Universal Insurance (NYSE:UVE) Downgraded by Zacks Research to Hold

Zacks Research lowered shares of Universal Insurance (NYSE:UVE) from a strong-buy rating to a hold rating in a report issued on Tuesday morning,Zacks.com reports.

UVE has been the subject of several other reports. Wall Street Zen cut shares of Universal Insurance from a “strong-buy” rating to a “buy” rating in a research report on Sunday, December 14th. Piper Sandler lifted their price target on shares of Universal Insurance from $35.00 to $40.00 and gave the company an “overweight” rating in a research note on Monday. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Universal Insurance in a research note on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $40.00.

Universal Insurance Price Performance

UVE opened at $34.53 on Tuesday. The business has a fifty day moving average of $32.44 and a 200 day moving average of $27.96. The stock has a market cap of $968.57 million, a P/E ratio of 8.14 and a beta of 0.74. The company has a quick ratio of 0.55, a current ratio of 0.55 and a debt-to-equity ratio of 0.20. Universal Insurance has a 52-week low of $18.72 and a 52-week high of $35.84.

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

Universal Insurance Dividend Announcement

The firm also recently disclosed a special dividend, which was paid on Friday, December 12th. Stockholders of record on Friday, December 5th were paid a dividend of $0.13 per share. The ex-dividend date was Friday, December 5th. Universal Insurance’s dividend payout ratio (DPR) is currently 15.09%.

Insider Buying and Selling

In other Universal Insurance news, Director Jon Springer sold 35,435 shares of the company’s stock in a transaction 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 completion of the sale, the director owned 271,628 shares in the company, valued at $8,531,835.48. This represents a 11.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Sean P. Downes sold 20,000 shares of the stock in a transaction on Friday, December 19th. The shares were sold at an average price of $33.82, for a total value of $676,400.00. Following the sale, the chairman directly owned 1,243,512 shares in the company, valued at $42,055,575.84. This trade represents a 1.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 119,743 shares of company stock valued at $3,925,482 in the last three months. 16.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Universal Insurance

Large investors have recently added to or reduced their stakes in the company. State of Alaska Department of Revenue purchased a new stake in shares of Universal Insurance during the third quarter valued at about $32,000. Quarry LP bought a new position in shares of Universal Insurance during the 1st quarter worth approximately $59,000. State of Wyoming purchased a new stake in Universal Insurance during the first quarter valued at approximately $64,000. Ameritas Investment Partners Inc. boosted its stake in Universal Insurance by 28.6% in the second quarter. Ameritas Investment Partners Inc. now owns 2,597 shares of the insurance provider’s stock valued at $72,000 after acquiring an additional 577 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its stake in Universal Insurance by 390.0% in the second quarter. Tower Research Capital LLC TRC now owns 2,656 shares of the insurance provider’s stock valued at $74,000 after acquiring an additional 2,114 shares in the last quarter. 66.61% of the stock is currently owned by institutional investors.

Universal Insurance Company Profile

Universal Insurance Holdings, Inc (NYSE: UVE) is a property and casualty insurance holding company headquartered in Jacksonville, Florida. The company underwrites homeowners and other residential property insurance products to protect against natural catastrophes such as hurricanes, windstorms and fires. It distributes policies primarily through a network of independent agents and brokers, offering coverage for primary residences, secondary homes, condominiums, vacant dwellings and rental properties across its service territory.

In addition to personal lines, Universal provides commercial property and casualty insurance tailored to small businesses and institutional clients.