Crossmark Global Holdings Inc. Acquires Shares of 14,370 Universal Insurance Holdings, Inc. (UVE)
Crossmark Global Holdings Inc. purchased a new stake in shares of Universal Insurance Holdings, Inc. (NYSE:UVE) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 14,370 shares of the insurance provider’s stock, valued at approximately $331,000.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Pinebridge Investments L.P. boosted its holdings in shares of Universal Insurance by 0.7% during the second quarter. Pinebridge Investments L.P. now owns 4,297 shares of the insurance provider’s stock valued at $108,000 after acquiring an additional 30 shares during the period. Victory Capital Management Inc. boosted its holdings in shares of Universal Insurance by 17.6% during the second quarter. Victory Capital Management Inc. now owns 4,687 shares of the insurance provider’s stock valued at $118,000 after acquiring an additional 703 shares during the period. Mountain Capital Investment Advisors Inc acquired a new position in shares of Universal Insurance during the second quarter valued at $125,000. State of Alaska Department of Revenue boosted its holdings in shares of Universal Insurance by 77.7% during the second quarter. State of Alaska Department of Revenue now owns 6,414 shares of the insurance provider’s stock valued at $161,000 after acquiring an additional 2,804 shares during the period. Finally, Numeric Investors LLC acquired a new position in shares of Universal Insurance during the second quarter valued at $242,000. 74.47% of the stock is owned by institutional investors.
Shares of Universal Insurance Holdings, Inc. (NYSE:UVE) traded down $0.35 during midday trading on Monday, hitting $26.25. 100,600 shares of the company were exchanged, compared to its average volume of 259,331. Universal Insurance Holdings, Inc. has a fifty-two week low of $15.07 and a fifty-two week high of $29.20. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $904.13, a PE ratio of 11.22 and a beta of 1.85.
Universal Insurance announced that its Board of Directors has approved a stock repurchase program on Wednesday, November 8th that allows the company to repurchase $20.00 million in outstanding shares. This repurchase authorization allows the insurance provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 4th. Investors of record on Monday, November 27th will be paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date of this dividend is Friday, November 24th. Universal Insurance’s dividend payout ratio is currently 23.93%.
In related news, CFO Frank Wilcox acquired 2,000 shares of the business’s stock in a transaction that occurred on Friday, September 8th. The shares were acquired at an average cost of $17.69 per share, for a total transaction of $35,380.00. Following the completion of the purchase, the chief financial officer now directly owns 96,024 shares in the company, valued at $1,698,664.56. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. 10.50% of the stock is owned by insiders.
Several equities analysts have recently issued reports on the stock. ValuEngine downgraded shares of Universal Insurance from a “strong-buy” rating to a “buy” rating in a report on Wednesday, November 22nd. Keefe, Bruyette & Woods restated a “buy” rating and set a $29.00 price objective on shares of Universal Insurance in a research note on Friday, August 18th. Finally, BidaskClub cut shares of Universal Insurance from a “sell” rating to a “strong sell” rating in a research note on Tuesday, August 1st.
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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