Universal Insurance (NYSE:UVE) Reaches New 12-Month High on Analyst Upgrade

Universal Insurance Holdings Inc (NYSE:UVE)’s stock price hit a new 52-week high during mid-day trading on Monday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The stock traded as high as $36.31 and last traded at $36.0950, with a volume of 245848 shares changing hands. The stock had previously closed at $35.17.

UVE has been the subject of several other reports. Wall Street Zen upgraded shares of Universal Insurance from a “buy” rating to a “strong-buy” rating in a research note on Saturday, December 27th. Weiss Ratings restated a “buy (b)” rating on shares of Universal Insurance in a report on Wednesday, January 21st. Finally, Piper Sandler upped their price target on shares of Universal Insurance from $35.00 to $40.00 and gave the stock an “overweight” rating in a research report on Monday, December 22nd. One research analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $40.00.

Insider Activity

In other Universal Insurance news, Chairman Sean P. Downes sold 20,000 shares of the company’s stock in a transaction dated Friday, December 19th. The shares were sold at an average price of $33.82, for a total value of $676,400.00. Following the completion of the transaction, the chairman directly owned 1,243,512 shares of the company’s stock, valued at $42,055,575.84. This represents a 1.58% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Richard D. Peterson sold 1,855 shares of Universal Insurance stock in a transaction on Tuesday, December 30th. The stock was sold at an average price of $33.61, for a total transaction of $62,346.55. Following the completion of the transaction, the director directly owned 8,319 shares of the company’s stock, valued at approximately $279,601.59. This represents a 18.23% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 46,855 shares of company stock worth $1,590,497. 17.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Principal Financial Group Inc. boosted its stake in Universal Insurance by 72.6% in the third quarter. Principal Financial Group Inc. now owns 39,990 shares of the insurance provider’s stock valued at $1,052,000 after acquiring an additional 16,820 shares during the period. Allianz Asset Management GmbH grew its position in Universal Insurance by 219.5% in the 3rd quarter. Allianz Asset Management GmbH now owns 62,898 shares of the insurance provider’s stock worth $1,654,000 after purchasing an additional 43,213 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Universal Insurance by 3.7% in the second quarter. Bank of New York Mellon Corp now owns 255,200 shares of the insurance provider’s stock valued at $7,077,000 after purchasing an additional 9,046 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings in shares of Universal Insurance by 43.9% during the second quarter. Arrowstreet Capital Limited Partnership now owns 454,496 shares of the insurance provider’s stock valued at $12,603,000 after buying an additional 138,732 shares during the last quarter. Finally, Prudential Financial Inc. boosted its position in shares of Universal Insurance by 102.5% during the second quarter. Prudential Financial Inc. now owns 85,363 shares of the insurance provider’s stock worth $2,367,000 after buying an additional 43,210 shares during the period. 66.61% of the stock is owned by institutional investors and hedge funds.

Universal Insurance Stock Performance

The firm has a market capitalization of $1.02 billion, a price-to-earnings ratio of 5.77 and a beta of 0.67. The company has a 50-day moving average price of $31.57 and a 200-day moving average price of $30.16. The company has a quick ratio of 0.55, a current ratio of 0.52 and a debt-to-equity ratio of 0.18.

Universal Insurance (NYSE:UVE) last announced its earnings results on Tuesday, February 24th. The insurance provider reported $2.17 earnings per share for the quarter, beating the consensus estimate of $1.30 by $0.87. Universal Insurance had a return on equity of 37.28% and a net margin of 11.41%.The firm had revenue of $403.57 million for the quarter, compared to the consensus estimate of $372.99 million. As a group, equities research analysts forecast that Universal Insurance Holdings Inc will post 1.66 earnings per share for the current year.

Universal Insurance Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, March 6th will be given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Friday, March 6th. Universal Insurance’s dividend payout ratio is currently 10.14%.

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.