Renaissance Technologies LLC Lowers Stock Holdings in Universal Insurance Holdings Inc $UVE

Key Points

• Renaissance Technologies cut its Universal Insurance position by 26.4% in the first quarter, selling 83,614 shares and retaining 233,412 shares worth approximately $8.0 million. Institutional investors collectively own 66.61% of the company.
• Analyst sentiment remains mixed: Universal Insurance has an overall “Hold” consensus rating and a $45.00 average price target, despite one firm upgrading the stock to “strong buy.”
• Universal Insurance reported quarterly EPS of $1.84, beating estimates of $1.57, and declared a quarterly dividend of $0.16, equal to a 1.4% annualized yield.

Renaissance Technologies LLC reduced its position in Universal Insurance Holdings Inc (NYSE:UVE - Free Report) by 26.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 233,412 shares of the insurance provider's stock after selling 83,614 shares during the quarter. Renaissance Technologies LLC owned approximately 0.84% of Universal Insurance worth $7,973,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Sowell Financial Services LLC acquired a new position in shares of Universal Insurance in the fourth quarter valued at approximately $2,388,000. Pursuit Wealth Management LLC acquired a new stake in Universal Insurance during the 4th quarter worth approximately $1,745,000. Vanguard Group Inc. boosted its position in Universal Insurance by 2.8% in the 4th quarter. Vanguard Group Inc. now owns 2,007,725 shares of the insurance provider's stock valued at $67,861,000 after buying an additional 54,004 shares during the period. Sierra Summit Advisors LLC purchased a new position in Universal Insurance in the 4th quarter valued at approximately $1,006,000. Finally, Legato Capital Management LLC grew its stake in shares of Universal Insurance by 37.6% in the fourth quarter. Legato Capital Management LLC now owns 72,031 shares of the insurance provider's stock worth $2,435,000 after acquiring an additional 19,673 shares in the last quarter. 66.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Wall Street Zen raised Universal Insurance from a "buy" rating to a "strong-buy" rating in a research report on Saturday. Piper Sandler lifted their target price on Universal Insurance from $44.00 to $45.00 and gave the company a "neutral" rating in a report on Monday, July 27th. Zacks Research cut Universal Insurance from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, June 23rd. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Universal Insurance in a report on Friday, July 17th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $45.00.

Insider Transactions at Universal Insurance

In other Universal Insurance news, Chairman Sean P. Downes sold 20,000 shares of Universal Insurance stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $38.22, for a total transaction of $764,400.00. Following the completion of the sale, the chairman directly owned 1,148,255 shares of the company's stock, valued at $43,886,306.10. The trade was a 1.71% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 15.00% of the stock is owned by company insiders.

Universal Insurance Trading Up 1.3%

NYSE UVE opened at $44.27 on Tuesday. The company has a quick ratio of 0.51, a current ratio of 0.57 and a debt-to-equity ratio of 0.15. Universal Insurance Holdings Inc has a 52 week low of $22.87 and a 52 week high of $45.15. The stock has a market capitalization of $1.24 billion, a PE ratio of 5.84 and a beta of 0.72. The firm has a 50 day moving average of $39.76 and a two-hundred day moving average of $36.21.

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 for the quarter, beating analysts' consensus estimates of $1.57 by $0.27. The business had revenue of $419.38 million for the quarter, compared to analyst estimates of $614.62 million. Universal Insurance had a net margin of 13.49% and a return on equity of 37.67%. As a group, research analysts expect that Universal Insurance Holdings Inc will post 4.85 EPS for the current fiscal year.

Universal Insurance Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 7th. Shareholders of record on Friday, July 31st will be paid a $0.16 dividend. The ex-dividend date is Friday, July 31st. This represents a $0.64 dividend on an annualized basis and a yield of 1.4%. Universal Insurance's dividend payout ratio (DPR) is currently 8.44%.

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.

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