, a current ratio of 1.02 and a debt-to-equity ratio of 0.10. The company has a market cap of $1.24 billion, a PE ratio of 13.33 and a beta of 0.67. Univest Corporation of Pennsylvania has a 52 week low of $27.91 and a 52 week high of $44.78.

Univest Corporation of Pennsylvania (NASDAQ:UVSP - Get Free Report) last posted its quarterly earnings data on Wednesday, April 22nd. The financial services provider reported $0.96 earnings per share for the quarter, topping analysts' consensus estimates of $0.84 by $0.12. The company had revenue of $87.45 million during the quarter, compared to analysts' expectations of $84.85 million. Univest Corporation of Pennsylvania had a return on equity of 10.19% and a net margin of 18.25%. As a group, research analysts anticipate that Univest Corporation of Pennsylvania will post 3.6 EPS for the current year.

Univest Corporation of Pennsylvania Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 20th. Investors of record on Wednesday, May 6th were issued a dividend of $0.23 per share. This is a boost from Univest Corporation of Pennsylvania's previous quarterly dividend of $0.22. This represents a $0.92 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend was Wednesday, May 6th. Univest Corporation of Pennsylvania's dividend payout ratio is 27.63%.

Univest Corporation of Pennsylvania Company 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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