Universal Insurance (NYSE:UVE) Stock Price Up 3.1% – Here’s What Happened

Universal Insurance Holdings, Inc. (NYSE:UVE)’s share price rose 3.1% during trading on Wednesday . The stock traded as high as $22.61 and last traded at $22.63. Approximately 43,084 shares traded hands during trading, a decline of 74% from the average daily volume of 168,853 shares. The stock had previously closed at $21.94.

Analyst Upgrades and Downgrades

Separately, StockNews.com lowered Universal Insurance from a “strong-buy” rating to a “buy” rating in a report on Wednesday.

Universal Insurance Price Performance

The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.25. The firm has a fifty day moving average of $20.56 and a two-hundred day moving average of $20.82. The company has a market capitalization of $637.22 million, a PE ratio of 9.22 and a beta of 0.84.

Universal Insurance (NYSE:UVE) last issued its earnings results on Tuesday, February 25th. The insurance provider reported $0.25 EPS for the quarter, topping the consensus estimate of $0.09 by $0.16. The company had revenue of $384.81 million for the quarter, compared to the consensus estimate of $349.91 million. Universal Insurance had a net margin of 4.82% and a return on equity of 15.43%. Research analysts anticipate that Universal Insurance Holdings, Inc. will post 1.66 EPS for the current fiscal year.

Universal Insurance Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, March 7th were given a dividend of $0.16 per share. This is a positive change from Universal Insurance’s previous quarterly dividend of $0.13. The ex-dividend date was Friday, March 7th. This represents a $0.64 dividend on an annualized basis and a yield of 2.82%. Universal Insurance’s dividend payout ratio is presently 32.16%.

Insider Transactions at Universal Insurance

In other news, Chairman Sean P. Downes sold 20,000 shares of the stock in a transaction that occurred on Friday, February 28th. The stock was sold at an average price of $22.08, for a total value of $441,600.00. Following the completion of the transaction, the chairman now owns 990,200 shares of the company’s stock, valued at approximately $21,863,616. This represents a 1.98 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last three months, insiders have sold 90,000 shares of company stock worth $1,908,700. 17.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Universal Insurance

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its position in Universal Insurance by 7.7% during 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 period. CWA Asset Management Group LLC increased its position in Universal Insurance by 100.0% during the 4th quarter. CWA Asset Management Group LLC now owns 570,615 shares of the insurance provider’s stock valued at $12,017,000 after buying an additional 285,338 shares in the last quarter. Barclays PLC raised its stake 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 last quarter. HighTower Advisors LLC bought a new stake in Universal Insurance in the third quarter worth $636,000. Finally, Jane Street Group LLC grew its stake in shares of Universal Insurance by 2,142.1% in the third quarter. Jane Street Group LLC now owns 59,774 shares of the insurance provider’s stock worth $1,325,000 after acquiring an additional 57,108 shares during the last quarter. Hedge funds and other institutional investors own 66.61% of the company’s stock.

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.