United Services Automobile Association cut its holdings in shares of Universal Insurance Holdings, Inc. (NYSE:UVE) by 6.0% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 23,858 shares of the insurance provider’s stock after selling 1,510 shares during the quarter. United Services Automobile Association owned 0.07% of Universal Insurance worth $666,000 as of its most recent SEC filing.
A number of other institutional investors have also added to or reduced their stakes in UVE. Nuveen Asset Management LLC acquired a new stake in shares of Universal Insurance in the 2nd quarter valued at $11,764,000. Marshall Wace LLP acquired a new stake in shares of Universal Insurance in the 2nd quarter valued at $5,386,000. Renaissance Technologies LLC acquired a new stake in shares of Universal Insurance in the 2nd quarter valued at $2,890,000. Morgan Stanley raised its holdings in shares of Universal Insurance by 79.2% in the 2nd quarter. Morgan Stanley now owns 141,508 shares of the insurance provider’s stock valued at $3,948,000 after purchasing an additional 62,535 shares in the last quarter. Finally, BlackRock Inc. raised its holdings in shares of Universal Insurance by 1.2% in the 2nd quarter. BlackRock Inc. now owns 4,657,060 shares of the insurance provider’s stock valued at $129,932,000 after purchasing an additional 53,753 shares in the last quarter. Institutional investors own 73.25% of the company’s stock.
In related news, Director Sean P. Downes bought 7,000 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The shares were purchased at an average cost of $28.68 per share, with a total value of $200,760.00. Following the transaction, the director now directly owns 1,438,833 shares of the company’s stock, valued at approximately $41,265,730.44. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Stephen Donaghy bought 10,000 shares of the company’s stock in a transaction that occurred on Monday, August 5th. The stock was bought at an average cost of $26.61 per share, for a total transaction of $266,100.00. Following the completion of the transaction, the chief executive officer now directly owns 511,983 shares in the company, valued at $13,623,867.63. The disclosure for this purchase can be found here. Insiders purchased a total of 18,100 shares of company stock worth $496,186 over the last ninety days. Insiders own 11.30% of the company’s stock.
Universal Insurance (NYSE:UVE) last posted its earnings results on Wednesday, July 31st. The insurance provider reported $1.05 EPS for the quarter. The firm had revenue of $233.72 million for the quarter. Universal Insurance had a net margin of 12.14% and a return on equity of 25.77%.
Separately, TheStreet lowered shares of Universal Insurance from a “b-” rating to a “c” rating in a report on Thursday, August 15th.
About Universal Insurance
Universal Insurance Holdings, Inc, together with its subsidiaries, operates as an integrated insurance holding company in the United States. The company develops, markets, and underwrites insurance products for personal residential homeowner's insurance. It also provides personal residential insurance, such as homeowners, renters/tenants, condo unit owners, and dwelling/fire, and commercial residential multi-peril; and allied lines, coverage for other structures, and personal property, as well as liability and personal articles coverages.
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