Covestor Ltd Acquires 1,328 Shares of Universal Insurance Holdings, Inc. (NYSE:UVE)

Covestor Ltd increased its holdings in shares of Universal Insurance Holdings, Inc. (NYSE:UVE) by 240.1% in the third quarter, according to its most recent filing with the SEC. The fund owned 1,881 shares of the insurance provider’s stock after acquiring an additional 1,328 shares during the period. Covestor Ltd’s holdings in Universal Insurance were worth $42,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. CWA Asset Management Group LLC purchased a new position in Universal Insurance during the 3rd quarter worth $6,322,000. Bank of Montreal Can increased its holdings in shares of Universal Insurance by 283.0% in the 2nd 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 period. American Century Companies Inc. increased its holdings in shares of Universal Insurance by 44.5% in the 2nd quarter. American Century Companies Inc. now owns 469,803 shares of the insurance provider’s stock valued at $8,814,000 after acquiring an additional 144,647 shares during the period. Essex Investment Management Co. LLC increased its holdings in shares of Universal Insurance by 64.6% in the 3rd quarter. Essex Investment Management Co. LLC now owns 201,639 shares of the insurance provider’s stock valued at $4,468,000 after acquiring an additional 79,138 shares during the period. Finally, Highland Capital Management LLC increased its holdings in shares of 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 acquiring an additional 43,718 shares during the period. 66.61% of the stock is owned by institutional investors.

Universal Insurance Stock Performance

Shares of UVE opened at $22.48 on Friday. The stock has a 50-day moving average of $20.70 and a two-hundred day moving average of $19.95. Universal Insurance Holdings, Inc. has a one year low of $15.63 and a one year high of $23.27. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.51 and a current ratio of 0.51. The stock has a market cap of $635.96 million, a P/E ratio of 9.14 and a beta of 0.90.

Universal Insurance (NYSE:UVE) last issued its quarterly earnings results on Thursday, October 24th. The insurance provider reported ($0.73) EPS for the quarter, topping analysts’ consensus estimates of ($1.03) by $0.30. The company had revenue of $387.55 million during the quarter, compared to analysts’ expectations of $341.98 million. Universal Insurance had a return on equity of 15.43% and a net margin of 4.82%. During the same quarter in the previous year, the firm posted ($0.16) EPS. As a group, research analysts predict that Universal Insurance Holdings, Inc. will post 1.66 EPS for the current year.

Universal Insurance Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, December 6th will be issued a $0.13 dividend. The ex-dividend date is Friday, December 6th. This represents a $0.52 annualized dividend and a dividend yield of 2.31%. Universal Insurance’s dividend payout ratio (DPR) is presently 26.02%.

Insider Activity

In related news, Chairman Sean P. Downes sold 20,000 shares of Universal Insurance stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $20.21, for a total value of $404,200.00. Following the completion of the transaction, the chairman now owns 1,062,262 shares in the company, valued at $21,468,315.02. The trade was a 1.85 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 55,064 shares of company stock valued at $1,191,937 in the last quarter. 17.50% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Separately, StockNews.com upgraded Universal Insurance from a “hold” rating to a “buy” rating in a report on Sunday, November 10th.

About Universal Insurance

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.