Universal Insurance (NYSE:UVE) Hits New 1-Year High – Here’s What Happened

Universal Insurance Holdings Inc (NYSE:UVE) shares hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $35.32 and last traded at $34.9630, with a volume of 255075 shares trading hands. The stock had previously closed at $34.58.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on UVE shares. Weiss Ratings reiterated a “buy (b)” rating on shares of Universal Insurance in a research report on Wednesday, October 8th. Zacks Research raised shares of Universal Insurance from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 21st. Finally, Wall Street Zen cut Universal Insurance from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 1st. One equities research analyst has rated the stock with a Strong Buy rating and one has given a Buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Strong Buy”.

Universal Insurance Stock Performance

The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.58 and a current ratio of 0.56. The company has a market capitalization of $965.56 million, a price-to-earnings ratio of 8.12 and a beta of 0.77. The firm’s 50 day simple moving average is $28.68 and its 200-day simple moving average is $26.53.

Universal Insurance (NYSE:UVE) last posted its quarterly earnings results on Thursday, October 23rd. The insurance provider reported $1.36 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.26. The firm had revenue of $400.03 million for the quarter, compared to analyst estimates of $366.36 million. Universal Insurance had a return on equity of 28.25% and a net margin of 7.74%. Analysts expect that Universal Insurance Holdings Inc will post 1.66 EPS for the current year.

Universal Insurance Announces Dividend

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

Insider Transactions at Universal Insurance

In other Universal Insurance news, Chairman Sean P. Downes sold 20,000 shares of the company’s stock in a transaction dated Wednesday, October 29th. The stock was sold at an average price of $31.40, for a total value of $628,000.00. Following the transaction, the chairman directly owned 1,283,512 shares of the company’s stock, valued at $40,302,276.80. This represents a 1.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Jon Springer sold 35,435 shares of the business’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 value of $1,113,013.35. Following the completion of the sale, the director directly owned 271,628 shares of the company’s stock, valued at approximately $8,531,835.48. The trade was a 11.54% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 75,435 shares of company stock worth $2,248,013 in the last 90 days. Corporate insiders own 16.60% of the company’s stock.

Institutional Investors Weigh In On Universal Insurance

Institutional investors and hedge funds have recently modified their holdings of the business. State of Alaska Department of Revenue bought a new position in Universal Insurance during the third quarter valued at about $32,000. Quarry LP acquired a new position in shares of Universal Insurance during the 1st quarter valued at about $59,000. State of Wyoming bought a new position in shares of Universal Insurance in the 1st quarter valued at approximately $64,000. Ameritas Investment Partners Inc. lifted its holdings in Universal Insurance by 28.6% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 2,597 shares of the insurance provider’s stock worth $72,000 after purchasing an additional 577 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its position in Universal Insurance by 390.0% during the second quarter. Tower Research Capital LLC TRC now owns 2,656 shares of the insurance provider’s stock worth $74,000 after purchasing an additional 2,114 shares during the period. Institutional investors and hedge funds own 66.61% of the company’s stock.

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.