Universal Insurance (NYSE:UVE) Reaches New 52-Week High – Here’s What Happened

Universal Insurance Holdings, Inc. (NYSE:UVE) shares hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $24.00 and last traded at $24.00, with a volume of 203 shares changing hands. The stock had previously closed at $21.01.

Wall Street Analyst Weigh In

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

Universal Insurance Stock Performance

The firm has a market cap of $583.26 million, a price-to-earnings ratio of 8.38 and a beta of 0.92. The firm’s fifty day moving average price is $21.36 and its 200-day moving average price is $20.37. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.25.

Universal Insurance (NYSE:UVE) last released its earnings results on Thursday, October 24th. The insurance provider reported ($0.73) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.03) by $0.30. Universal Insurance had a net margin of 4.82% and a return on equity of 15.43%. The firm had revenue of $387.55 million during the quarter, compared to the consensus estimate of $341.98 million. During the same period in the previous year, the firm earned ($0.16) earnings per share. Analysts expect that Universal Insurance Holdings, Inc. will post 1.66 earnings per share for the current year.

Universal Insurance Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, December 6th were issued a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date of this dividend was Friday, December 6th. Universal Insurance’s payout ratio is currently 26.02%.

Insider Buying and Selling at Universal Insurance

In other news, Chairman Sean P. Downes sold 20,000 shares of the stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $20.21, for a total value of $404,200.00. Following the completion of the sale, the chairman now owns 1,062,262 shares in the company, valued at approximately $21,468,315.02. This trade represents a 1.85 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jon Springer sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, December 19th. The stock was sold at an average price of $20.63, for a total value of $515,750.00. Following the transaction, the director now directly owns 383,228 shares in the company, valued at $7,905,993.64. This trade represents a 6.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 60,064 shares of company stock valued at $1,258,287 over the last ninety days. Corporate insiders own 17.50% of the company’s stock.

Institutional Trading of Universal Insurance

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Geode Capital Management LLC increased its stake in shares of Universal Insurance by 7.7% in the third quarter. Geode Capital Management LLC now owns 689,767 shares of the insurance provider’s stock worth $15,289,000 after buying an additional 49,123 shares during the last quarter. American Century Companies Inc. grew its holdings in Universal Insurance by 44.5% during the 2nd quarter. American Century Companies Inc. now owns 469,803 shares of the insurance provider’s stock worth $8,814,000 after acquiring an additional 144,647 shares in the last quarter. Bank of Montreal Can increased its position in shares of Universal Insurance by 283.0% in the 2nd quarter. Bank of Montreal Can now owns 374,487 shares of the insurance provider’s stock worth $7,040,000 after purchasing an additional 276,700 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Universal Insurance by 22.4% in 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 purchasing an additional 63,582 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its position in shares of Universal Insurance by 4.8% during the second quarter. Bank of New York Mellon Corp now owns 300,379 shares of the insurance provider’s stock worth $5,635,000 after purchasing an additional 13,856 shares during the last quarter. 66.61% of the stock is owned by hedge funds and other institutional investors.

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.