Universal Insurance (NYSE:UVE) Sets New 1-Year High – Here’s Why

Universal Insurance Holdings, Inc. (NYSE:UVE) shares hit a new 52-week high on Monday . The stock traded as high as $23.39 and last traded at $23.27, with a volume of 15201 shares changing hands. The stock had previously closed at $22.88.

Analysts Set New Price Targets

Separately, StockNews.com upgraded shares of Universal Insurance from a “hold” rating to a “buy” rating in a research report on Sunday, November 10th.

Universal Insurance Stock Up 0.3 %

The company has a market cap of $644.73 million, a PE ratio of 9.35 and a beta of 0.90. The stock has a 50-day moving average of $20.90 and a 200-day moving average of $20.07. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 0.25.

Universal Insurance (NYSE:UVE) last released its quarterly earnings results on Thursday, October 24th. The insurance provider reported ($0.73) earnings per share for the quarter, beating the consensus estimate of ($1.03) by $0.30. The firm had revenue of $387.55 million for the quarter, compared to analysts’ expectations of $341.98 million. Universal Insurance had a return on equity of 15.43% and a net margin of 4.82%. During the same quarter last year, the firm posted ($0.16) EPS. Sell-side analysts predict that Universal Insurance Holdings, Inc. will post 1.66 earnings per share for the current fiscal year.

Universal Insurance Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, December 6th will be paid a $0.13 dividend. The ex-dividend date is Friday, December 6th. This represents a $0.52 dividend on an annualized basis and a yield of 2.28%. Universal Insurance’s dividend payout ratio is presently 26.02%.

Insider Activity

In related news, Chairman Sean P. Downes sold 20,000 shares of the firm’s stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $20.21, for a total transaction of $404,200.00. Following the transaction, the chairman now directly owns 1,062,262 shares of the company’s stock, valued at approximately $21,468,315.02. This trade represents a 1.85 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In the last quarter, insiders have sold 55,064 shares of company stock worth $1,191,937. 17.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Barclays PLC boosted its position in Universal Insurance by 69.5% during the third quarter. Barclays PLC now owns 68,969 shares of the insurance provider’s stock valued at $1,528,000 after buying an additional 28,278 shares during the period. Geode Capital Management LLC lifted its stake in shares of Universal Insurance by 7.7% in the 3rd quarter. Geode Capital Management LLC now owns 689,767 shares of the insurance provider’s stock valued at $15,289,000 after acquiring an additional 49,123 shares during the last quarter. EP Wealth Advisors LLC purchased a new stake in Universal Insurance during the 3rd quarter valued at about $241,000. Jane Street Group LLC boosted its holdings in Universal Insurance by 2,142.1% during the 3rd quarter. Jane Street Group LLC now owns 59,774 shares of the insurance provider’s stock valued at $1,325,000 after acquiring an additional 57,108 shares during the period. Finally, Quarry LP grew its position in Universal Insurance by 55.6% during the 3rd quarter. Quarry LP now owns 2,171 shares of the insurance provider’s stock worth $48,000 after acquiring an additional 776 shares during the last quarter. 66.61% of the stock is currently owned by institutional investors.

About Universal Insurance

Universal Insurance Holdings, Inc, together with its subsidiaries, operates as an integrated insurance holding company in the United States. It develops, markets, and underwrites insurance products for personal residential insurance, such as homeowners, renters/tenants, condo unit owners, and dwelling/fire; and offers allied lines, coverage for other structures, and personal property, liability, and personal articles coverages.