Universal Insurance Holdings, Inc. (UVE) Holdings Raised by Rhumbline Advisers
Rhumbline Advisers boosted its stake in shares of Universal Insurance Holdings, Inc. (NYSE:UVE) by 28.2% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 77,410 shares of the insurance provider’s stock after purchasing an additional 17,048 shares during the quarter. Rhumbline Advisers owned about 0.22% of Universal Insurance worth $1,780,000 at the end of the most recent quarter.
Other institutional investors also recently made changes to their positions in the company. Pinebridge Investments L.P. boosted its position in shares of Universal Insurance by 0.7% in 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 position in shares of Universal Insurance by 17.6% in 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 bought a new stake in shares of Universal Insurance in the second quarter valued at approximately $125,000. Numeric Investors LLC bought a new stake in shares of Universal Insurance in the second quarter valued at approximately $242,000. Finally, HighTower Advisors LLC bought a new stake in shares of Universal Insurance in the second quarter valued at approximately $265,000. 78.02% of the stock is owned by hedge funds and other institutional investors.
Several research firms have recently weighed in on UVE. ValuEngine cut Universal Insurance from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, November 22nd. Keefe, Bruyette & Woods reissued 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. (UVE) traded up $0.30 on Wednesday, hitting $26.10. The stock had a trading volume of 161,400 shares, compared to its average volume of 255,380. Universal Insurance Holdings, Inc. has a 12 month low of $15.07 and a 12 month high of $29.20. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $904.14, a PE ratio of 11.03 and a beta of 1.88.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 4th. Stockholders of record on Monday, November 27th were given a $0.14 dividend. The ex-dividend date of this dividend was Friday, November 24th. This represents a $0.56 annualized dividend and a dividend yield of 2.15%. Universal Insurance’s dividend payout ratio is 23.93%.
Universal Insurance declared that its Board of Directors has approved a stock repurchase program on Wednesday, November 8th that permits the company to repurchase $20.00 million in shares. This repurchase authorization permits the insurance provider to purchase shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.
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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