Universal Insurance Holdings, Inc. (NYSE:UVE) Shares Purchased by Bank of America Corp DE

Bank of America Corp DE increased its stake in shares of Universal Insurance Holdings, Inc. (NYSE:UVE - Free Report) by 10.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 103,344 shares of the insurance provider's stock after buying an additional 10,131 shares during the period. Bank of America Corp DE owned about 0.37% of Universal Insurance worth $2,176,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in UVE. American Century Companies Inc. raised its position in Universal Insurance by 10.4% during the fourth quarter. American Century Companies Inc. now owns 608,889 shares of the insurance provider's stock worth $12,823,000 after acquiring an additional 57,424 shares during the last quarter. Rhumbline Advisers raised its position in Universal Insurance by 62.5% during the fourth quarter. Rhumbline Advisers now owns 61,935 shares of the insurance provider's stock worth $1,304,000 after acquiring an additional 23,830 shares during the last quarter. Prudential Financial Inc. raised its position in Universal Insurance by 263.3% during the fourth quarter. Prudential Financial Inc. now owns 42,221 shares of the insurance provider's stock worth $889,000 after acquiring an additional 30,600 shares during the last quarter. JPMorgan Chase & Co. raised its position in Universal Insurance by 15.8% during the fourth quarter. JPMorgan Chase & Co. now owns 170,574 shares of the insurance provider's stock worth $3,592,000 after acquiring an additional 23,325 shares during the last quarter. Finally, Quantbot Technologies LP raised its position in Universal Insurance by 45,981.8% during the fourth quarter. Quantbot Technologies LP now owns 5,069 shares of the insurance provider's stock worth $107,000 after acquiring an additional 5,058 shares during the last quarter. Hedge funds and other institutional investors own 66.61% of the company's stock.

Universal Insurance Price Performance

UVE traded down $0.15 during midday trading on Wednesday, reaching $27.59. 177,652 shares of the company's stock were exchanged, compared to its average volume of 188,009. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.51 and a quick ratio of 0.51. The stock has a market capitalization of $776.52 million, a PE ratio of 11.22 and a beta of 0.83. The business's 50-day moving average price is $24.56 and its 200 day moving average price is $22.18. Universal Insurance Holdings, Inc. has a 1-year low of $16.50 and a 1-year high of $28.49.

Universal Insurance (NYSE:UVE - Get Free Report) last announced its earnings results on Thursday, April 24th. The insurance provider reported $1.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.12 by $0.32. The company had revenue of $394.87 million during the quarter, compared to analysts' expectations of $354.97 million. Universal Insurance had a net margin of 4.82% and a return on equity of 15.43%. As a group, equities analysts anticipate that Universal Insurance Holdings, Inc. will post 1.66 EPS for the current fiscal year.

Universal Insurance Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 16th. Stockholders of record on Friday, May 9th were given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date of this dividend was Friday, May 9th. Universal Insurance's dividend payout ratio is presently 27.95%.

Wall Street Analyst Weigh In

Separately, Wall Street Zen upgraded shares of Universal Insurance from a "buy" rating to a "strong-buy" rating in a research report on Monday, April 28th.

Insider Activity

In other news, Chairman Sean P. Downes sold 20,000 shares of the business's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $26.34, for a total value of $526,800.00. Following the completion of the transaction, the chairman now owns 951,667 shares of the company's stock, valued at $25,066,908.78. The trade was a 2.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jon Springer sold 26,393 shares of the business's stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $25.61, for a total transaction of $675,924.73. Following the completion of the transaction, the director now directly owns 331,835 shares of the company's stock, valued at approximately $8,498,294.35. This represents a 7.37% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 76,393 shares of company stock valued at $2,014,525 over the last 90 days. Insiders own 16.60% of the company's stock.

About Universal Insurance

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.