Millennium Management LLC Reduces Stock Holdings in Universal Insurance Holdings, Inc. (NYSE:UVE)

Millennium Management LLC trimmed its position in Universal Insurance Holdings, Inc. (NYSE:UVE) by 10.7% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 201,870 shares of the insurance provider’s stock after selling 24,244 shares during the period. Millennium Management LLC’s holdings in Universal Insurance were worth $3,787,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Bank of Montreal Can lifted its holdings in Universal Insurance by 283.0% in the second quarter. Bank of Montreal Can now owns 374,487 shares of the insurance provider’s stock valued at $7,040,000 after acquiring an additional 276,700 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of Universal Insurance by 44.5% during the 2nd quarter. American Century Companies Inc. now owns 469,803 shares of the insurance provider’s stock worth $8,814,000 after purchasing an additional 144,647 shares during the period. Allspring Global Investments Holdings LLC increased its position in shares of Universal Insurance by 11,666.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 58,713 shares of the insurance provider’s stock worth $1,193,000 after purchasing an additional 58,214 shares during the last quarter. Highland Capital Management LLC raised its holdings in Universal Insurance by 135.1% in the 2nd quarter. Highland Capital Management LLC now owns 76,069 shares of the insurance provider’s stock valued at $1,427,000 after buying an additional 43,718 shares during the period. Finally, Legato Capital Management LLC acquired a new position in Universal Insurance in the second quarter valued at about $789,000. Institutional investors and hedge funds own 66.61% of the company’s stock.

Wall Street Analyst Weigh In

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

Insider Activity

In other Universal Insurance news, Director Jon Springer sold 35,173 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $20.53, for a total transaction of $722,101.69. Following the sale, the director now owns 473,899 shares of the company’s stock, valued at approximately $9,729,146.47. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Chairman Sean P. Downes sold 20,000 shares of the business’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $22.47, for a total value of $449,400.00. Following the completion of the sale, the chairman now directly owns 1,082,262 shares of the company’s stock, valued at approximately $24,318,427.14. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jon Springer sold 35,173 shares of the firm’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 transaction, the director now owns 473,899 shares in the company, valued at $9,729,146.47. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 75,173 shares of company stock worth $1,571,502. 17.50% of the stock is currently owned by insiders.

Universal Insurance Stock Up 0.3 %

Shares of NYSE:UVE opened at $19.01 on Monday. The firm’s 50-day moving average is $20.58 and its two-hundred day moving average is $19.78. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.54 and a quick ratio of 0.54. Universal Insurance Holdings, Inc. has a 1 year low of $13.52 and a 1 year high of $23.27. The firm has a market capitalization of $541.40 million, a PE ratio of 6.72 and a beta of 0.89.

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

Universal Insurance 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.