UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Grows Position in Universal Insurance Holdings Inc $UVE

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Universal Insurance Holdings Inc (NYSE:UVE) by 100.7% during the 2nd quarter, Holdings Channel reports. The fund owned 69,962 shares of the insurance provider’s stock after acquiring an additional 35,097 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Universal Insurance were worth $2,894,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the company. Tower Research Capital LLC TRC grew its holdings in Universal Insurance by 390.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,656 shares of the insurance provider’s stock worth $74,000 after acquiring an additional 2,114 shares in the last quarter. Parallel Advisors LLC raised its holdings in shares of Universal Insurance by 4,847.3% in the 1st quarter. Parallel Advisors LLC now owns 2,721 shares of the insurance provider’s stock valued at $93,000 after purchasing an additional 2,666 shares in the last quarter. Archer Investment Corp acquired a new stake in shares of Universal Insurance in the 1st quarter valued at $95,000. IFP Advisors Inc lifted its position in shares of Universal Insurance by 492.4% during the 4th quarter. IFP Advisors Inc now owns 2,796 shares of the insurance provider’s stock worth $95,000 after purchasing an additional 2,324 shares during the last quarter. Finally, Root Financial Partners LLC grew its stake in shares of Universal Insurance by 170,750.0% during the first quarter. Root Financial Partners LLC now owns 3,417 shares of the insurance provider’s stock worth $117,000 after purchasing an additional 3,415 shares in the last quarter. Hedge funds and other institutional investors own 66.61% of the company’s stock.

Wall Street Analyst Weigh In

UVE has been the topic of a number of analyst reports. Wall Street Zen cut Universal Insurance from a “strong-buy” rating to a “buy” rating in a research note on Sunday, August 9th. Piper Sandler upped their price objective on Universal Insurance from $44.00 to $45.00 and gave the stock a “neutral” rating in a research report on Monday, July 27th. Weiss Ratings lowered Universal Insurance from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Wednesday, September 2nd. Finally, Zacks Research cut shares of Universal Insurance from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 23rd. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $45.00.

Insider Buying and Selling

In other Universal Insurance news, Chairman Sean Downes sold 20,000 shares of the company’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $44.27, for a total transaction of $885,400.00. Following the completion of the transaction, the chairman owned 1,104,645 shares in the company, valued at approximately $48,902,634.15. This represents a 1.78% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 15.00% of the company’s stock.

Universal Insurance Stock Performance

NYSE UVE opened at $44.10 on Friday. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 0.15. Universal Insurance Holdings Inc has a 52-week low of $24.50 and a 52-week high of $45.15. The business’s 50-day moving average price is $42.56 and its 200 day moving average price is $38.74. The firm has a market cap of $1.23 billion, a P/E ratio of 5.82 and a beta of 0.72.

Universal Insurance (NYSE:UVE) last issued its quarterly earnings results on Thursday, July 23rd. The insurance provider reported $1.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.27. The firm had revenue of $419.38 million for the quarter, compared to analysts’ expectations of $614.62 million. Universal Insurance had a return on equity of 37.67% and a net margin of 13.49%. On average, equities research analysts expect that Universal Insurance Holdings Inc will post 4.85 earnings per share for the current year.

Universal Insurance Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 7th. Shareholders of record on Friday, July 31st were paid a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend was Friday, July 31st. Universal Insurance’s payout ratio is currently 8.44%.

About Universal Insurance

Universal Insurance Holdings, Inc (NYSE: UVE) is a property and casualty insurance holding company headquartered in Jacksonville, Florida. The company underwrites homeowners and other residential property insurance products to protect against natural catastrophes such as hurricanes, windstorms and fires. It distributes policies primarily through a network of independent agents and brokers, offering coverage for primary residences, secondary homes, condominiums, vacant dwellings and rental properties across its service territory.

In addition to personal lines, Universal provides commercial property and casualty insurance tailored to small businesses and institutional clients.