Truist Financial Corp Makes New Investment in Universal Insurance Holdings, Inc. (NYSE:UVE)

Truist Financial Corp acquired a new stake in shares of Universal Insurance Holdings, Inc. (NYSE:UVE) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 17,920 shares of the insurance provider’s stock, valued at approximately $336,000. Truist Financial Corp owned about 0.06% of Universal Insurance at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Bank of Montreal Can grew its stake in Universal Insurance by 283.0% during the second quarter. Bank of Montreal Can now owns 374,487 shares of the insurance provider’s stock valued at $7,040,000 after acquiring an additional 276,700 shares in the last quarter. American Century Companies Inc. grew its position in shares of Universal Insurance by 44.5% during the second quarter. American Century Companies Inc. now owns 469,803 shares of the insurance provider’s stock valued at $8,814,000 after purchasing an additional 144,647 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Universal Insurance by 11,666.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 58,713 shares of the insurance provider’s stock worth $1,193,000 after purchasing an additional 58,214 shares during the last quarter. Highland Capital Management LLC lifted its position in shares of Universal Insurance by 135.1% in the second quarter. Highland Capital Management LLC now owns 76,069 shares of the insurance provider’s stock worth $1,427,000 after buying an additional 43,718 shares in the last quarter. Finally, Legato Capital Management LLC bought a new position in Universal Insurance during the second quarter valued at approximately $789,000. Hedge funds and other institutional investors own 66.61% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com cut Universal Insurance from a “strong-buy” rating to a “buy” rating in a report on Monday, August 5th.

Universal Insurance Stock Performance

Shares of NYSE:UVE opened at $19.85 on Friday. The firm has a fifty day simple moving average of $20.68 and a two-hundred day simple moving average of $19.77. Universal Insurance Holdings, Inc. has a 52 week low of $13.56 and a 52 week high of $23.27. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $565.33 million, a P/E ratio of 7.01 and a beta of 0.89.

Universal Insurance (NYSE:UVE) last announced its quarterly earnings results on Thursday, July 25th. The insurance provider reported $1.18 EPS for the quarter, beating analysts’ consensus estimates of $1.15 by $0.03. Universal Insurance had a net margin of 5.60% and a return on equity of 21.14%. The firm had revenue of $380.21 million during the quarter, compared to the consensus estimate of $340.09 million. During the same quarter last year, the firm earned $0.87 EPS. On average, analysts expect that Universal Insurance Holdings, Inc. will post 2.3 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Jon Springer sold 35,173 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $20.53, for a total transaction of $722,101.69. Following the transaction, the director now owns 473,899 shares of the company’s stock, valued at approximately $9,729,146.47. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, Director Jon Springer sold 35,173 shares of Universal Insurance stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $20.53, for a total transaction of $722,101.69. Following the completion of the transaction, the director now directly owns 473,899 shares of the company’s stock, valued at approximately $9,729,146.47. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Sean P. Downes sold 20,000 shares of the company’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $22.47, for a total transaction of $449,400.00. Following the transaction, the chairman now owns 1,082,262 shares in the company, valued at $24,318,427.14. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 75,173 shares of company stock valued at $1,571,502 in the last ninety days. Insiders own 17.50% of the company’s stock.

Universal Insurance Company Profile

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.