Universal Insurance (NYSE:UVE) Cut to Hold at Zacks Research

Zacks Research cut shares of Universal Insurance (NYSE:UVE) from a strong-buy rating to a hold rating in a research report report published on Tuesday morning,Zacks.com reports.

Several other research firms have also recently weighed in on UVE. Wall Street Zen cut shares of Universal Insurance from a “strong-buy” rating to a “buy” rating in a report on Sunday, December 14th. Piper Sandler upped their target price on Universal Insurance from $35.00 to $40.00 and gave the stock an “overweight” rating in a research note on Monday. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Universal Insurance in a research report on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Universal Insurance has a consensus rating of “Moderate Buy” and a consensus price target of $40.00.

Universal Insurance Trading Down 1.5%

Shares of Universal Insurance stock opened at $34.53 on Tuesday. The company’s 50-day moving average price is $32.57 and its 200-day moving average price is $28.00. 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 has a 12-month low of $18.72 and a 12-month high of $35.84. The company has a market cap of $968.57 million, a price-to-earnings ratio of 8.14 and a beta of 0.74.

Universal Insurance (NYSE:UVE) last issued its quarterly earnings data on Thursday, October 23rd. The insurance provider reported $1.36 EPS for the quarter, beating the consensus estimate of $1.10 by $0.26. Universal Insurance had a net margin of 7.74% and a return on equity of 28.25%. The company had revenue of $400.03 million during the quarter, compared to analysts’ expectations of $366.36 million. On average, equities analysts expect that Universal Insurance will post 1.66 earnings per share for the current fiscal year.

Universal Insurance Announces Dividend

The company also recently disclosed a special dividend, which was paid on Friday, December 12th. Stockholders of record on Friday, December 5th were issued a $0.13 dividend. The ex-dividend date was Friday, December 5th. Universal Insurance’s dividend payout ratio is presently 15.09%.

Insider Activity

In other Universal Insurance news, Director Jon Springer sold 35,435 shares of the company’s stock in a transaction that occurred on Thursday, October 30th. The stock was sold at an average price of $31.41, for a total value of $1,113,013.35. Following the completion of the sale, the director owned 271,628 shares of the company’s stock, valued at $8,531,835.48. This represents a 11.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Sean P. Downes sold 20,000 shares of Universal Insurance stock in a transaction that occurred on Friday, December 19th. The stock was sold at an average price of $33.82, for a total transaction of $676,400.00. Following the transaction, the chairman directly owned 1,243,512 shares in the company, valued at $42,055,575.84. This trade represents a 1.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 119,743 shares of company stock worth $3,925,482 over the last quarter. Corporate insiders own 16.60% of the company’s stock.

Hedge Funds Weigh In On Universal Insurance

Several institutional investors and hedge funds have recently made changes to their positions in UVE. Mirae Asset Global Investments Co. Ltd. raised its position in Universal Insurance by 1.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 19,526 shares of the insurance provider’s stock worth $514,000 after purchasing an additional 341 shares during the period. Osaic Holdings Inc. grew its stake in shares of Universal Insurance by 11.3% during the second quarter. Osaic Holdings Inc. now owns 5,249 shares of the insurance provider’s stock valued at $146,000 after buying an additional 534 shares during the last quarter. Ameritas Investment Partners Inc. increased its holdings in shares of Universal Insurance by 28.6% in the second quarter. Ameritas Investment Partners Inc. now owns 2,597 shares of the insurance provider’s stock worth $72,000 after buying an additional 577 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Universal Insurance by 4.7% in the 1st 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 during the last quarter. Finally, Graham Capital Management L.P. lifted its stake in shares of Universal Insurance by 2.7% in the 1st quarter. Graham Capital Management L.P. now owns 24,656 shares of the insurance provider’s stock valued at $584,000 after acquiring an additional 653 shares during the last quarter. Institutional investors own 66.61% of the company’s stock.

About Universal Insurance

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.