Centric Wealth Management Acquires New Shares in Universal Insurance Holdings Inc $UVE

Centric Wealth Management acquired a new stake in shares of Universal Insurance Holdings Inc (NYSE:UVE) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 15,912 shares of the insurance provider’s stock, valued at approximately $663,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Millennium Management LLC raised its stake in shares of Universal Insurance by 212.3% during the 3rd quarter. Millennium Management LLC now owns 596,370 shares of the insurance provider’s stock worth $15,685,000 after purchasing an additional 405,403 shares in the last quarter. BNP Paribas Financial Markets grew its stake in shares of Universal Insurance by 106.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 280,957 shares of the insurance provider’s stock valued at $7,389,000 after buying an additional 144,553 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Universal Insurance by 19.8% in the 4th quarter. Geode Capital Management LLC now owns 815,484 shares of the insurance provider’s stock valued at $27,566,000 after buying an additional 134,805 shares in the last quarter. Informed Momentum Co LLC acquired a new position in Universal Insurance in the fourth quarter worth approximately $4,481,000. Finally, Vanguard Group Inc. increased its holdings in Universal Insurance by 5.9% in the third quarter. Vanguard Group Inc. now owns 1,953,721 shares of the insurance provider’s stock worth $51,383,000 after buying an additional 108,660 shares during the last quarter. Hedge funds and other institutional investors own 66.61% of the company’s stock.

Wall Street Analyst Weigh In

UVE has been the subject of a number of analyst reports. Zacks Research cut shares of Universal Insurance from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 23rd. Wall Street Zen lowered shares of Universal Insurance from a “strong-buy” rating to a “buy” rating in a research note on Sunday, August 9th. Weiss Ratings restated a “buy (b)” rating on shares of Universal Insurance in a report on Friday, July 17th. Finally, Piper Sandler raised their price target on shares of Universal Insurance from $44.00 to $45.00 and gave the company a “neutral” rating in a report on Monday, July 27th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, Universal Insurance presently has a consensus rating of “Hold” and an average target price of $45.00.

Insider Transactions at Universal Insurance

In related news, Chairman Sean P. Downes sold 20,000 shares of the firm’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $44.27, for a total value of $885,400.00. Following the transaction, the chairman directly owned 1,104,645 shares in the company, valued at approximately $48,902,634.15. This trade represents a 1.78% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 15.00% of the company’s stock.

Universal Insurance Stock Up 2.1%

UVE opened at $43.27 on Friday. The firm has a market cap of $1.20 billion, a P/E ratio of 5.71 and a beta of 0.72. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.57 and a current ratio of 0.57. The business has a 50 day moving average price of $40.95 and a 200 day moving average price of $37.05. Universal Insurance Holdings Inc has a twelve month low of $23.32 and a twelve month high of $45.15.

Universal Insurance (NYSE:UVE) last announced its quarterly earnings results on Thursday, July 23rd. The insurance provider reported $1.84 EPS for the quarter, beating the consensus estimate of $1.57 by $0.27. Universal Insurance had a return on equity of 37.67% and a net margin of 13.49%.The company had revenue of $419.38 million for the quarter, compared to the consensus estimate of $614.62 million. Research analysts forecast that Universal Insurance Holdings Inc will post 4.85 EPS for the current year.

Universal Insurance Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 7th. Investors of record on Friday, July 31st were issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend was Friday, July 31st. Universal Insurance’s dividend payout ratio is currently 8.44%.

Universal Insurance Company Profile

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.