Univest Corporation of Pennsylvania (NASDAQ:UVSP) Issues Quarterly Earnings Results

Key Points

• Univest Corporation of Pennsylvania reported quarterly EPS of $0.82, falling short of analysts’ expectations of $0.87 by $0.05.
• The stock traded down 1.4% to $43.79 after the earnings release, with recent trading levels still near its 52-week high of $45.46.
• Wall Street sentiment remains cautious: the stock has a Hold consensus rating with an average price target of $37.00, while insiders and institutions have recently made notable trades in the name.

Univest Corporation of Pennsylvania (NASDAQ:UVSP - Get Free Report) released its quarterly earnings data on Wednesday. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.87 by ($0.05), Zacks reports. Univest Corporation of Pennsylvania had a return on equity of 10.19% and a net margin of 18.25%.

Univest Corporation of Pennsylvania Trading Down 1.4%

UVSP stock traded down $0.63 during midday trading on Wednesday, reaching $43.79. 288,587 shares of the company traded hands, compared to its average volume of 194,460. The firm has a market capitalization of $1.22 billion, a price-to-earnings ratio of 13.15 and a beta of 0.66. Univest Corporation of Pennsylvania has a 52-week low of $27.91 and a 52-week high of $45.46. The business has a 50 day moving average of $41.74 and a 200-day moving average of $37.27. The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.02 and a current ratio of 1.02.

Wall Street Analysts Forecast Growth

UVSP has been the subject of a number of recent research reports. Weiss Ratings raised shares of Univest Corporation of Pennsylvania from a "buy (b)" rating to a "buy (b+)" rating in a report on Wednesday, July 8th. Keefe, Bruyette & Woods upped their price target on shares of Univest Corporation of Pennsylvania from $37.00 to $40.00 and gave the company a "market perform" rating in a research note on Friday, April 24th. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $37.00.

Insider Buying and Selling

In related news, Director Natalye Paquin sold 13,000 shares of the stock in a transaction on Monday, April 27th. The stock was sold at an average price of $37.80, for a total transaction of $491,400.00. Following the sale, the director owned 17,004 shares in the company, valued at approximately $642,751.20. This represents a 43.33% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO Michael S. Keim sold 7,245 shares of the firm's stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $38.71, for a total value of $280,453.95. Following the completion of the sale, the chief operating officer owned 66,979 shares of the company's stock, valued at approximately $2,592,757.09. This represents a 9.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 36,268 shares of company stock worth $1,427,334. 1.83% of the stock is owned by company insiders.

Hedge Funds Weigh In On Univest Corporation of Pennsylvania

Several hedge funds have recently added to or reduced their stakes in UVSP. The Manufacturers Life Insurance Company lifted its stake in Univest Corporation of Pennsylvania by 15.1% in the second quarter. The Manufacturers Life Insurance Company now owns 1,475,872 shares of the financial services provider's stock worth $44,335,000 after purchasing an additional 193,561 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in Univest Corporation of Pennsylvania by 38.0% during the 4th quarter. Goldman Sachs Group Inc. now owns 379,679 shares of the financial services provider's stock valued at $12,431,000 after acquiring an additional 104,516 shares during the period. Jane Street Group LLC purchased a new position in Univest Corporation of Pennsylvania during the 1st quarter valued at $1,467,000. Millennium Management LLC grew its position in Univest Corporation of Pennsylvania by 27.8% in the 3rd quarter. Millennium Management LLC now owns 170,857 shares of the financial services provider's stock valued at $5,129,000 after acquiring an additional 37,194 shares during the last quarter. Finally, Bank of America Corp DE grew its position in Univest Corporation of Pennsylvania by 25.9% in the 2nd quarter. Bank of America Corp DE now owns 166,122 shares of the financial services provider's stock valued at $4,990,000 after acquiring an additional 34,220 shares during the last quarter. 75.07% of the stock is currently owned by institutional investors.

About Univest Corporation of Pennsylvania

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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