Algert Global LLC Raises Position in Universal Insurance Holdings, Inc. (NYSE:UVE)

Algert Global LLC boosted its holdings in Universal Insurance Holdings, Inc. (NYSE:UVE) by 46.8% in the 3rd quarter, HoldingsChannel reports. The fund owned 79,059 shares of the insurance provider’s stock after acquiring an additional 25,210 shares during the quarter. Algert Global LLC’s holdings in Universal Insurance were worth $1,752,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Quarry LP boosted 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 worth $26,000 after purchasing an additional 1,129 shares in the last quarter. Covestor Ltd lifted its holdings in shares of Universal Insurance by 240.1% during the 3rd quarter. Covestor Ltd now owns 1,881 shares of the insurance provider’s stock worth $42,000 after acquiring an additional 1,328 shares during the period. CWM LLC boosted its holdings in shares of Universal Insurance by 40.1% in the 3rd quarter. CWM LLC now owns 2,524 shares of the insurance provider’s stock valued at $56,000 after purchasing an additional 723 shares during the last quarter. Occidental Asset Management LLC purchased a new stake in shares of Universal Insurance during the 2nd quarter valued at $196,000. Finally, Aigen Investment Management LP acquired a new stake in shares of Universal Insurance during the 3rd quarter worth $202,000. Hedge funds and other institutional investors own 66.61% of the company’s stock.

Analysts Set New Price Targets

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

Universal Insurance Trading Up 0.3 %

NYSE UVE opened at $22.79 on Thursday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.51 and a current ratio of 0.51. Universal Insurance Holdings, Inc. has a one year low of $15.63 and a one year high of $23.39. The company’s 50 day moving average price is $20.90 and its 200 day moving average price is $20.07. The firm has a market capitalization of $644.73 million, a price-to-earnings ratio of 9.35 and a beta of 0.90.

Universal Insurance (NYSE:UVE) last posted its earnings results on Thursday, October 24th. The insurance provider reported ($0.73) earnings per share for the quarter, beating the consensus estimate of ($1.03) by $0.30. Universal Insurance had a net margin of 4.82% and a return on equity of 15.43%. The business had revenue of $387.55 million for the quarter, compared to analyst estimates of $341.98 million. During the same quarter in the previous year, the business posted ($0.16) EPS. On average, sell-side analysts predict that Universal Insurance Holdings, Inc. will post 1.66 EPS for the current year.

Universal Insurance Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, December 6th will be paid a $0.13 dividend. The ex-dividend date is Friday, December 6th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.28%. Universal Insurance’s dividend payout ratio (DPR) is currently 26.02%.

Insider Activity

In related news, Chairman Sean P. Downes sold 15,064 shares of the firm’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $22.46, for a total transaction of $338,337.44. Following the completion of the sale, the chairman now directly owns 1,047,198 shares of the company’s stock, valued at approximately $23,520,067.08. This trade represents a 1.42 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last quarter, insiders sold 55,064 shares of company stock worth $1,191,937. 17.50% of the stock is currently owned by corporate insiders.

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.