Universal Insurance (NYSE:UVE) Reaches New 52-Week High – Here’s What Happened

Shares of Universal Insurance Holdings, Inc. (NYSE:UVE) reached a new 52-week high on Friday . The stock traded as high as $24.00 and last traded at $24.00, with a volume of 203 shares trading hands. The stock had previously closed at $21.01.

Wall Street Analyst Weigh In

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 Down 0.0 %

The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 0.25. The business’s fifty day moving average price is $21.35 and its 200 day moving average price is $20.36. The firm has a market capitalization of $594.01 million, a PE ratio of 8.54 and a beta of 0.92.

Universal Insurance (NYSE:UVE) last posted its quarterly earnings data on Thursday, October 24th. The insurance provider reported ($0.73) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.03) by $0.30. The company had revenue of $387.55 million during 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 period last year, the firm earned ($0.16) EPS. On average, equities research analysts forecast that Universal Insurance Holdings, Inc. will post 1.66 earnings per share for the current fiscal year.

Universal Insurance Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, December 6th were paid a $0.13 dividend. The ex-dividend date was Friday, December 6th. This represents a $0.52 annualized dividend and a yield of 2.48%. Universal Insurance’s dividend payout ratio is currently 26.02%.

Insider Transactions at Universal Insurance

In related news, Chairman Sean P. Downes sold 20,000 shares of the company’s stock in a transaction on 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 owns 1,062,262 shares of the company’s stock, valued at $21,468,315.02. This represents a 1.85 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Jon Springer sold 25,000 shares of the firm’s stock in a transaction on Thursday, December 19th. The shares were sold at an average price of $20.63, for a total value of $515,750.00. Following the completion of the sale, the director now directly owns 383,228 shares of the company’s stock, valued at approximately $7,905,993.64. This trade represents a 6.12 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 60,064 shares of company stock worth $1,258,287. Company insiders own 17.50% of the company’s stock.

Hedge Funds Weigh In On Universal Insurance

A number of institutional investors and hedge funds have recently made changes to their positions in UVE. Bank of New York Mellon Corp boosted its holdings in Universal Insurance by 4.8% during the second quarter. Bank of New York Mellon Corp now owns 300,379 shares of the insurance provider’s stock worth $5,635,000 after buying an additional 13,856 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Universal Insurance by 45.8% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 85,576 shares of the insurance provider’s stock worth $1,605,000 after acquiring an additional 26,863 shares during the period. Principal Financial Group Inc. increased its stake in Universal Insurance by 11.0% in the 2nd quarter. Principal Financial Group Inc. now owns 24,963 shares of the insurance provider’s stock valued at $468,000 after purchasing an additional 2,479 shares in the last quarter. Quest Partners LLC raised its holdings in Universal Insurance by 303.2% during the second quarter. Quest Partners LLC now owns 31,704 shares of the insurance provider’s stock worth $595,000 after purchasing an additional 23,841 shares during the last quarter. Finally, American Century Companies Inc. boosted its position in Universal Insurance by 44.5% during the second quarter. American Century Companies Inc. now owns 469,803 shares of the insurance provider’s stock worth $8,814,000 after purchasing an additional 144,647 shares in the last quarter. 66.61% of the stock is owned by institutional investors and hedge funds.

Universal Insurance Company Profile

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.