Universal Insurance Holdings Inc (NYSE:UVE) to Issue $0.13 Special Dividend

Universal Insurance Holdings Inc (NYSE:UVE) announced a special dividend on Thursday, November 6th. Investors of record on Friday, December 5th will be given a dividend of 0.13 per share by the insurance provider on Friday, December 12th. This represents a dividend yield of 195.0%. The ex-dividend date is Friday, December 5th.

Universal Insurance has a payout ratio of 21.8% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Universal Insurance to earn $2.65 per share next year, which means the company should continue to be able to cover its $0.64 annual dividend with an expected future payout ratio of 24.2%.

Universal Insurance Stock Up 2.4%

Shares of NYSE:UVE traded up $0.79 during midday trading on Friday, hitting $33.56. The stock had a trading volume of 80,940 shares, compared to its average volume of 207,341. The company has a market cap of $941.18 million, a P/E ratio of 7.91 and a beta of 0.77. Universal Insurance has a 12 month low of $18.72 and a 12 month high of $33.56. The business’s 50-day simple moving average is $27.71 and its 200-day simple moving average is $26.14. The company has a quick ratio of 0.58, a current ratio of 0.56 and a debt-to-equity ratio of 0.20.

Universal Insurance (NYSE:UVE) last posted its quarterly earnings results on Thursday, October 23rd. The insurance provider reported $1.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.26. Universal Insurance had a net margin of 7.74% and a return on equity of 28.25%. The firm had revenue of $400.03 million for the quarter, compared to analyst estimates of $366.36 million. On average, sell-side analysts forecast that Universal Insurance will post 1.66 earnings per share for the current fiscal year.

Insider Transactions at Universal Insurance

In other Universal Insurance news, Chairman Sean P. Downes sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, October 29th. The shares were sold at an average price of $31.40, for a total value of $628,000.00. Following the transaction, the chairman directly owned 1,283,512 shares of the company’s stock, valued at $40,302,276.80. This trade represents a 1.53% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jon Springer sold 35,435 shares of the company’s stock in a transaction that occurred on Thursday, October 30th. The stock was sold at an average price of $31.41, for a total transaction of $1,113,013.35. Following the sale, the director directly owned 271,628 shares of the company’s stock, valued at approximately $8,531,835.48. This trade represents a 11.54% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 75,435 shares of company stock valued at $2,248,013. 17.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in UVE. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Universal Insurance by 1.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 19,526 shares of the insurance provider’s stock valued at $514,000 after purchasing an additional 341 shares in the last quarter. Osaic Holdings Inc. lifted its position in shares of Universal Insurance by 11.3% during the 2nd quarter. Osaic Holdings Inc. now owns 5,249 shares of the insurance provider’s stock worth $146,000 after buying an additional 534 shares during the last quarter. Unison Advisors LLC boosted its stake in Universal Insurance by 1.5% in the first quarter. Unison Advisors LLC now owns 37,991 shares of the insurance provider’s stock valued at $900,000 after buying an additional 557 shares in the last quarter. Victory Capital Management Inc. grew its position in Universal Insurance by 4.9% in the first quarter. Victory Capital Management Inc. now owns 11,971 shares of the insurance provider’s stock valued at $284,000 after acquiring an additional 563 shares during the last quarter. Finally, Ameritas Investment Partners Inc. raised its stake in Universal Insurance by 28.6% during the second quarter. Ameritas Investment Partners Inc. now owns 2,597 shares of the insurance provider’s stock worth $72,000 after acquiring an additional 577 shares in the last quarter. 66.61% of the stock is owned by institutional investors.

Universal Insurance Company 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.