Bank of America Corp DE Purchases New Stake in Universal Insurance Holdings Inc $UVE

Key Points

• Bank of America acquired 182,221 shares of Universal Insurance Holdings in the second quarter, worth approximately $7.5 million and representing about 0.65% of the company. Institutional investors collectively own 66.61% of UVE.
• Universal Insurance reported quarterly EPS of $1.84, exceeding estimates of $1.57, while analysts project full-year EPS of $4.85. The company also pays a quarterly dividend of $0.16 per share, yielding about 1.5% annually.
• Analyst sentiment remains moderately positive, with a consensus rating of “Moderate Buy” and a $45 price target. Shares recently opened at $42.23, compared with a 52-week range of $25.57 to $45.15.

Bank of America Corp DE bought a new stake in shares of Universal Insurance Holdings Inc (NYSE:UVE - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 182,221 shares of the insurance provider's stock, valued at approximately $7,537,000. Bank of America Corp DE owned approximately 0.65% of Universal Insurance as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in Universal Insurance in the second quarter worth $111,007,000. Donald Smith & CO. Inc. bought a new stake in shares of Universal Insurance in the 2nd quarter worth about $29,849,000. Renaissancere Holdings Ltd. bought a new stake in shares of Universal Insurance in the 2nd quarter worth about $24,144,769. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Universal Insurance during the 2nd quarter valued at about $10,530,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Universal Insurance during the 2nd quarter valued at about $8,104,000. Institutional investors own 66.61% of the company's stock.

Insider Transactions at Universal Insurance

In other news, Chairman Sean Downes sold 20,000 shares of Universal Insurance stock in a transaction on Friday, September 11th. The stock was sold at an average price of $43.98, for a total transaction of $879,600.00. Following the completion of the sale, the chairman directly owned 1,084,645 shares in the company, valued at approximately $47,702,687.10. This trade represents a 1.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 15.00% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on UVE. Zacks Research cut Universal Insurance from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, June 23rd. Weiss Ratings upgraded Universal Insurance from a "buy (b+)" rating to a "buy (a-)" rating in a report on Friday, September 18th. Piper Sandler boosted their target price on Universal Insurance from $44.00 to $45.00 and gave the company a "neutral" rating in a research report on Monday, July 27th. Finally, Wall Street Zen lowered Universal Insurance from a "strong-buy" rating to a "buy" rating in a report on Sunday, August 9th. One analyst has rated the stock with a Strong Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, Universal Insurance presently has an average rating of "Moderate Buy" and a consensus price target of $45.00.

Universal Insurance Stock Performance

Shares of NYSE:UVE opened at $42.23 on Monday. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 0.15. Universal Insurance Holdings Inc has a 12 month low of $25.57 and a 12 month high of $45.15. The company has a market capitalization of $1.18 billion, a price-to-earnings ratio of 5.57 and a beta of 0.72. The firm's 50-day moving average is $43.10 and its 200 day moving average is $39.46.

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

Universal Insurance Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 7th. Investors of record on Friday, July 31st were issued a dividend of $0.16 per share. The ex-dividend date 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 presently 8.44%.

Universal Insurance Company Profile

Universal Insurance Holdings, Inc is an insurance holding company headquartered in Fort Lauderdale, Florida. Through its subsidiaries, including Universal Property & Casualty Insurance Company, the company primarily provides personal residential property insurance to homeowners.

Its products generally include coverage for homes, condominiums, renters, and related personal property, along with protection against risks such as wind, fire, theft, and other covered perils. Universal manages the insurance process through underwriting, policy administration, claims handling, and catastrophe-risk management, supported by reinsurance arrangements.

The company has historically focused on property insurance in Florida and has expanded its operations into additional states, particularly in the southeastern United States and other coastal markets.

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