Universal Insurance (NYSE:UVE) Cut to Buy at StockNews.com

StockNews.com cut shares of Universal Insurance (NYSE:UVE) from a strong-buy rating to a buy rating in a research report released on Wednesday morning.

Universal Insurance Trading Up 2.4 %

NYSE:UVE opened at $23.41 on Wednesday. Universal Insurance has a one year low of $16.50 and a one year high of $23.55. The company has a market cap of $657.59 million, a PE ratio of 9.51 and a beta of 0.84. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.51 and a quick ratio of 0.51. The firm has a 50-day moving average of $20.77 and a 200-day moving average of $20.86.

Universal Insurance (NYSE:UVE) last issued its quarterly earnings data on Tuesday, February 25th. The insurance provider reported $0.25 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.16. Universal Insurance had a return on equity of 15.43% and a net margin of 4.82%. The firm had revenue of $384.81 million during the quarter, compared to analyst estimates of $349.91 million. As a group, equities research analysts expect that Universal Insurance will post 1.66 EPS for the current fiscal year.

Universal Insurance Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, March 7th were paid a $0.16 dividend. This is a positive change from Universal Insurance’s previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Friday, March 7th. This represents a $0.64 annualized dividend and a dividend yield of 2.73%. Universal Insurance’s dividend payout ratio is presently 32.16%.

Insider Activity at Universal Insurance

In other Universal Insurance news, Chairman Sean P. Downes sold 20,000 shares of the stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $22.08, for a total value of $441,600.00. Following the completion of the sale, the chairman now owns 990,200 shares in the company, valued at approximately $21,863,616. This trade represents a 1.98 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders have sold 90,000 shares of company stock valued at $1,908,700 over the last ninety days. Corporate insiders own 17.50% of the company’s stock.

Hedge Funds Weigh In On Universal Insurance

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Geode Capital Management LLC lifted its holdings in Universal Insurance by 7.7% during the third quarter. Geode Capital Management LLC now owns 689,767 shares of the insurance provider’s stock worth $15,289,000 after acquiring an additional 49,123 shares during the period. CWA Asset Management Group LLC raised its stake in shares of Universal Insurance by 100.0% during the 4th quarter. CWA Asset Management Group LLC now owns 570,615 shares of the insurance provider’s stock worth $12,017,000 after purchasing an additional 285,338 shares during the period. Barclays PLC boosted its holdings in shares of Universal Insurance by 69.5% in the 3rd quarter. Barclays PLC now owns 68,969 shares of the insurance provider’s stock worth $1,528,000 after buying an additional 28,278 shares during the last quarter. HighTower Advisors LLC bought a new position in Universal Insurance during the third quarter valued at about $636,000. Finally, Jane Street Group LLC grew its position in Universal Insurance by 2,142.1% during the third quarter. Jane Street Group LLC now owns 59,774 shares of the insurance provider’s stock valued at $1,325,000 after buying an additional 57,108 shares during the period. Hedge funds and other institutional investors own 66.61% of the company’s stock.

About Universal Insurance

Universal Insurance Holdings, Inc, together with its subsidiaries, operates as an integrated insurance holding company in the United States. It develops, markets, and underwrites insurance products for personal residential insurance, such as homeowners, renters/tenants, condo unit owners, and dwelling/fire; and offers allied lines, coverage for other structures, and personal property, liability, and personal articles coverages.