New York State Teachers Retirement System trimmed its holdings in shares of Universal Insurance Holdings, Inc. (NYSE:UVE) by 4.5% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 49,920 shares of the insurance provider’s stock after selling 2,338 shares during the period. New York State Teachers Retirement System owned 0.16% of Universal Insurance worth $716,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in the stock. Norges Bank acquired a new stake in Universal Insurance during the 4th quarter valued at $2,263,000. Hsbc Holdings PLC acquired a new stake in Universal Insurance during the 4th quarter valued at $316,000. JPMorgan Chase & Co. boosted its position in Universal Insurance by 22.1% in the 4th quarter. JPMorgan Chase & Co. now owns 176,958 shares of the insurance provider’s stock valued at $2,674,000 after buying an additional 32,052 shares during the last quarter. Guggenheim Capital LLC bought a new position in Universal Insurance in the 4th quarter valued at $168,000. Finally, Schroder Investment Management Group bought a new position in Universal Insurance in the 4th quarter valued at $81,000. 71.92% of the stock is owned by hedge funds and other institutional investors.
Separately, Zacks Investment Research lowered Universal Insurance from a “buy” rating to a “hold” rating in a research report on Tuesday.
Universal Insurance (NYSE:UVE) last posted its quarterly earnings results on Wednesday, April 28th. The insurance provider reported $0.84 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.69 by $0.15. Universal Insurance had a negative return on equity of 10.94% and a negative net margin of 1.38%. As a group, equities research analysts expect that Universal Insurance Holdings, Inc. will post 0.3 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 21st. Shareholders of record on Friday, May 14th will be paid a $0.16 dividend. The ex-dividend date is Thursday, May 13th. This represents a $0.64 annualized dividend and a yield of 4.48%. Universal Insurance’s dividend payout ratio is 54.24%.
Universal Insurance Profile
Universal Insurance Holdings, Inc, together with its subsidiaries, operates as an integrated insurance holding company in the United States. The company develops, markets, and underwrites insurance products for personal residential insurance, such as homeowners, renters/tenants, condo unit owners, and dwelling/fire; allied lines, coverage for other structures, and personal property; and commercial residential multi-peril, as well as liability and personal articles coverages.
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