Ameriprise Financial Inc. Buys 25,417 Shares of Universal Insurance Holdings, Inc. (UVE)
Ameriprise Financial Inc. raised its stake in Universal Insurance Holdings, Inc. (NYSE:UVE) by 6.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 450,414 shares of the insurance provider’s stock after acquiring an additional 25,417 shares during the period. Ameriprise Financial Inc. owned approximately 1.29% of Universal Insurance worth $10,361,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in UVE. Aperio Group LLC purchased a new stake in shares of Universal Insurance in the second quarter worth $287,000. Janney Montgomery Scott LLC grew its stake in shares of Universal Insurance by 8.7% in the second quarter. Janney Montgomery Scott LLC now owns 11,985 shares of the insurance provider’s stock worth $302,000 after acquiring an additional 955 shares during the last quarter. Great West Life Assurance Co. Can grew its stake in shares of Universal Insurance by 5.1% in the second quarter. Great West Life Assurance Co. Can now owns 47,521 shares of the insurance provider’s stock worth $1,195,000 after acquiring an additional 2,300 shares during the last quarter. Texas Permanent School Fund grew its stake in shares of Universal Insurance by 0.6% in the second quarter. Texas Permanent School Fund now owns 23,815 shares of the insurance provider’s stock worth $600,000 after acquiring an additional 132 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. grew its stake in shares of Universal Insurance by 10.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 210,379 shares of the insurance provider’s stock worth $5,302,000 after acquiring an additional 19,569 shares during the last quarter. 77.97% of the stock is currently owned by hedge funds and other institutional investors.
Separately, ValuEngine cut Universal Insurance from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, November 22nd.
The firm also recently declared a quarterly dividend, which was paid on Monday, December 4th. Stockholders of record on Monday, November 27th were issued a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date of this dividend was Friday, November 24th. Universal Insurance’s payout ratio is currently 23.93%.
Universal Insurance declared that its Board of Directors has initiated a share repurchase plan on Wednesday, November 8th that allows the company to buyback $20.00 million in outstanding shares. This buyback authorization allows the insurance provider to purchase shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.
In other news, Director Michael Pietrangelo sold 9,969 shares of the company’s stock in a transaction on Tuesday, November 28th. The stock was sold at an average price of $26.27, for a total transaction of $261,885.63. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 10.50% of the company’s stock.
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Universal Insurance Company Profile
Universal Insurance Holdings, Inc (UVE) is a private personal residential homeowners insurance company in Florida. The Company performs substantially all aspects of insurance underwriting, policy issuance, general administration, and claims processing and settlement internally. The Company’s subsidiaries include Universal Property & Casualty Insurance Company (UPCIC) and American Platinum Property and Casualty Insurance Company (APPCIC).
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