Bank of Montreal Can Has $1.95 Million Stock Position in Universal Insurance Holdings, Inc. (NYSE:UVE)

Bank of Montreal Can reduced its stake in shares of Universal Insurance Holdings, Inc. (NYSE:UVE) by 76.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 88,906 shares of the insurance provider’s stock after selling 285,581 shares during the quarter. Bank of Montreal Can owned about 0.31% of Universal Insurance worth $1,954,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Algert Global LLC increased its position in Universal Insurance by 46.8% in the third quarter. Algert Global LLC now owns 79,059 shares of the insurance provider’s stock worth $1,752,000 after purchasing an additional 25,210 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of Universal Insurance by 22.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 347,395 shares of the insurance provider’s stock valued at $7,698,000 after acquiring an additional 63,582 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Universal Insurance by 16.7% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 174,232 shares of the insurance provider’s stock valued at $3,861,000 after purchasing an additional 24,919 shares during the period. Aigen Investment Management LP bought a new position in shares of Universal Insurance in the 3rd quarter worth $202,000. Finally, GSA Capital Partners LLP increased its holdings in Universal Insurance by 108.6% in the third quarter. GSA Capital Partners LLP now owns 93,851 shares of the insurance provider’s stock valued at $2,080,000 after purchasing an additional 48,864 shares during the last quarter. Institutional investors and hedge funds own 66.61% of the company’s stock.

Universal Insurance Price Performance

Shares of UVE stock opened at $22.65 on Friday. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 0.25. Universal Insurance Holdings, Inc. has a 12-month low of $15.63 and a 12-month high of $23.39. The firm has a fifty day moving average of $20.96 and a 200-day moving average of $20.18. The firm has a market capitalization of $640.77 million, a price-to-earnings ratio of 9.21 and a beta of 0.92.

Universal Insurance (NYSE:UVE) last announced its quarterly earnings results on Thursday, October 24th. The insurance provider reported ($0.73) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.03) by $0.30. Universal Insurance had a return on equity of 15.43% and a net margin of 4.82%. The company had revenue of $387.55 million during the quarter, compared to the consensus estimate of $341.98 million. During the same period in the prior year, the company earned ($0.16) earnings per share. On average, equities research analysts forecast that Universal Insurance Holdings, Inc. will post 1.66 earnings per share for the current year.

Universal Insurance Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, December 6th will be paid a $0.13 dividend. This represents a $0.52 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date of this dividend is Friday, December 6th. Universal Insurance’s payout ratio is currently 26.02%.

Analyst Ratings Changes

Separately, StockNews.com upgraded Universal Insurance from a “hold” rating to a “buy” rating in a research report on Sunday, November 10th.

Insider Transactions at Universal Insurance

In other Universal Insurance news, Chairman Sean P. Downes sold 15,064 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $22.46, for a total transaction of $338,337.44. Following the completion of the transaction, the chairman now owns 1,047,198 shares of the company’s stock, valued at $23,520,067.08. This represents a 1.42 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders sold 55,064 shares of company stock valued at $1,191,937 over the last quarter. Corporate insiders own 17.50% of the company’s stock.

Universal Insurance 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.