Universal Insurance Holdings Inc $UVE Shares Acquired by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. grew its holdings in Universal Insurance Holdings Inc (NYSE:UVE) by 8.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 236,241 shares of the insurance provider’s stock after purchasing an additional 18,487 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.83% of Universal Insurance worth $6,551,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the business. Quarry LP acquired a new stake in Universal Insurance during the 1st quarter worth approximately $59,000. State of Wyoming acquired a new stake in shares of Universal Insurance in the first quarter valued at $64,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Universal Insurance by 57.5% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,829 shares of the insurance provider’s stock valued at $138,000 after acquiring an additional 2,127 shares in the last quarter. Harvest Fund Management Co. Ltd acquired a new position in Universal Insurance during the 1st quarter worth $148,000. Finally, CWM LLC increased its holdings in Universal Insurance by 80.2% during the 2nd quarter. CWM LLC now owns 6,367 shares of the insurance provider’s stock worth $177,000 after purchasing an additional 2,833 shares during the period. 66.61% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Universal Insurance

In other news, Director Jon Springer sold 35,435 shares of the firm’s stock in a transaction that occurred on Thursday, October 30th. The shares were sold at an average price of $31.41, for a total transaction of $1,113,013.35. Following the transaction, the director directly owned 271,628 shares in the company, valued at approximately $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 SEC, which is accessible through this link. Also, Chairman Sean P. Downes sold 20,000 shares of Universal Insurance stock in a transaction 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 completion of the transaction, the chairman directly owned 1,283,512 shares in the company, valued at $40,302,276.80. The trade was a 1.53% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 75,435 shares of company stock valued at $2,248,013 over the last three months. Corporate insiders own 17.50% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Universal Insurance Trading Down 1.3%

NYSE UVE opened at $34.51 on Thursday. The firm’s fifty day moving average price is $28.50 and its 200 day moving average price is $26.47. Universal Insurance Holdings Inc has a 12 month low of $18.72 and a 12 month high of $35.84. 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 company has a market capitalization of $967.91 million, a price-to-earnings ratio of 8.14 and a beta of 0.77.

Universal Insurance (NYSE:UVE) last posted its earnings results on Thursday, October 23rd. The insurance provider reported $1.36 EPS for the quarter, topping analysts’ consensus estimates of $1.10 by $0.26. Universal Insurance had a return on equity of 28.25% and a net margin of 7.74%.The business had revenue of $400.03 million for the quarter, compared to analysts’ expectations of $366.36 million. On average, sell-side analysts expect that Universal Insurance Holdings Inc will post 1.66 earnings per share for the current fiscal year.

Universal Insurance Dividend Announcement

The company also recently disclosed a special dividend, which will be paid on Friday, December 12th. Shareholders of record on Friday, December 5th will be paid a $0.13 dividend. The ex-dividend date is Friday, December 5th. This represents a yield of 195.0%. Universal Insurance’s payout ratio is currently 15.09%.

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.