Louisiana State Employees Retirement System reduced its position in shares of Universal Insurance Holdings, Inc. (NYSE:UVE) by 9.8% in the fourth quarter, HoldingsChannel reports. The firm owned 10,460 shares of the insurance provider’s stock after selling 1,140 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Universal Insurance were worth $293,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. UBS Asset Management Americas Inc. lifted its position in Universal Insurance by 49.7% during the second quarter. UBS Asset Management Americas Inc. now owns 33,491 shares of the insurance provider’s stock valued at $934,000 after purchasing an additional 11,112 shares in the last quarter. Millennium Management LLC grew its stake in shares of Universal Insurance by 126.9% during the 3rd quarter. Millennium Management LLC now owns 68,082 shares of the insurance provider’s stock valued at $2,041,000 after acquiring an additional 38,082 shares during the period. 6 Meridian grew its stake in shares of Universal Insurance by 7.1% during the 4th quarter. 6 Meridian now owns 30,046 shares of the insurance provider’s stock valued at $841,000 after acquiring an additional 1,985 shares during the period. Public Employees Retirement System of Ohio increased its holdings in Universal Insurance by 37.2% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 19,703 shares of the insurance provider’s stock worth $591,000 after acquiring an additional 5,341 shares in the last quarter. Finally, Morgan Stanley increased its holdings in Universal Insurance by 79.2% in the 2nd quarter. Morgan Stanley now owns 141,508 shares of the insurance provider’s stock worth $3,948,000 after acquiring an additional 62,535 shares in the last quarter. 73.38% of the stock is owned by hedge funds and other institutional investors.
UVE opened at $25.37 on Tuesday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.61 and a current ratio of 0.61. Universal Insurance Holdings, Inc. has a fifty-two week low of $23.57 and a fifty-two week high of $40.92. The firm’s fifty day moving average is $27.40 and its 200 day moving average is $27.84. The stock has a market cap of $858.48 million, a price-to-earnings ratio of 9.65 and a beta of 0.85.
In related news, CEO Stephen Donaghy acquired 5,000 shares of the business’s stock in a transaction on Monday, November 4th. The stock was acquired at an average cost of $27.41 per share, with a total value of $137,050.00. Following the acquisition, the chief executive officer now directly owns 557,146 shares in the company, valued at approximately $15,271,371.86. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Sean P. Downes acquired 5,500 shares of Universal Insurance stock in a transaction dated Friday, November 1st. The shares were bought at an average price of $27.59 per share, for a total transaction of $151,745.00. Following the transaction, the director now owns 1,444,333 shares of the company’s stock, valued at $39,849,147.47. The disclosure for this purchase can be found here. Insiders bought 30,767 shares of company stock worth $864,627 over the last 90 days. Company insiders own 11.30% of the company’s stock.
Several brokerages have weighed in on UVE. ValuEngine downgraded shares of Universal Insurance from a “buy” rating to a “hold” rating in a report on Monday, December 16th. Keefe, Bruyette & Woods lowered shares of Universal Insurance from a “market perform” rating to an “underperform” rating and dropped their price target for the stock from $30.00 to $27.00 in a research report on Sunday, November 3rd.
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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