Overview

* Univest Q3 net income rises to $25.6 mln, up from $18.6 mln last year

* Net interest income for Q3 increases 15.3% yr/yr to $61.3 mln

* Company repurchased 255,010 shares at an average price of $30.16 per share

Outlook

* Company did not provide specific guidance for future quarters or the full year in the press release

Result Drivers

* LOAN MIX CHANGES - Gross loans and leases decreased due to declines in commercial and residential mortgages, offset by increases in construction and commercial real estate loans

* NET INTEREST INCOME DRIVERS - Increase in net interest income driven by higher average balances on loans and cash equivalents and increased loan yields

* NONINTEREST INCOME - Increase in noninterest income primarily due to higher BOLI income from death benefit claims and other service fee income

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Net $61.30

Interest mln

Income

Q3 Net 3.17%

Interest

Margin

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 ( UVSP ) is $32.00, about 7.9% above its October 21 closing price of $29.46

* The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 10 three months ago

Press Release:

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(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.)