Univest Financial Q2 net income rises

Reuters
07/24
Univest Financial <a href="https://laohu8.com/S/QTWO">Q2</a> net income rises 

Overview

  • Univest Q2 net income rises to $20 mln, EPS at $0.69

  • Net interest income up 16.7% yr/yr to $59.5 mln, driven by higher loan balances

  • Nonperforming assets increase due to $23.7 mln loan on nonaccrual status

Result Drivers

  • HIGHER LOAN YIELDS - Increase in net interest income driven by higher yields on interest-earning assets

  • SBA LOAN SALES - Gains on sale of Small Business Administration loans boosted noninterest income

  • NONACCRUAL IMPACT - Significant increase in nonperforming assets due to suspected fraud in commercial loan

Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q2 EPS

$0.69

Q2 Net Interest Income

$59.50 mln

Q2 Net Interest Margin

3.2%

Analyst Coverage

  • The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the banks peer group is "buy."

  • Wall Street's median 12-month price target for Univest Financial Corp is $32.00, about 0.3% above its July 22 closing price of $31.90

  • The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 11 three months ago

Press Release: ID:nGNX3Mmtp7

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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