Key Points
- Chairman Sean Downes sold 20,000 shares for $964,600 at an average price of $48.23, reducing his direct stake by 1.84% to 1,064,645 shares.
- Universal Insurance reported quarterly earnings of $1.93 per share, beating the $1.57 consensus estimate, while revenue of $444.31 million fell short of analysts’ $601.67 million expectation.
- The board authorized a $20 million share-repurchase plan, allowing the company to buy back up to 1.6% of its outstanding shares.
Universal Insurance Holdings Inc (NYSE:UVE - Get Free Report) Chairman Sean Downes sold 20,000 shares of the company's stock in a transaction that occurred on Friday, October 30th. The stock was sold at an average price of $48.23, for a total value of $964,600.00. Following the sale, the chairman directly owned 1,064,645 shares of the company's stock, valued at $51,347,828.35. The trade was a 1.84% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.
Universal Insurance Trading Down 0.4%
Shares of UVE stock opened at $48.81 on Wednesday. Universal Insurance Holdings Inc has a 12 month low of $28.32 and a 12 month high of $50.75. The company has a quick ratio of 0.57, a current ratio of 0.56 and a debt-to-equity ratio of 0.15. The business's 50 day moving average is $45.04 and its two-hundred day moving average is $38.99. The company has a market cap of $1.35 billion, a PE ratio of 6.10 and a beta of 0.63.
Universal Insurance (NYSE:UVE - Get Free Report) last issued its quarterly earnings data on Thursday, October 22nd. The insurance provider reported $1.93 earnings per share for the quarter, topping analysts' consensus estimates of $1.57 by $0.36. Universal Insurance had a net margin of 13.94% and a return on equity of 38.15%. The business had revenue of $444.31 million during the quarter, compared to analysts' expectations of $601.67 million. Equities analysts predict that Universal Insurance Holdings Inc will post 6.13 EPS for the current year.
Universal Insurance declared that its board has initiated a share repurchase plan on Thursday, October 29th that permits the company to buy back $20 million in shares. This repurchase authorization permits the insurance provider to purchase up to 1.6% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's board of directors believes its shares are undervalued.
Institutional Inflows and Outflows
A number of large investors have recently modified their holdings of UVE. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Universal Insurance in the third quarter valued at approximately $545,000. Vise Technologies Inc. grew its stake in shares of Universal Insurance by 7.3% in the third quarter. Vise Technologies Inc. now owns 6,771 shares of the insurance provider's stock worth $285,000 after acquiring an additional 461 shares during the last quarter. Kingswood Wealth Advisors LLC acquired a new stake in shares of Universal Insurance in the third quarter worth $225,000. Signaturefd LLC grew its stake in shares of Universal Insurance by 83.7% in the third quarter. Signaturefd LLC now owns 599 shares of the insurance provider's stock worth $25,000 after acquiring an additional 273 shares during the last quarter. Finally, Root Financial Partners LLC bought a new position in Universal Insurance during the third quarter worth $145,000. 66.61% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of research firms have weighed in on UVE. Piper Sandler boosted their target price on shares of Universal Insurance from $45.00 to $51.00 and gave the stock a "neutral" rating in a research report on Monday, October 26th. Zacks Research upgraded shares of Universal Insurance from a "hold" rating to a "strong-buy" rating in a report on Thursday, October 22nd. Weiss Ratings raised Universal Insurance from a "buy (a-)" rating to a "buy (a+)" rating in a research report on Thursday, October 8th. Finally, Wall Street Zen lowered Universal Insurance from a "strong-buy" rating to a "buy" rating in a research note on Saturday. Two equities research analysts have rated the stock with a Strong Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Universal Insurance has a consensus rating of "Buy" and an average price target of $51.00.
Get Our Latest Stock Report on Universal Insurance
About Universal Insurance
(
Get Free Report)
Universal Insurance Holdings, Inc (NYSE: UVE) is an insurance holding company that provides property and casualty insurance through its subsidiaries. Its primary business is personal residential insurance, with products designed to protect homeowners and other residential property owners against risks such as wind, fire, theft and other covered losses.
The company's offerings include homeowners, condominium unit owners, renters and dwelling fire insurance, along with related residential property coverage.
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