Univest Financial Corp's (NASDAQ:UVSP) Chairman, President, and CEO Jeffrey M. Schweitzer recently engaged in transactions involving the company's common stock, as per the latest regulatory filings. Schweitzer sold shares worth approximately $243,138, with prices ranging from $28.42 to $28.75. In addition to the sales, he also acquired shares valued at $167,319 at a price of $19.68.
The series of transactions took place over two consecutive days. On September 17, 2024, Schweitzer sold 3,961 shares at an average price of $28.42, and on the following day, he sold another 4,541 shares, this time at an average price of $28.75. The sales were conducted in multiple transactions within the specified price ranges. The exact number of shares traded at each separate price within these ranges can be provided upon request to Univest Financial Corporation or the SEC.
Alongside the sales, Schweitzer exercised options to purchase a total of 8,502 shares of Univest Financial Corp's common stock at a set price of $19.68 per share. These transactions reflect the exercise of stock options that were granted with a vesting schedule allowing for 33.3% exercisability per year over three years from the indicated exercisable date.
Following these transactions, Schweitzer's direct ownership in the company includes a significant number of shares acquired through the dividend reinvestment plan, which amounts to 10,090.1043 shares.
Investors and stakeholders often monitor insider transactions as they can provide insights into the executives' perspectives on the company's current valuation and future prospects. The reported trades by Univest Financial's CEO offer a glimpse into such activities that are part of the regular financial disclosures expected from company insiders.
For further details on these transactions, interested parties can refer to the full filing made with the Securities and Exchange Commission.
"In other recent news, Univest Corporation has reported a net income of $18.2 million for the second quarter of 2024, primarily driven by a significant increase in deposits and loans. Deposits grew by $90 million and loans by approximately $106 million. Additionally, non-interest income saw an increase of 5.8% compared to the previous year. The company also repurchased nearly 191,000 shares, contributing to a robust bottom-line result.
Following the release of these earnings, Piper Sandler adjusted its price target for Univest Corporation, increasing it from $20.00 to $24.00 while maintaining a Neutral rating on the stock. This adjustment was influenced by the company's earnings per share (EPS) of $0.62, surpassing the expected $0.51 EPS by both Piper Sandler and the consensus estimate.
Despite a slight shortfall in total revenues, the analyst from Piper Sandler viewed the quarter positively, highlighting improvements in credit and capital. Univest Corporation also provided updated guidance for the year, including steady loan growth, a slight net interest income contraction, and increased non-interest income growth. This recent development indicates a promising outlook for the corporation, as it remains optimistic about its growth pipeline and future performance."
InvestingPro Insights
Univest Financial Corp's (NASDAQ:UVSP) recent insider transactions coincide with several optimistic indicators from the company's performance metrics. According to InvestingPro data, Univest Financial Corp maintains a market capitalization of $840.13 million, with a P/E ratio that stands at 11.8 as of the last twelve months leading up to Q2 2024. These figures are reflective of a company that is valued reasonably in comparison to its earnings.
Moreover, the company's stock has experienced a significant price appreciation, showcasing a 50.01% total return over the last six months and a 73.09% return over the past year. This robust performance is likely a contributing factor to the CEO's decision to engage in stock transactions. Additionally, Univest Financial Corp is trading near its 52-week high, at 97.86% of this peak, indicating strong investor confidence in the stock.
InvestingPro Tips further highlight the company's commitment to its shareholders, with Univest Financial Corp having raised its dividend for 3 consecutive years and maintaining dividend payments for an impressive 46 consecutive years. This suggests a reliable income stream for investors and a stable financial position for the company. Furthermore, analysts have revised their earnings upwards for the upcoming period, suggesting potential growth on the horizon. With these positive signals, investors may find Univest Financial Corp to be an attractive option for both growth and income.
For those looking for more detailed analysis and additional InvestingPro Tips, Univest Financial Corp currently has 9 more tips available, which can be accessed through InvestingPro's dedicated product page.
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