Renaissance Technologies LLC decreased its stake in Universal Insurance Holdings Inc (NYSE:UVE – Free Report) by 26.4% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 233,412 shares of the insurance provider’s stock after selling 83,614 shares during the period. Renaissance Technologies LLC’s holdings in Universal Insurance were worth $7,973,000 as of its most recent SEC filing.
A number of other hedge funds have also recently modified their holdings of UVE. Sowell Financial Services LLC acquired a new stake in Universal Insurance during the 4th quarter worth $2,388,000. Pursuit Wealth Management LLC acquired a new position in Universal Insurance in the fourth quarter valued at $1,745,000. Vanguard Group Inc. boosted its stake in Universal Insurance by 2.8% in the fourth quarter. Vanguard Group Inc. now owns 2,007,725 shares of the insurance provider’s stock valued at $67,861,000 after acquiring an additional 54,004 shares in the last quarter. Sierra Summit Advisors LLC purchased a new position in shares of Universal Insurance during the fourth quarter worth about $1,006,000. Finally, Legato Capital Management LLC grew its holdings in shares of Universal Insurance by 37.6% during the fourth 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 during the last quarter. 66.61% of the stock is owned by hedge funds and other institutional investors.
Universal Insurance Trading Up 1.3%
NYSE UVE opened at $44.27 on Tuesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.51 and a current ratio of 0.57. The firm has a market cap of $1.24 billion, a PE ratio of 5.84 and a beta of 0.72. Universal Insurance Holdings Inc has a one year low of $22.87 and a one year high of $45.15. The firm’s fifty day moving average is $39.76 and its two-hundred day moving average is $36.21.
Universal Insurance Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 7th. Shareholders of record on Friday, July 31st will be paid a dividend of $0.16 per share. The ex-dividend date of this dividend is Friday, July 31st. This represents a $0.64 annualized dividend and a yield of 1.4%. Universal Insurance’s dividend payout ratio is currently 8.44%.
Insiders Place Their Bets
In other Universal Insurance news, Chairman Sean P. Downes sold 20,000 shares of the stock in a transaction that occurred 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 completion of the sale, the chairman directly owned 1,148,255 shares of the company’s stock, valued at approximately $43,886,306.10. This trade represents a 1.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 15.00% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research firms have recently weighed in on UVE. Wall Street Zen raised Universal Insurance from a “buy” rating to a “strong-buy” rating in a report on Saturday. Weiss Ratings restated a “buy (b)” rating on shares of Universal Insurance in a research note on Friday, July 17th. Piper Sandler lifted their price target on Universal Insurance from $44.00 to $45.00 and gave the stock a “neutral” rating in a research report on Monday, July 27th. Finally, Zacks Research cut Universal Insurance from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 23rd. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $45.00.
Get Our Latest Stock Report on Universal Insurance
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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