Public Employees Retirement System of Ohio purchased a new stake in shares of Universal Insurance Holdings Inc (NYSE:UVE – Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 23,042 shares of the insurance provider’s stock, valued at approximately $953,000.
Several other institutional investors also recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Universal Insurance by 4.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,976 shares of the insurance provider’s stock worth $331,000 after buying an additional 630 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Universal Insurance by 171.5% during the 1st quarter. Millennium Management LLC now owns 343,786 shares of the insurance provider’s stock valued at $8,148,000 after acquiring an additional 217,184 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Universal Insurance by 9.4% in the first quarter. Goldman Sachs Group Inc. now owns 805,199 shares of the insurance provider’s stock worth $19,083,000 after acquiring an additional 69,289 shares during the period. Jane Street Group LLC grew its stake in shares of Universal Insurance by 73.1% in the first quarter. Jane Street Group LLC now owns 81,829 shares of the insurance provider’s stock worth $1,939,000 after acquiring an additional 34,556 shares during the period. Finally, Strs Ohio purchased a new position in shares of Universal Insurance during the first quarter valued at approximately $180,000. 66.61% of the stock is owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In other Universal Insurance news, Chairman Sean Downes sold 20,000 shares of the company’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $44.27, for a total value of $885,400.00. Following the completion of the sale, the chairman owned 1,104,645 shares in the company, valued at $48,902,634.15. This represents a 1.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 15.00% of the company’s stock.
Universal Insurance Stock Performance
Universal Insurance (NYSE:UVE – Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The insurance provider reported $1.84 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.27. Universal Insurance had a net margin of 13.49% and a return on equity of 37.67%. The business had revenue of $419.38 million for the quarter, compared to analysts’ expectations of $614.62 million. On average, research analysts anticipate that Universal Insurance Holdings Inc will post 4.85 earnings per share for the current year.
Universal Insurance Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, August 7th. Investors of record on Friday, July 31st were given a dividend of $0.16 per share. The ex-dividend date was Friday, July 31st. This represents a $0.64 annualized dividend and a yield of 1.5%. Universal Insurance’s payout ratio is 8.44%.
Wall Street Analysts Forecast Growth
A number of research analysts recently weighed in on UVE shares. Wall Street Zen downgraded shares of Universal Insurance from a “strong-buy” rating to a “buy” rating in a research report on Sunday, August 9th. Weiss Ratings lowered shares of Universal Insurance from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Wednesday, September 2nd. Piper Sandler increased their price target on Universal Insurance from $44.00 to $45.00 and gave the company a “neutral” rating in a report on Monday, July 27th. Finally, Zacks Research downgraded Universal Insurance from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 23rd. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $45.00.
Read Our Latest Analysis on Universal Insurance
Universal Insurance 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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