Renaissancere Holdings Ltd. Acquires Shares of 583,771 Universal Insurance Holdings Inc $UVE

Renaissancere Holdings Ltd. acquired a new position in Universal Insurance Holdings Inc (NYSE:UVE) in the second quarter, HoldingsChannel.com reports. The fund acquired 583,771 shares of the insurance provider’s stock, valued at approximately $24,144,769,000. Universal Insurance comprises 5.7% of Renaissancere Holdings Ltd.’s portfolio, making the stock its 4th biggest position.

Several other hedge funds have also modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of 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 valued at $331,000 after purchasing an additional 630 shares in the last quarter. Millennium Management LLC raised its holdings in Universal Insurance by 171.5% in the 1st quarter. Millennium Management LLC now owns 343,786 shares of the insurance provider’s stock worth $8,148,000 after purchasing an additional 217,184 shares during the period. Goldman Sachs Group Inc. boosted its position in Universal Insurance by 9.4% during the first quarter. Goldman Sachs Group Inc. now owns 805,199 shares of the insurance provider’s stock worth $19,083,000 after purchasing an additional 69,289 shares in the last quarter. Jane Street Group LLC boosted its position in Universal Insurance by 73.1% during the first quarter. Jane Street Group LLC now owns 81,829 shares of the insurance provider’s stock worth $1,939,000 after purchasing an additional 34,556 shares in the last quarter. Finally, Strs Ohio acquired a new stake in Universal Insurance in the first quarter valued at approximately $180,000. 66.61% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on UVE. Zacks Research cut Universal Insurance from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 23rd. Wall Street Zen lowered Universal Insurance from a “strong-buy” rating to a “buy” rating in a research report on Sunday, August 9th. Piper Sandler increased their target price on Universal Insurance from $44.00 to $45.00 and gave the company a “neutral” rating in a research report on Monday, July 27th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Universal Insurance in a research note on Friday, July 17th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Universal Insurance presently has a consensus rating of “Hold” and an average target price of $45.00.

Insider Activity at Universal Insurance

In other news, Chairman Sean P. Downes sold 20,000 shares of the stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $44.27, for a total transaction of $885,400.00. Following the completion of the transaction, the chairman directly owned 1,104,645 shares in the company, valued at approximately $48,902,634.15. This represents a 1.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 15.00% of the stock is currently owned by company insiders.

Universal Insurance Stock Down 1.6%

Shares of NYSE UVE opened at $42.52 on Tuesday. The company has a market capitalization of $1.18 billion, a P/E ratio of 5.61 and a beta of 0.72. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.57 and a quick ratio of 0.57. The company has a 50 day simple moving average of $41.07 and a 200-day simple moving average of $37.19. Universal Insurance Holdings Inc has a 1 year low of $23.32 and a 1 year high of $45.15.

Universal Insurance (NYSE:UVE) last issued its quarterly earnings data 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. The company had revenue of $419.38 million during the quarter, compared to analyst estimates of $614.62 million. Universal Insurance had a return on equity of 37.67% and a net margin of 13.49%. On average, equities research analysts predict that Universal Insurance Holdings Inc will post 4.85 earnings per share for the current year.

Universal Insurance Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 7th. Stockholders of record on Friday, July 31st were paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend was Friday, July 31st. Universal Insurance’s dividend payout ratio is 8.44%.

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.