Universal Insurance (NYSE:UVE) Hits New 1-Year High at $22.38

Universal Insurance Holdings, Inc. (NYSE:UVE) shares hit a new 52-week high on Friday . The stock traded as high as $22.38 and last traded at $20.61, with a volume of 121316 shares trading hands. The stock had previously closed at $20.30.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. StockNews.com downgraded shares of Universal Insurance from a “strong-buy” rating to a “buy” rating in a research note on Friday. Piper Sandler restated an “overweight” rating and set a $25.00 target price on shares of Universal Insurance in a research report on Monday, April 1st. Finally, TheStreet raised shares of Universal Insurance from a “c+” rating to a “b” rating in a report on Monday, February 26th.

Universal Insurance Stock Performance

The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 0.30. The firm’s 50-day moving average is $19.55 and its two-hundred day moving average is $17.29. The stock has a market cap of $566.07 million, a price-to-earnings ratio of 7.66 and a beta of 0.83.

Universal Insurance (NYSE:UVE) last released its quarterly earnings results on Thursday, February 22nd. The insurance provider reported $0.43 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.20. The firm had revenue of $375.46 million during the quarter, compared to the consensus estimate of $328.12 million. Universal Insurance had a net margin of 5.29% and a return on equity of 20.25%. As a group, sell-side analysts expect that Universal Insurance Holdings, Inc. will post 2.3 earnings per share for the current year.

Universal Insurance Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 17th. Shareholders of record on Friday, May 10th will be issued a $0.16 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $0.64 dividend on an annualized basis and a yield of 3.28%. Universal Insurance’s payout ratio is 25.10%.

Insider Buying and Selling at Universal Insurance

In other news, Chairman Sean P. Downes sold 20,000 shares of the stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $19.53, for a total value of $390,600.00. Following the completion of the sale, the chairman now owns 1,191,390 shares of the company’s stock, valued at approximately $23,267,846.70. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 17.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Universal Insurance

A number of hedge funds have recently made changes to their positions in UVE. AJOVista LLC purchased a new position in shares of Universal Insurance during the 4th quarter worth approximately $25,000. Versor Investments LP purchased a new stake in shares of Universal Insurance in the third quarter valued at about $140,000. Tompkins Financial Corp purchased a new stake in shares of Universal Insurance in the third quarter valued at about $153,000. Laurion Capital Management LP purchased a new stake in Universal Insurance during the third quarter worth about $154,000. Finally, Olympiad Research LP purchased a new stake in Universal Insurance during the third quarter worth about $174,000. Hedge funds and other institutional investors own 66.61% of the company’s stock.

Universal Insurance Company Profile

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.