Univest Financial Corporation reports strong Q2 earnings with growth in loans and non-interest income.

From Investing.com: 2024-07-25 20:39:47

Univest Financial Corporation (UVSP) posted a strong Q2 net income of $18.2 million. Deposits and loans grew by over 5% annually, while non-interest income rose by 5.8%. The company repurchased shares and issued updated guidance for 2024. Loan growth is steady, net interest income may contract, and non-interest income is projected to increase.

Univest focuses on commercial and industrial loans for future growth and anticipates a slight increase in the cost of deposits. The company remains optimistic about deposit and loan growth in upcoming quarters. Executives highlighted competition in deposit pricing and emphasized a strong loan pipeline, with a mix of floating rate and fixed rate loans.

Analysts are positive about Univest’s performance, with two analysts revising earnings estimates upwards. Univest’s market capitalization is $828.97 million, and the P/E ratio stands at 11.59. The company has a history of consistent dividend payments over 46 years. Univest’s stock has shown strong returns, with a 5.03% total return in the last month and 33.96% in the last three months. InvestingPro Tips provide insights for investors to consider.



Read more at Investing.com: Univest Financial Corporation reported a net income of $18.2 million By Investing.com