United Insurance Holdings Corp (UIHC) Sees Large Drop in Short Interest

United Insurance Holdings Corp (NASDAQ:UIHC) was the recipient of a significant decline in short interest during the month of January. As of January 31st, there was short interest totalling 686,560 shares, a decline of 31.9% from the January 12th total of 1,007,852 shares. Approximately 2.9% of the shares of the stock are sold short. Based on an average daily trading volume, of 169,537 shares, the days-to-cover ratio is currently 4.0 days.

United Insurance (UIHC) traded up $0.19 during mid-day trading on Wednesday, reaching $18.51. 79,261 shares of the company traded hands, compared to its average volume of 170,741. The firm has a market capitalization of $787.95, a price-to-earnings ratio of -23.14, a price-to-earnings-growth ratio of 0.41 and a beta of 1.65. United Insurance has a 1-year low of $13.60 and a 1-year high of $20.31.

Several brokerages recently weighed in on UIHC. BidaskClub cut shares of United Insurance from a “buy” rating to a “hold” rating in a research note on Thursday, January 25th. Zacks Investment Research cut shares of United Insurance from a “buy” rating to a “hold” rating in a research note on Saturday, January 20th. Keefe, Bruyette & Woods set a $21.00 price objective on shares of United Insurance and gave the stock a “buy” rating in a research note on Monday, January 15th. Wells Fargo & Co reissued a “buy” rating and issued a $18.00 price objective on shares of United Insurance in a research note on Tuesday, November 7th. Finally, ValuEngine cut shares of United Insurance from a “hold” rating to a “sell” rating in a research note on Tuesday, October 17th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $19.50.

In related news, Director Michael Hogan bought 2,500 shares of the firm’s stock in a transaction on Tuesday, December 12th. The shares were purchased at an average price of $16.45 per share, with a total value of $41,125.00. Following the completion of the purchase, the director now owns 57,438 shares in the company, valued at approximately $944,855.10. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Alec Poitevint II bought 1,500 shares of the firm’s stock in a transaction on Friday, December 15th. The shares were bought at an average cost of $16.71 per share, for a total transaction of $25,065.00. Following the purchase, the director now owns 20,000 shares of the company’s stock, valued at approximately $334,200. The disclosure for this purchase can be found here. Insiders own 22.60% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. acquired a new position in shares of United Insurance during the second quarter valued at about $330,000. Vanguard Group Inc. raised its holdings in shares of United Insurance by 3.8% during the second quarter. Vanguard Group Inc. now owns 977,451 shares of the insurance provider’s stock valued at $15,376,000 after purchasing an additional 35,477 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of United Insurance by 3.1% during the second quarter. Dimensional Fund Advisors LP now owns 806,004 shares of the insurance provider’s stock valued at $12,679,000 after purchasing an additional 24,555 shares during the period. Principal Financial Group Inc. raised its holdings in shares of United Insurance by 13.3% during the third quarter. Principal Financial Group Inc. now owns 154,716 shares of the insurance provider’s stock valued at $2,522,000 after purchasing an additional 18,155 shares during the period. Finally, Teachers Advisors LLC raised its holdings in shares of United Insurance by 8.7% during the second quarter. Teachers Advisors LLC now owns 32,918 shares of the insurance provider’s stock valued at $518,000 after purchasing an additional 2,634 shares during the period. Institutional investors and hedge funds own 31.50% of the company’s stock.

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About United Insurance

United Insurance Holdings Corp. is a property and casualty insurance holding company that sources, writes and services residential property and casualty insurance policies using a network of agents and a group of insurance subsidiaries. The Company’s insurance subsidiary is United Property & Casualty Insurance Company.

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