Universal Insurance (NYSE:UVE) Announces Quarterly Earnings Results, Beats Expectations By $0.87 EPS

Universal Insurance (NYSE:UVE) issued its earnings results on Tuesday. The insurance provider reported $2.17 EPS for the quarter, topping analysts’ consensus estimates of $1.30 by $0.87, FiscalAI reports. The company had revenue of $403.57 million for the quarter, compared to the consensus estimate of $372.99 million. Universal Insurance had a net margin of 11.41% and a return on equity of 39.17%.

Universal Insurance Trading Up 4.4%

UVE traded up $1.46 during mid-day trading on Thursday, hitting $34.16. 68,207 shares of the stock were exchanged, compared to its average volume of 176,301. The firm’s fifty day moving average is $31.50 and its two-hundred day moving average is $29.80. Universal Insurance has a 1-year low of $20.32 and a 1-year high of $35.84. The company has a market cap of $958.05 million, a PE ratio of 5.42 and a beta of 0.70. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.20.

Universal Insurance Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, March 6th will be paid a dividend of $0.16 per share. The ex-dividend date of this dividend is Friday, March 6th. This represents a $0.64 annualized dividend and a yield of 1.9%. Universal Insurance’s dividend payout ratio is presently 15.09%.

Wall Street Analyst Weigh In

UVE has been the topic of several analyst reports. Piper Sandler lifted their price target on shares of Universal Insurance from $35.00 to $40.00 and gave the company an “overweight” rating in a research report on Monday, December 22nd. Weiss Ratings reiterated a “buy (b)” rating on shares of Universal Insurance in a research report on Wednesday, January 21st. Wall Street Zen raised Universal Insurance from a “buy” rating to a “strong-buy” rating in a research note on Saturday, December 27th. Finally, Zacks Research downgraded Universal Insurance from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 23rd. Two analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $40.00.

Insiders Place Their Bets

In related news, Chairman Sean P. Downes sold 20,000 shares of Universal Insurance stock in a transaction that occurred on Friday, December 19th. The shares were sold at an average price of $33.82, for a total value of $676,400.00. Following the completion of the transaction, the chairman owned 1,243,512 shares in the company, valued at approximately $42,055,575.84. The trade was a 1.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Stephen Donaghy sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, December 29th. The stock was sold at an average price of $34.07, for a total transaction of $851,750.00. Following the sale, the chief executive officer directly owned 679,961 shares in the company, valued at approximately $23,166,271.27. The trade was a 3.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 46,855 shares of company stock worth $1,590,497 over the last three months. Company insiders own 16.60% of the company’s stock.

Hedge Funds Weigh In On Universal Insurance

Institutional investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Universal Insurance by 4.7% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,976 shares of the insurance provider’s stock valued at $331,000 after acquiring an additional 630 shares in the last quarter. Millennium Management LLC increased its holdings in Universal Insurance by 171.5% during the 1st quarter. Millennium Management LLC now owns 343,786 shares of the insurance provider’s stock worth $8,148,000 after purchasing an additional 217,184 shares during the period. Goldman Sachs Group Inc. increased its holdings in Universal Insurance by 9.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 805,199 shares of the insurance provider’s stock worth $19,083,000 after purchasing an additional 69,289 shares during the period. Jane Street Group LLC raised its position in Universal Insurance by 73.1% in the 1st quarter. Jane Street Group LLC now owns 81,829 shares of the insurance provider’s stock valued at $1,939,000 after purchasing an additional 34,556 shares in the last quarter. Finally, Strs Ohio purchased a new position in shares of Universal Insurance in the 1st quarter valued at about $180,000. Institutional investors and hedge funds own 66.61% of the company’s stock.

Universal Insurance Company Profile

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.