Summit Global Investments Takes $588,000 Position in Universal Insurance Holdings, Inc. (NYSE:UVE)

Summit Global Investments bought a new stake in shares of Universal Insurance Holdings, Inc. (NYSE:UVE) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 26,556 shares of the insurance provider’s stock, valued at approximately $588,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Quarry LP raised its position in Universal Insurance by 424.4% during the second quarter. Quarry LP now owns 1,395 shares of the insurance provider’s stock valued at $26,000 after acquiring an additional 1,129 shares in the last quarter. CWM LLC boosted its stake in shares of Universal Insurance by 40.1% during the 3rd quarter. CWM LLC now owns 2,524 shares of the insurance provider’s stock worth $56,000 after acquiring an additional 723 shares in the last quarter. Occidental Asset Management LLC acquired a new position in Universal Insurance during the second quarter valued at approximately $196,000. SG Americas Securities LLC raised its position in shares of Universal Insurance by 17.4% in the second quarter. SG Americas Securities LLC now owns 12,374 shares of the insurance provider’s stock valued at $232,000 after purchasing an additional 1,833 shares during the period. Finally, Bailard Inc. lifted its stake in shares of Universal Insurance by 33.3% in the second quarter. Bailard Inc. now owns 16,800 shares of the insurance provider’s stock worth $315,000 after buying an additional 4,200 shares during the last quarter. 66.61% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, StockNews.com upgraded shares of Universal Insurance from a “hold” rating to a “buy” rating in a research note on Sunday.

Insider Buying and Selling

In other news, Chairman Sean P. Downes sold 20,000 shares of the stock in a transaction on Thursday, October 31st. The shares were 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 approximately $21,468,315.02. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director Jon Springer sold 35,173 shares of the 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 transaction, the director now directly owns 473,899 shares of the company’s stock, valued at approximately $9,729,146.47. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Chairman Sean P. Downes sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $20.21, for a total value of $404,200.00. Following the transaction, the chairman now owns 1,062,262 shares of the company’s stock, valued at $21,468,315.02. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 75,173 shares of company stock valued at $1,575,702 over the last ninety days. 17.50% of the stock is owned by company insiders.

Universal Insurance Stock Performance

UVE opened at $21.72 on Monday. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 0.25. The stock’s 50 day moving average price is $20.57 and its two-hundred day moving average price is $19.86. The firm has a market capitalization of $614.46 million, a P/E ratio of 8.83 and a beta of 0.90. Universal Insurance Holdings, Inc. has a 12-month low of $15.63 and a 12-month high of $23.27.

Universal Insurance (NYSE:UVE) last announced its quarterly earnings data on Thursday, October 24th. The insurance provider reported ($0.73) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.03) by $0.30. The business had revenue of $387.55 million for the quarter, compared to the consensus estimate of $341.98 million. Universal Insurance had a net margin of 4.82% and a return on equity of 15.43%. During the same quarter last year, the company posted ($0.16) earnings per share. On average, equities analysts forecast that Universal Insurance Holdings, Inc. will post 1.66 earnings per share for the current year.

Universal Insurance Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, December 6th will be paid a $0.13 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.39%. Universal Insurance’s payout ratio is 26.02%.

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.