Universal Insurance Holdings, Inc. (NYSE:UVE) Stake Lessened by Rhumbline Advisers

Rhumbline Advisers trimmed its stake in shares of Universal Insurance Holdings, Inc. (NYSE:UVE) by 2.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 39,360 shares of the insurance provider’s stock after selling 803 shares during the quarter. Rhumbline Advisers’ holdings in Universal Insurance were worth $738,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in UVE. Occidental Asset Management LLC acquired a new position in shares of Universal Insurance in the 2nd quarter valued at about $196,000. SG Americas Securities LLC raised its stake in Universal Insurance by 17.4% during the second quarter. SG Americas Securities LLC now owns 12,374 shares of the insurance provider’s stock worth $232,000 after acquiring an additional 1,833 shares during the period. Counterpoint Mutual Funds LLC bought a new position in Universal Insurance in the first quarter worth about $289,000. State Board of Administration of Florida Retirement System acquired a new position in Universal Insurance in the first quarter valued at approximately $326,000. Finally, Bailard Inc. grew its holdings in shares of Universal Insurance by 33.3% during the second quarter. Bailard Inc. now owns 16,800 shares of the insurance provider’s stock valued at $315,000 after purchasing an additional 4,200 shares during the last quarter. 66.61% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Universal Insurance news, Chairman Sean P. Downes sold 20,000 shares of the business’s stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $20.00, for a total transaction of $400,000.00. Following the sale, the chairman now directly owns 1,122,262 shares in the company, valued at approximately $22,445,240. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Chairman Sean P. Downes sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 31st. The shares were sold at an average price of $20.00, for a total transaction of $400,000.00. Following the transaction, the chairman now owns 1,122,262 shares in the company, valued at $22,445,240. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jon Springer sold 35,173 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $20.53, for a total value of $722,101.69. Following the completion of the sale, the director now owns 473,899 shares of the company’s stock, valued at $9,729,146.47. The disclosure for this sale can be found here. In the last quarter, insiders sold 75,173 shares of company stock worth $1,571,502. 17.50% of the stock is owned by company insiders.

Analysts Set New Price Targets

Separately, StockNews.com downgraded Universal Insurance from a “strong-buy” rating to a “buy” rating in a report on Monday, August 5th.

Universal Insurance Stock Up 0.8 %

UVE stock opened at $22.10 on Wednesday. The stock has a market cap of $636.48 million, a PE ratio of 8.67 and a beta of 0.89. The firm’s 50-day simple moving average is $20.42 and its 200 day simple moving average is $19.75. Universal Insurance Holdings, Inc. has a fifty-two week low of $13.10 and a fifty-two week high of $23.27. The company has a quick ratio of 0.54, a current ratio of 0.54 and a debt-to-equity ratio of 0.26.

Universal Insurance (NYSE:UVE) last announced its quarterly earnings results on Thursday, July 25th. The insurance provider reported $1.18 EPS for the quarter, beating the consensus estimate of $1.15 by $0.03. The company had revenue of $380.21 million for the quarter, compared to analyst estimates of $340.09 million. Universal Insurance had a net margin of 5.60% and a return on equity of 21.14%. During the same quarter last year, the business earned $0.87 earnings per share. As a group, sell-side analysts predict that Universal Insurance Holdings, Inc. will post 2.3 EPS for the current year.

Universal Insurance Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 9th. Shareholders of record on Friday, August 2nd were given a dividend of $0.16 per share. The ex-dividend date was Friday, August 2nd. This represents a $0.64 dividend on an annualized basis and a yield of 2.90%. Universal Insurance’s dividend payout ratio (DPR) is presently 25.10%.

Universal Insurance Company Profile

Universal Insurance Holdings, Inc, together with its subsidiaries, operates as an integrated insurance holding company in the United States. It develops, markets, and underwrites insurance products for personal residential insurance, such as homeowners, renters/tenants, condo unit owners, and dwelling/fire; and offers allied lines, coverage for other structures, and personal property, liability, and personal articles coverages.