Principal Financial Group Inc. Has $1.05 Million Stock Position in Universal Insurance Holdings Inc $UVE

Principal Financial Group Inc. grew its holdings in shares of Universal Insurance Holdings Inc (NYSE:UVE) by 72.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 39,990 shares of the insurance provider’s stock after purchasing an additional 16,820 shares during the period. Principal Financial Group Inc. owned about 0.14% of Universal Insurance worth $1,052,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Bank of New York Mellon Corp lifted its position in shares of Universal Insurance by 3.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 255,200 shares of the insurance provider’s stock worth $7,077,000 after buying an additional 9,046 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in shares of Universal Insurance by 43.9% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 454,496 shares of the insurance provider’s stock valued at $12,603,000 after buying an additional 138,732 shares during the last quarter. Prudential Financial Inc. lifted its position in shares of Universal Insurance by 102.5% in the 2nd quarter. Prudential Financial Inc. now owns 85,363 shares of the insurance provider’s stock worth $2,367,000 after purchasing an additional 43,210 shares during the period. CWM LLC boosted its position in Universal Insurance by 80.2% during the second quarter. CWM LLC now owns 6,367 shares of the insurance provider’s stock valued at $177,000 after acquiring an additional 2,833 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in Universal Insurance by 6.9% in the second quarter. Geode Capital Management LLC now owns 681,853 shares of the insurance provider’s stock valued at $18,909,000 after buying an additional 44,168 shares during the period. 66.61% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Zacks Research downgraded Universal Insurance from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 23rd. Piper Sandler upped their price objective on Universal Insurance from $35.00 to $40.00 and gave the company an “overweight” rating in a research note on Monday, December 22nd. Wall Street Zen raised Universal Insurance from a “buy” rating to a “strong-buy” rating in a research report on Saturday, December 27th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Universal Insurance in a report on Wednesday, January 21st. Two analysts have rated the stock with a Buy rating and one has given 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 target price of $40.00.

Insider Activity at Universal Insurance

In other Universal Insurance news, CEO Stephen Donaghy sold 25,000 shares of the stock in a transaction that occurred on Monday, December 29th. The stock was sold at an average price of $34.07, for a total value of $851,750.00. Following the completion of the sale, the chief executive officer owned 679,961 shares in the company, valued at approximately $23,166,271.27. This trade represents a 3.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman Sean P. Downes sold 20,000 shares of the company’s stock in a transaction 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 completion of the transaction, the chairman owned 1,243,512 shares of the company’s stock, 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 66,855 shares of company stock worth $2,259,697 in the last 90 days. Company insiders own 16.60% of the company’s stock.

Universal Insurance Price Performance

UVE stock opened at $31.31 on Thursday. The firm has a market cap of $878.25 million, a P/E ratio of 7.38 and a beta of 0.70. Universal Insurance Holdings Inc has a 52 week low of $19.46 and a 52 week high of $35.84. The firm’s fifty day moving average is $31.65 and its 200 day moving average is $29.52. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.55 and a current ratio of 0.55.

Universal Insurance Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, March 6th will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Friday, March 6th. Universal Insurance’s dividend payout ratio is currently 15.09%.

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.