Univest Corporation of Pennsylvania (NASDAQ:UVSP) Issues Quarterly Earnings Results, Beats Expectations By $0.12 EPS

Univest Corporation of Pennsylvania (NASDAQ:UVSP) announced its earnings results on Wednesday. The financial services provider reported $0.96 earnings per share for the quarter, topping analysts’ consensus estimates of $0.84 by $0.12, Zacks reports. The business had revenue of $87.45 million for the quarter, compared to analyst estimates of $84.85 million. Univest Corporation of Pennsylvania had a return on equity of 9.82% and a net margin of 17.51%.

Univest Corporation of Pennsylvania Stock Performance

NASDAQ UVSP opened at $37.17 on Thursday. The company has a 50-day simple moving average of $34.72 and a two-hundred day simple moving average of $33.07. Univest Corporation of Pennsylvania has a 12-month low of $27.77 and a 12-month high of $38.22. The firm has a market cap of $1.04 billion, a price-to-earnings ratio of 11.91 and a beta of 0.61. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.32.

Univest Corporation of Pennsylvania Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 20th. Shareholders of record on Wednesday, May 6th will be paid a $0.23 dividend. 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 yield of 2.5%. The ex-dividend date of this dividend is Wednesday, May 6th. Univest Corporation of Pennsylvania’s payout ratio is presently 28.03%.

Wall Street Analyst Weigh In

UVSP has been the topic of several research analyst reports. Weiss Ratings restated a “buy (b)” rating on shares of Univest Corporation of Pennsylvania in a research report on Friday, March 27th. Keefe, Bruyette & Woods increased their price target on shares of Univest Corporation of Pennsylvania from $34.00 to $36.00 and gave the stock a “market perform” rating in a report on Tuesday, February 3rd. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $35.00.

Institutional Investors Weigh In On Univest Corporation of Pennsylvania

Several institutional investors have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company grew its position in Univest Corporation of Pennsylvania by 15.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,475,872 shares of the financial services provider’s stock worth $44,335,000 after acquiring an additional 193,561 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Univest Corporation of Pennsylvania by 38.0% during the fourth quarter. Goldman Sachs Group Inc. now owns 379,679 shares of the financial services provider’s stock valued at $12,431,000 after purchasing an additional 104,516 shares during the period. Jane Street Group LLC bought a new position in shares of Univest Corporation of Pennsylvania in the first quarter worth approximately $1,467,000. Millennium Management LLC grew its holdings in shares of Univest Corporation of Pennsylvania by 27.8% in the third quarter. Millennium Management LLC now owns 170,857 shares of the financial services provider’s stock worth $5,129,000 after purchasing an additional 37,194 shares during the last quarter. Finally, Bank of America Corp DE raised its holdings in Univest Corporation of Pennsylvania by 25.9% during 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 buying an additional 34,220 shares during the last quarter. 75.07% of the stock is currently owned by hedge funds and other institutional investors.

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.