254,595 Shares in Universal Insurance Holdings Inc $UVE Acquired by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management acquired 254,595 shares of Universal Insurance, valued at approximately $10.53 million and representing about 0.91% of the company. Institutional investors and hedge funds collectively own 66.61% of UVE.
• Universal Insurance reported quarterly EPS of $1.84, beating estimates of $1.57, while revenue reached $419.38 million. The company also maintains a quarterly dividend of $0.16, equivalent to a 1.5% annual yield.
• Analyst sentiment remains positive but mixed, with a consensus “Moderate Buy” rating and an average price target of $45.00, compared with the reported opening price of $43.62.

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Universal Insurance Holdings Inc (NYSE:UVE - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 254,595 shares of the insurance provider's stock, valued at approximately $10,530,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.91% of Universal Insurance as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Quantbot Technologies LP bought a new stake in Universal Insurance in the second quarter worth approximately $678,000. EP Wealth Advisors LLC bought a new position in shares of Universal Insurance during the 2nd quarter valued at $558,000. Ieq Capital LLC acquired a new stake in shares of Universal Insurance in the 2nd quarter valued at $540,000. Donald Smith & CO. Inc. acquired a new stake in shares of Universal Insurance in the 2nd quarter valued at $29,849,000. Finally, NFJ Investment Group LLC bought a new stake in Universal Insurance in the second quarter worth $3,270,000. 66.61% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have commented on UVE. Piper Sandler increased their target price on shares of Universal Insurance from $44.00 to $45.00 and gave the stock a "neutral" rating in a research report on Monday, July 27th. Weiss Ratings upgraded Universal Insurance from a "buy (b)" rating to a "buy (a-)" rating in a research note on Monday, August 17th. Wall Street Zen downgraded Universal Insurance from a "strong-buy" rating to a "buy" rating in a research note on Sunday, August 9th. Finally, Zacks Research lowered Universal Insurance from a "strong-buy" rating to a "hold" rating in a report on Tuesday, June 23rd. One analyst has rated the stock with a Strong Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, Universal Insurance has a consensus rating of "Moderate Buy" and an average target price of $45.00.

Universal Insurance Price Performance

Shares of NYSE:UVE opened at $43.62 on Thursday. The company has a market cap of $1.21 billion, a price-to-earnings ratio of 5.75 and a beta of 0.72. The business has a 50 day moving average price of $41.80 and a 200 day moving average price of $37.79. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 0.15. Universal Insurance Holdings Inc has a twelve month low of $24.03 and a twelve month high of $45.15.

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

Universal Insurance Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 7th. Shareholders of record on Friday, July 31st were paid a $0.16 dividend. The ex-dividend date of this dividend was Friday, July 31st. This represents a $0.64 dividend on an annualized basis and a yield of 1.5%. Universal Insurance's payout ratio is currently 8.44%.

Insider Buying and Selling

In other news, Chairman Sean P. Downes sold 20,000 shares of the stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $44.27, for a total transaction of $885,400.00. Following the sale, the chairman owned 1,104,645 shares in the company, valued at approximately $48,902,634.15. This represents 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 accessible through this link. Corporate insiders own 15.00% of the company's stock.

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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