195,929 Shares in Universal Insurance Holdings Inc $UVE Acquired by Bank of New York Mellon Corp

Bank of New York Mellon Corp acquired a new position in Universal Insurance Holdings Inc (NYSE:UVE - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 195,929 shares of the insurance provider's stock, valued at approximately $8,104,000. Bank of New York Mellon Corp owned 0.70% of Universal Insurance at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. grew its position in shares of Universal Insurance by 2.8% during the 4th quarter. Vanguard Group Inc. now owns 2,007,725 shares of the insurance provider's stock valued at $67,861,000 after acquiring an additional 54,004 shares during the period. Geode Capital Management LLC raised its position in shares of Universal Insurance by 19.8% in the fourth quarter. Geode Capital Management LLC now owns 815,484 shares of the insurance provider's stock valued at $27,566,000 after buying an additional 134,805 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Universal Insurance by 9.4% in the first quarter. Goldman Sachs Group Inc. now owns 805,199 shares of the insurance provider's stock valued at $19,083,000 after buying an additional 69,289 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Universal Insurance by 212.3% in the third quarter. Millennium Management LLC now owns 596,370 shares of the insurance provider's stock worth $15,685,000 after buying an additional 405,403 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of Universal Insurance by 11.5% in the third quarter. Arrowstreet Capital Limited Partnership now owns 506,683 shares of the insurance provider's stock worth $13,326,000 after buying an additional 52,187 shares in the last quarter. Hedge funds and other institutional investors own 66.61% of the company's stock.

Insider Transactions at Universal Insurance

In other Universal Insurance news, Chairman Sean Downes sold 20,000 shares of the business's stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $44.27, for a total value of $885,400.00. Following the sale, the chairman owned 1,104,645 shares of the company's stock, valued at $48,902,634.15. The trade was a 1.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 15.00% of the stock is currently owned by insiders.

Universal Insurance Stock Performance

Shares of Universal Insurance stock opened at $44.74 on Friday. The business's fifty day simple moving average is $42.35 and its 200-day simple moving average is $38.30. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 0.15. The firm has a market cap of $1.25 billion, a PE ratio of 5.90 and a beta of 0.72. Universal Insurance Holdings Inc has a 52 week low of $24.13 and a 52 week high of $45.15.

Universal Insurance (NYSE:UVE - Get Free Report) last posted its earnings results on Thursday, July 23rd. The insurance provider reported $1.84 EPS for the quarter, beating analysts' consensus estimates of $1.57 by $0.27. Universal Insurance had a net margin of 13.49% and a return on equity of 37.67%. The company had revenue of $419.38 million for the quarter, compared to analysts' expectations of $614.62 million. Equities analysts forecast that Universal Insurance Holdings Inc will post 4.85 earnings per share for the current year.

Universal Insurance Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 7th. Investors of record on Friday, July 31st were issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 1.4%. The ex-dividend date was Friday, July 31st. Universal Insurance's dividend payout ratio (DPR) is 8.44%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Piper Sandler upped their price target on Universal Insurance from $44.00 to $45.00 and gave the company a "neutral" rating in a research report on Monday, July 27th. Zacks Research cut Universal Insurance from a "strong-buy" rating to a "hold" rating in a report on Tuesday, June 23rd. Wall Street Zen downgraded Universal Insurance from a "strong-buy" rating to a "buy" rating in a research note on Sunday, August 9th. Finally, Weiss Ratings lowered Universal Insurance from a "buy (a-)" rating to a "buy (b+)" rating in a report on Wednesday. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $45.00.

Universal Insurance 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.

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