Universal Insurance (NYSE:UVE) Sets New 12-Month High – Here’s What Happened

Universal Insurance Holdings Inc (NYSE:UVE)’s stock price hit a new 52-week high during trading on Monday . The company traded as high as $44.36 and last traded at $43.72, with a volume of 69194 shares changing hands. The stock had previously closed at $41.61.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Piper Sandler reissued a “neutral” rating and set a $45.00 price objective on shares of Universal Insurance in a research note on Monday. Wall Street Zen cut Universal Insurance from a “strong-buy” rating to a “buy” rating in a report on Saturday, May 2nd. Weiss Ratings reissued a “buy (b)” rating on shares of Universal Insurance in a research report on Friday, July 17th. Finally, Zacks Research lowered Universal Insurance from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 23rd. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $45.00.

Universal Insurance Stock Performance

The stock has a market capitalization of $1.21 billion, a PE ratio of 5.72 and a beta of 0.72. The business’s 50 day moving average is $39.21 and its 200 day moving average is $35.64. The company has a current ratio of 0.57, a quick ratio of 0.51 and a debt-to-equity ratio of 0.15.

Universal Insurance (NYSE:UVE) last posted its quarterly earnings data on Thursday, July 23rd. The insurance provider reported $1.84 earnings per share for the quarter, topping analysts’ consensus estimates of $1.57 by $0.27. The company had revenue of $419.38 million for the quarter, compared to analyst estimates of $614.62 million. Universal Insurance had a net margin of 13.49% and a return on equity of 37.67%. On average, equities research analysts predict that Universal Insurance Holdings Inc will post 4.63 earnings per share for the current fiscal year.

Universal Insurance Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 7th. Stockholders 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 dividend on an annualized basis and a dividend yield of 1.5%. Universal Insurance’s dividend payout ratio is currently 8.44%.

Insider Buying and Selling at Universal Insurance

In related news, Chairman Sean P. Downes sold 20,000 shares of the firm’s 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold 60,000 shares of company stock valued at $2,332,800 in the last quarter. Corporate insiders own 15.00% of the company’s stock.

Institutional Trading of Universal Insurance

A number of hedge funds and other institutional investors have recently bought and sold shares of UVE. Millennium Management LLC grew its stake in Universal Insurance by 212.3% in the 3rd quarter. Millennium Management LLC now owns 596,370 shares of the insurance provider’s stock worth $15,685,000 after acquiring an additional 405,403 shares in the last quarter. BNP Paribas Financial Markets raised its stake in shares of Universal Insurance by 106.0% during the third quarter. BNP Paribas Financial Markets now owns 280,957 shares of the insurance provider’s stock valued at $7,389,000 after acquiring an additional 144,553 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Universal Insurance by 19.8% in the fourth quarter. Geode Capital Management LLC now owns 815,484 shares of the insurance provider’s stock valued at $27,566,000 after purchasing an additional 134,805 shares during the period. Informed Momentum Co LLC purchased a new stake in shares of Universal Insurance in the fourth quarter valued at approximately $4,481,000. Finally, Vanguard Group Inc. grew its stake in Universal Insurance by 5.9% in the third quarter. Vanguard Group Inc. now owns 1,953,721 shares of the insurance provider’s stock worth $51,383,000 after purchasing an additional 108,660 shares in the last quarter. Hedge funds and other institutional investors own 66.61% of the company’s stock.

About Universal Insurance

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.