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Connor Clark & Lunn Investment Management Ltd. Has $5.16 Million Stake in Universal Insurance Holdings Inc (NYSE:UVE)

Universal Insurance logo with Finance background

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%.
  • Looking to export and analyze Universal Insurance data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Universal Insurance Holdings Inc (NYSE:UVE - Free Report) by 11.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 217,754 shares of the insurance provider's stock after buying an additional 22,487 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.77% of Universal Insurance worth $5,161,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. Millennium Management LLC increased its stake in Universal Insurance by 120.6% during the 4th quarter. Millennium Management LLC now owns 126,602 shares of the insurance provider's stock worth $2,666,000 after buying an additional 69,205 shares during the period. Voleon Capital Management LP bought a new position in shares of Universal Insurance during the fourth quarter worth about $963,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Universal Insurance during the fourth quarter worth about $928,000. Northern Trust Corp lifted its position in shares of Universal Insurance by 17.4% during the fourth quarter. Northern Trust Corp now owns 266,482 shares of the insurance provider's stock worth $5,612,000 after purchasing an additional 39,582 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its position in shares of Universal Insurance by 10.5% during the fourth quarter. Renaissance Technologies LLC now owns 357,100 shares of the insurance provider's stock worth $7,521,000 after purchasing an additional 33,900 shares during the last quarter. 66.61% of the stock is currently owned by hedge funds and other institutional investors.

Universal Insurance Stock Performance

Universal Insurance stock traded down $0.20 during midday trading on Thursday, reaching $24.36. 152,668 shares of the stock traded hands, compared to its average volume of 268,379. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 0.22. The firm has a fifty day moving average price of $25.27 and a two-hundred day moving average price of $23.75. The firm has a market cap of $689.90 million, a price-to-earnings ratio of 10.64 and a beta of 0.87. Universal Insurance Holdings Inc has a fifty-two week low of $16.50 and a fifty-two week high of $28.49.

Universal Insurance (NYSE:UVE - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The insurance provider reported $1.23 EPS for the quarter, beating analysts' consensus estimates of $1.09 by $0.14. The business had revenue of $596.72 million for the quarter, compared to analyst estimates of $359.98 million. Universal Insurance had a net margin of 4.24% and a return on equity of 15.37%. On average, equities research analysts forecast that Universal Insurance Holdings Inc will post 1.66 earnings per share for the current year.

Universal Insurance Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 8th. Stockholders of record on Friday, August 1st were issued 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 dividend yield of 2.6%. Universal Insurance's payout ratio is currently 27.95%.

Analysts Set New Price Targets

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

Get Our Latest Research Report on Universal Insurance

Insider Buying and Selling

In other Universal Insurance news, Chairman Sean P. Downes sold 25,000 shares of the company's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $26.91, for a total value of $672,750.00. Following the transaction, the chairman owned 926,667 shares in the company, valued at approximately $24,936,608.97. This represents a 2.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jon Springer sold 30,000 shares of the 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 transaction, the director owned 301,835 shares in the company, valued at approximately $8,167,655.10. This trade represents a 9.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 75,000 shares of company stock worth $2,011,350 in the last 90 days. 16.60% of the stock is owned by company insiders.

About Universal Insurance

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Universal Insurance (NYSE:UVE)

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