Universal Insurance (NYSE:UVE) Issues Quarterly Earnings Results

Universal Insurance (NYSE:UVE) announced its quarterly earnings data on Thursday. The insurance provider reported $1.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.22, FiscalAI reports. The company had revenue of $419.38 million for the quarter, compared to analysts’ expectations of $614.62 million. Universal Insurance had a net margin of 12.22% and a return on equity of 37.51%.

Universal Insurance Price Performance

Universal Insurance stock traded down $0.04 during mid-day trading on Thursday, hitting $37.76. 177,550 shares of the company were exchanged, compared to its average volume of 202,932. Universal Insurance has a 12-month low of $21.96 and a 12-month high of $43.96. The company has a market capitalization of $1.05 billion, a P/E ratio of 5.59 and a beta of 0.72. The business’s 50 day simple moving average is $39.18 and its two-hundred day simple moving average is $35.53. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.51 and a quick ratio of 0.51.

Universal Insurance Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 7th. Stockholders of record on Friday, July 31st will be paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, July 31st. Universal Insurance’s dividend payout ratio (DPR) is 9.48%.

Analyst Ratings Changes

UVE has been the topic of a number of analyst reports. Piper Sandler downgraded Universal Insurance from an “overweight” rating to a “neutral” rating and set a $44.00 price target on the stock. in a research note on Wednesday, July 15th. Wall Street Zen cut shares of Universal Insurance from a “strong-buy” rating to a “buy” rating in a research note on Saturday, May 2nd. Weiss Ratings reiterated a “buy (b)” rating on shares of Universal Insurance in a research note on Friday, July 17th. Finally, Zacks Research downgraded shares of Universal Insurance from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 23rd. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $44.00.

Insider Buying and Selling

In related news, Chairman Sean P. Downes sold 20,000 shares of the business’s stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $38.22, for a total value of $764,400.00. Following the completion of the transaction, the chairman owned 1,148,255 shares of the company’s stock, valued at approximately $43,886,306.10. The trade was a 1.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last three months, insiders sold 60,000 shares of company stock worth $2,332,800. Company insiders own 15.00% of the company’s stock.

Hedge Funds Weigh In On Universal Insurance

Several institutional investors and hedge funds have recently modified their holdings of the company. Tower Research Capital LLC TRC lifted its stake in shares of Universal Insurance by 390.0% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,656 shares of the insurance provider’s stock worth $74,000 after purchasing an additional 2,114 shares during the period. Osaic Holdings Inc. lifted its holdings in shares of Universal Insurance by 11.3% during the 2nd quarter. Osaic Holdings Inc. now owns 5,249 shares of the insurance provider’s stock worth $146,000 after acquiring an additional 534 shares during the period. Strs Ohio purchased a new position in shares of Universal Insurance during the 1st quarter worth about $180,000. Bank of Montreal Can acquired a new stake in shares of Universal Insurance in the fourth quarter worth approximately $207,000. Finally, Magnetar Financial LLC acquired a new stake in shares of Universal Insurance in the fourth quarter worth approximately $240,000. Hedge funds and other 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.