6. Univest Corp. of Pennsylvania


Shares of Univest Corp of Pennsylvania ( UVSP), which is headquartered in Souderton, closed at $16.59 Thursday, declining 3% this year, following a positive return of 23% during 2012. The shares trade just below tangible book value, and for 11.9 times the consensus 2014 EPS estimate of $1.40. The consensus 2013 EPS estimate is $1.30.

Based on a quarterly payout of $0.20, the shares have a dividend yield of 4.82%.

Univest Corp. of Pennsylvania is rated a B-plus (Good) by TheStreet Ratings.

The company had $2.3 billion in total assets as of Dec. 31 and reported 2012 net income of $20.9 million, or $1.24 a share, increasing from $18.9 million, or $1.13 a share, in 2011. The 2012 ROA was 0.94%, improving from 0.89% the previous year.

Univest's net interest income for 2012 was $72.5 million, declining slightly from a year earlier, portfolio loan growth of 2%. The net interest margin narrowed to 3.80% in the fourth quarter from 3.96% a year earlier.

The overall earnings improvement reflected a decline in provisions for loan losses to $10.0 million in 2012 from $17.5 million in 2011. Total noninterest income grew to $40.3 million in 2012 from $34.4 million a year earlier, mainly reflecting an increase in gains on mortgage sales, to $6.1 million from $1.9 million.

Univest was very strongly capitalized as of Dec. 31, reporting a Tangible common equity ratio of 9.88% and a regulatory Tier 1 leverage ratio of 11.47%.

Interested in more on Univest Corp. of Pennsylvania? See TheStreet Ratings' report card for this stock.

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