Universal Insurance Holdings Inc (NYSE:UVE) to Issue $0.13 Special Dividend

Universal Insurance Holdings Inc (NYSE:UVE) declared a special dividend on Thursday, November 6th. Investors of record on Friday, December 5th will be paid a dividend of 0.13 per share by the insurance provider on Friday, December 12th. This represents a dividend yield of 195.0%. The ex-dividend date of this dividend is Friday, December 5th.

Universal Insurance has a payout ratio of 21.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Universal Insurance to earn $2.65 per share next year, which means the company should continue to be able to cover its $0.64 annual dividend with an expected future payout ratio of 24.2%.

Universal Insurance Trading Up 1.1%

Shares of Universal Insurance stock traded up $0.36 on Friday, reaching $33.13. The company had a trading volume of 56,107 shares, compared to its average volume of 207,258. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.56 and a quick ratio of 0.58. The firm has a market cap of $929.12 million, a price-to-earnings ratio of 7.81 and a beta of 0.77. Universal Insurance has a 1 year low of $18.72 and a 1 year high of $33.27. The firm’s 50-day moving average price is $27.71 and its two-hundred day moving average price is $26.14.

Universal Insurance (NYSE:UVE) last posted its quarterly earnings data on Thursday, October 23rd. The insurance provider reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.26. The firm had revenue of $400.03 million for the quarter, compared to the consensus estimate of $366.36 million. Universal Insurance had a net margin of 7.74% and a return on equity of 28.25%. As a group, research analysts predict that Universal Insurance will post 1.66 earnings per share for the current fiscal year.

Insider Transactions at Universal Insurance

In other news, Director Jon Springer sold 35,435 shares of Universal Insurance stock in a transaction dated Thursday, October 30th. The stock was sold at an average price of $31.41, for a total transaction of $1,113,013.35. Following the completion of the sale, the director directly owned 271,628 shares in the company, valued at $8,531,835.48. The trade was a 11.54% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Chairman Sean P. Downes sold 20,000 shares of the firm’s stock in a transaction on Wednesday, October 29th. The stock was sold at an average price of $31.40, for a total value of $628,000.00. Following the completion of the transaction, the chairman directly owned 1,283,512 shares of the company’s stock, valued at approximately $40,302,276.80. This trade represents a 1.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 75,435 shares of company stock worth $2,248,013 in the last quarter. 17.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Universal Insurance

Several hedge funds have recently bought and sold shares of UVE. State of Alaska Department of Revenue bought a new position in Universal Insurance in the third quarter valued at approximately $32,000. Quarry LP acquired a new position in shares of Universal Insurance in the 1st quarter valued at approximately $59,000. Ameritas Investment Partners Inc. increased its position in Universal Insurance by 28.6% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 2,597 shares of the insurance provider’s stock worth $72,000 after purchasing an additional 577 shares in the last quarter. Tower Research Capital LLC TRC raised its holdings in Universal Insurance by 390.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,656 shares of the insurance provider’s stock valued at $74,000 after buying an additional 2,114 shares during the last quarter. Finally, State of Wyoming acquired a new position in shares of Universal Insurance in the first quarter worth approximately $64,000. 66.61% of the stock is currently owned by institutional investors and hedge funds.

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.