Connor Clark & Lunn Investment Management Ltd. Acquires 22,487 Shares of Universal Insurance Holdings Inc (NYSE:UVE)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Universal Insurance Holdings Inc by 11.5% in Q1, owning 217,754 shares valued at approximately $5.16 million.
• Wall Street analysts have downgraded Universal Insurance from a "strong-buy" to a "buy" rating, indicating a shift in sentiment among financial experts.
• The company recently declared a quarterly dividend of $0.16 per share, representing an annualized yield of 2.7%, with a payout ratio of 27.95%.

Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Universal Insurance Holdings Inc (NYSE:UVE - Free Report) by 11.5% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 217,754 shares of the insurance provider's stock after acquiring an additional 22,487 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.77% of Universal Insurance worth $5,161,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Deutsche Bank AG raised its position in Universal Insurance by 60.9% during the fourth quarter. Deutsche Bank AG now owns 21,162 shares of the insurance provider's stock valued at $446,000 after acquiring an additional 8,006 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Universal Insurance by 3,499.2% in the first quarter. GAMMA Investing LLC now owns 17,348 shares of the insurance provider's stock valued at $411,000 after purchasing an additional 16,866 shares during the period. Mackenzie Financial Corp bought a new position in shares of Universal Insurance in the fourth quarter valued at approximately $594,000. Bank of America Corp DE raised its position in shares of Universal Insurance by 10.9% in the fourth quarter. Bank of America Corp DE now owns 103,344 shares of the insurance provider's stock valued at $2,176,000 after purchasing an additional 10,131 shares during the period. Finally, Man Group plc raised its position in shares of Universal Insurance by 31.3% in the fourth quarter. Man Group plc now owns 71,313 shares of the insurance provider's stock valued at $1,502,000 after purchasing an additional 17,020 shares during the period. Institutional investors own 66.61% of the company's stock.

Insiders Place Their Bets

In other Universal Insurance news, Chairman Sean P. Downes sold 25,000 shares of Universal Insurance stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $26.91, for a total transaction of $672,750.00. Following the sale, the chairman owned 926,667 shares in the company, valued at $24,936,608.97. The trade was a 2.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Jon Springer sold 30,000 shares of Universal Insurance stock in a transaction on Friday, May 30th. The stock was sold at an average price of $27.06, for a total transaction of $811,800.00. Following the sale, the director owned 301,835 shares in the company, valued at $8,167,655.10. This represents a 9.04% decrease in their position. The disclosure for this sale can be found here. 16.60% of the stock is owned by insiders.

Universal Insurance Stock Performance

Shares of Universal Insurance stock traded down $0.84 during midday trading on Friday, hitting $23.52. The company had a trading volume of 243,653 shares, compared to its average volume of 253,493. The business's 50 day simple moving average is $25.19 and its two-hundred day simple moving average is $23.81. The stock has a market cap of $666.09 million, a PE ratio of 10.27 and a beta of 0.87. The company has a debt-to-equity ratio of 0.22, a current ratio of 0.58 and a quick ratio of 0.58. 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 quarterly earnings data on Thursday, July 24th. The insurance provider reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.14. The business had revenue of $596.72 million for the quarter, compared to the consensus estimate of $359.98 million. Universal Insurance had a net margin of 4.24% and a return on equity of 15.37%. As a group, equities analysts predict that Universal Insurance Holdings Inc will post 1.66 EPS for the current fiscal year.

Universal Insurance Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 8th. Shareholders of record on Friday, August 1st were paid a dividend of $0.16 per share. The ex-dividend date was Friday, August 1st. This represents a $0.64 dividend on an annualized basis and a yield of 2.7%. Universal Insurance's payout ratio is currently 27.95%.

Analyst Ratings Changes

Separately, Wall Street Zen lowered shares of Universal Insurance from a "strong-buy" rating to a "buy" rating in a research report on Saturday, August 2nd.

Universal Insurance 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.