Univest Financial Q2 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
