Rhumbline Advisers Cuts Stake in Universal Insurance Holdings Inc (NYSE:UVE)

Rhumbline Advisers lowered its holdings in shares of Universal Insurance Holdings Inc (NYSE:UVE - Free Report) by 41.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 36,396 shares of the insurance provider's stock after selling 25,539 shares during the quarter. Rhumbline Advisers owned approximately 0.13% of Universal Insurance worth $863,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. American Century Companies Inc. grew its position in shares of 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 purchasing an additional 57,424 shares in the last quarter. Deutsche Bank AG grew its position in shares of Universal Insurance by 60.9% during the fourth quarter. Deutsche Bank AG now owns 21,162 shares of the insurance provider's stock worth $446,000 after purchasing an additional 8,006 shares in the last quarter. Mackenzie Financial Corp purchased a new stake in shares of Universal Insurance during the fourth quarter worth about $594,000. Bank of America Corp DE grew its position in shares of Universal Insurance by 10.9% during the fourth quarter. Bank of America Corp DE now owns 103,344 shares of the insurance provider's stock worth $2,176,000 after purchasing an additional 10,131 shares in the last quarter. Finally, Man Group plc grew its position in shares of Universal Insurance by 31.3% during the fourth quarter. Man Group plc now owns 71,313 shares of the insurance provider's stock worth $1,502,000 after purchasing an additional 17,020 shares in the last quarter. Hedge funds and other institutional investors own 66.61% of the company's stock.

Analysts Set New Price Targets

Separately, Wall Street Zen raised Universal Insurance from a "buy" rating to a "strong-buy" rating in a research note on Monday, April 28th.

Insider Activity at Universal Insurance

In other news, Chairman Sean P. Downes sold 25,000 shares of the firm's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $26.91, for a total value of $672,750.00. Following the completion of the sale, the chairman now directly owns 926,667 shares of the company's stock, valued at $24,936,608.97. This trade represents a 2.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Jon Springer sold 26,393 shares of the firm'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 value of $675,924.73. Following the completion of the sale, the director now directly owns 331,835 shares of the company's stock, valued at $8,498,294.35. The trade was a 7.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 101,393 shares of company stock valued at $2,687,275. Insiders own 16.60% of the company's stock.

Universal Insurance Price Performance

Shares of Universal Insurance stock opened at $26.34 on Friday. The stock has a 50 day moving average of $25.62 and a 200 day moving average of $22.56. Universal Insurance Holdings Inc has a 12 month low of $16.50 and a 12 month high of $28.49. The firm has a market cap of $741.33 million, a PE ratio of 11.50 and a beta of 0.87. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.24.

Universal Insurance (NYSE:UVE - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The insurance provider reported $1.44 EPS for the quarter, beating analysts' consensus estimates of $1.12 by $0.32. Universal Insurance had a return on equity of 15.73% and a net margin of 4.31%. The company had revenue of $394.87 million during the quarter, compared to analyst estimates of $354.97 million. On average, research analysts expect that Universal Insurance Holdings Inc will post 1.66 EPS for the current fiscal year.

Universal Insurance Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, May 16th. Investors of record on Friday, May 9th were paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date was Friday, May 9th. Universal Insurance's payout ratio is presently 27.95%.

Universal Insurance Company Profile

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.

Want to see what other hedge funds are holding UVE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Universal Insurance Holdings Inc (NYSE:UVE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.