Principal Financial Group Inc. Reduces Position in Universal Insurance Holdings, Inc. (NYSE:UVE)

Principal Financial Group Inc. reduced its position in Universal Insurance Holdings, Inc. (NYSE:UVE) by 10.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 22,255 shares of the insurance provider’s stock after selling 2,708 shares during the quarter. Principal Financial Group Inc. owned 0.08% of Universal Insurance worth $493,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Quarry LP grew its stake in Universal Insurance by 424.4% in the second quarter. Quarry LP now owns 1,395 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 1,129 shares in the last quarter. CWM LLC grew its position in shares of Universal Insurance by 40.1% during the 3rd quarter. CWM LLC now owns 2,524 shares of the insurance provider’s stock worth $56,000 after buying an additional 723 shares in the last quarter. Occidental Asset Management LLC purchased a new position in shares of Universal Insurance during the second quarter valued at $196,000. SG Americas Securities LLC raised its holdings in shares of Universal Insurance by 17.4% in the second quarter. SG Americas Securities LLC now owns 12,374 shares of the insurance provider’s stock valued at $232,000 after acquiring an additional 1,833 shares in the last quarter. Finally, Bailard Inc. lifted its stake in Universal Insurance by 33.3% in the second quarter. Bailard Inc. now owns 16,800 shares of the insurance provider’s stock worth $315,000 after acquiring an additional 4,200 shares during the period. 66.61% of the stock is owned by hedge funds and other institutional investors.

Universal Insurance Stock Up 1.3 %

Shares of UVE opened at $22.88 on Monday. The stock’s 50-day moving average price is $20.86 and its 200-day moving average price is $20.04. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $647.28 million, a price-to-earnings ratio of 9.30 and a beta of 0.90. Universal Insurance Holdings, Inc. has a 52 week low of $15.63 and a 52 week high of $23.27.

Universal Insurance (NYSE:UVE) last posted its quarterly earnings data on Thursday, October 24th. The insurance provider reported ($0.73) earnings per share for the quarter, topping 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 company had revenue of $387.55 million during the quarter, compared to analysts’ expectations of $341.98 million. During the same period in the prior year, the business posted ($0.16) earnings per share. On average, sell-side analysts predict that Universal Insurance Holdings, Inc. will post 1.66 EPS for the current year.

Universal Insurance Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, December 6th will be issued a $0.13 dividend. The ex-dividend date is Friday, December 6th. This represents a $0.52 annualized dividend and a dividend yield of 2.27%. Universal Insurance’s dividend payout ratio is currently 26.02%.

Insider Buying and Selling

In related news, Chairman Sean P. Downes sold 20,000 shares of Universal Insurance stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $20.21, for a total value of $404,200.00. Following the completion of the transaction, the chairman now owns 1,062,262 shares in the company, valued at $21,468,315.02. The trade was a 1.85 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last quarter, insiders sold 55,064 shares of company stock valued at $1,191,937. Company insiders own 17.50% of the company’s stock.

Analyst Ratings Changes

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

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.