Universal Insurance (NYSE:UVE) Reaches New 52-Week High After Dividend Announcement

Shares of Universal Insurance Holdings Inc (NYSE:UVE) hit a new 52-week high on Thursday following a dividend announcement from the company. The company traded as high as $33.21 and last traded at $32.8560, with a volume of 4885 shares traded. The stock had previously closed at $32.74.

The newly announced dividend which will be paid on Friday, December 12th. Investors of record on Friday, December 5th will be given a dividend of $0.13 per share. The ex-dividend date is Friday, December 5th. This represents a yield of 195.0%. Universal Insurance’s dividend payout ratio is 15.09%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Weiss Ratings reissued a “buy (b)” rating on shares of Universal Insurance in a research note on Wednesday, October 8th. Wall Street Zen lowered shares of Universal Insurance from a “strong-buy” rating to a “buy” rating in a report on Saturday, November 1st. Finally, Zacks Research upgraded shares of Universal Insurance from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 21st. One research analyst has rated the stock with a Strong Buy rating and one has issued a Buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Strong Buy”.

Universal Insurance Trading Up 2.5%

The firm has a fifty day moving average of $27.89 and a 200-day moving average of $26.22. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.58 and a current ratio of 0.56. The stock has a market capitalization of $941.69 million, a price-to-earnings ratio of 7.92 and a beta of 0.77.

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

Insider Buying and Selling

In other Universal Insurance news, Director Jon Springer sold 35,435 shares of the stock in a transaction that occurred on Thursday, October 30th. The shares were sold at an average price of $31.41, for a total value of $1,113,013.35. Following the completion of the sale, the director owned 271,628 shares of the company’s stock, valued at $8,531,835.48. This trade represents a 11.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Sean P. Downes sold 20,000 shares of Universal Insurance stock in a transaction that occurred on Wednesday, October 29th. The shares were sold at an average price of $31.40, for a total transaction of $628,000.00. Following the sale, the chairman owned 1,283,512 shares in the company, valued at $40,302,276.80. This represents a 1.53% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 75,435 shares of company stock valued at $2,248,013. 16.60% of the stock is owned by company insiders.

Institutional Trading of Universal Insurance

Several large investors have recently modified their holdings of UVE. Voya Investment Management LLC boosted its stake in shares of Universal Insurance by 42.9% during the 1st quarter. Voya Investment Management LLC now owns 43,862 shares of the insurance provider’s stock valued at $1,040,000 after buying an additional 13,177 shares during the last quarter. Informed Momentum Co LLC acquired a new position in Universal Insurance during the 1st quarter worth $855,000. Hsbc Holdings PLC acquired a new position in Universal Insurance during the 1st quarter worth $487,000. Nuveen LLC bought a new stake in shares of Universal Insurance in the 1st quarter worth about $2,197,000. Finally, Russell Investments Group Ltd. raised its stake in shares of Universal Insurance by 5.3% in the 1st quarter. Russell Investments Group Ltd. now owns 207,913 shares of the insurance provider’s stock valued at $4,928,000 after purchasing an additional 10,486 shares in the last quarter. 66.61% of the stock is currently 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.