Universal Insurance Holdings Inc (NYSE:UVE – Get Free Report) shares gapped down before the market opened on Wednesday . The stock had previously closed at $41.45, but opened at $39.84. Universal Insurance shares last traded at $37.3060, with a volume of 61,596 shares trading hands.
Analyst Upgrades and Downgrades
A number of research firms have recently issued reports on UVE. Weiss Ratings restated a “buy (b)” rating on shares of Universal Insurance in a research note on Monday, April 20th. Piper Sandler cut Universal Insurance from an “overweight” rating to a “neutral” rating and set a $44.00 price objective for the company. in a research report on Wednesday. Zacks Research downgraded Universal Insurance from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 23rd. Finally, Wall Street Zen cut Universal Insurance from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 2nd. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Universal Insurance has an average rating of “Hold” and an average price target of $44.00.
Read Our Latest Research Report on Universal Insurance
Universal Insurance Trading Down 9.3%
Universal Insurance (NYSE:UVE – Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The insurance provider reported $2.00 earnings per share for the quarter, topping the consensus estimate of $1.39 by $0.61. The business had revenue of $398.16 million for the quarter, compared to the consensus estimate of $481.09 million. Universal Insurance had a net margin of 12.22% and a return on equity of 37.51%. On average, sell-side analysts predict that Universal Insurance Holdings Inc will post 4.63 earnings per share for the current year.
Universal Insurance Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 7th. Stockholders of record on Friday, July 31st will be paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Friday, July 31st. Universal Insurance’s dividend payout ratio is 9.48%.
Insider Buying and Selling
In related news, Chairman Sean P. Downes sold 20,000 shares of Universal Insurance stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $38.22, for a total transaction of $764,400.00. Following the transaction, the chairman directly owned 1,148,255 shares in the company, valued at approximately $43,886,306.10. The trade was a 1.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last quarter, insiders sold 60,000 shares of company stock valued at $2,332,800. 15.00% of the stock is currently owned by company insiders.
Institutional Trading of Universal Insurance
Several hedge funds have recently bought and sold shares of UVE. Sowell Financial Services LLC bought a new position in shares of Universal Insurance in the fourth quarter worth about $2,388,000. Pursuit Wealth Management LLC purchased a new stake in shares of Universal Insurance during the fourth quarter worth about $1,745,000. Vanguard Group Inc. raised its stake in Universal Insurance by 2.8% during the 4th quarter. Vanguard Group Inc. now owns 2,007,725 shares of the insurance provider’s stock valued at $67,861,000 after purchasing an additional 54,004 shares during the period. Sierra Summit Advisors LLC bought a new stake in Universal Insurance during the 4th quarter valued at approximately $1,006,000. Finally, Legato Capital Management LLC lifted its holdings in Universal Insurance by 37.6% in the 4th quarter. Legato Capital Management LLC now owns 72,031 shares of the insurance provider’s stock worth $2,435,000 after purchasing an additional 19,673 shares in the last quarter. Institutional investors own 66.61% of the company’s stock.
Universal Insurance Company Profile
Universal Insurance Holdings, Inc (NYSE: UVE) is a property and casualty insurance holding company headquartered in Jacksonville, Florida. The company underwrites homeowners and other residential property insurance products to protect against natural catastrophes such as hurricanes, windstorms and fires. It distributes policies primarily through a network of independent agents and brokers, offering coverage for primary residences, secondary homes, condominiums, vacant dwellings and rental properties across its service territory.
In addition to personal lines, Universal provides commercial property and casualty insurance tailored to small businesses and institutional clients.
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