828,787 Shares in Universal Insurance Holdings, Inc. (UVE) Purchased by Capital Returns Management LLC
Capital Returns Management LLC purchased a new stake in Universal Insurance Holdings, Inc. (NYSE:UVE) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 828,787 shares of the insurance provider’s stock, valued at approximately $19,062,000. Universal Insurance accounts for 5.5% of Capital Returns Management LLC’s investment portfolio, making the stock its 10th biggest position. Capital Returns Management LLC owned about 2.41% of Universal Insurance at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in UVE. Schwab Charles Investment Management Inc. increased its position in shares of Universal Insurance by 6.6% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 190,810 shares of the insurance provider’s stock valued at $4,675,000 after buying an additional 11,805 shares in the last quarter. Bank of America Corp DE increased its position in shares of Universal Insurance by 95.3% in the 1st quarter. Bank of America Corp DE now owns 51,757 shares of the insurance provider’s stock valued at $1,268,000 after buying an additional 25,262 shares in the last quarter. State Street Corp increased its position in shares of Universal Insurance by 7.2% in the 1st quarter. State Street Corp now owns 772,406 shares of the insurance provider’s stock valued at $18,922,000 after buying an additional 52,043 shares in the last quarter. Aperio Group LLC bought a new stake in shares of Universal Insurance in the 2nd quarter valued at $287,000. Finally, Janney Montgomery Scott LLC increased its position in shares of Universal Insurance by 8.7% in the 2nd quarter. Janney Montgomery Scott LLC now owns 11,985 shares of the insurance provider’s stock valued at $302,000 after buying an additional 955 shares in the last quarter. Institutional investors and hedge funds own 78.02% of the company’s stock.
A number of analysts recently commented on the stock. ValuEngine cut shares of Universal Insurance from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, November 22nd. Keefe, Bruyette & Woods restated a “buy” rating and issued a $29.00 price objective on shares of Universal Insurance in a research report on Friday, August 18th.
Universal Insurance Holdings, Inc. (NYSE:UVE) traded down $0.40 on Friday, hitting $25.70. 186,100 shares of the company were exchanged, compared to its average volume of 256,557. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.77 and a current ratio of 0.77. Universal Insurance Holdings, Inc. has a 1-year low of $15.07 and a 1-year high of $29.20. The company has a market cap of $898.97, a PE ratio of 11.15 and a beta of 1.89.
The company also recently disclosed a quarterly dividend, which was paid on Monday, December 4th. Investors of record on Monday, November 27th were given a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.18%. The ex-dividend date of this dividend was Friday, November 24th. Universal Insurance’s dividend payout ratio is currently 23.93%.
Universal Insurance declared that its board has initiated a share buyback program on Wednesday, November 8th that permits the company to buyback $20.00 million in shares. This buyback authorization permits the insurance provider to reacquire shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.
In related news, Director Michael Pietrangelo sold 9,969 shares of the company’s stock in a transaction on Tuesday, November 28th. The shares were sold at an average price of $26.27, for a total value of $261,885.63. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 10.50% of the stock is owned by corporate insiders.
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About Universal Insurance
Universal Insurance Holdings, Inc (UVE) is a private personal residential homeowners insurance company in Florida. The Company performs substantially all aspects of insurance underwriting, policy issuance, general administration, and claims processing and settlement internally. The Company’s subsidiaries include Universal Property & Casualty Insurance Company (UPCIC) and American Platinum Property and Casualty Insurance Company (APPCIC).
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