Vanguard Group Inc. Lowers Stake in Universal Insurance Holdings Inc $UVE

Key Points

• Vanguard Group Inc. reduced its stake in Universal Insurance Holdings Inc by 1.1%, now owning approximately 1,655,464 shares valued at $39.23 million.
• Universal Insurance has faced increased interest from other hedge funds, with a notable 56.7% increase in positions by Lazard Asset Management in the 4th quarter.
• The company declared a quarterly dividend of $0.16, representing an annualized yield of 2.6%, with a payout ratio of 27.95%.

Vanguard Group Inc. reduced its position in shares of Universal Insurance Holdings Inc (NYSE:UVE - Free Report) by 1.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,655,464 shares of the insurance provider's stock after selling 19,081 shares during the quarter. Vanguard Group Inc. owned 5.88% of Universal Insurance worth $39,234,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Sunbelt Securities Inc. purchased a new stake in shares of Universal Insurance during the 4th quarter worth about $118,000. Aquatic Capital Management LLC acquired a new position in shares of Universal Insurance during the 4th quarter worth about $121,000. Lazard Asset Management LLC raised its position in shares of Universal Insurance by 56.7% during the 4th quarter. Lazard Asset Management LLC now owns 5,758 shares of the insurance provider's stock worth $121,000 after purchasing an additional 2,083 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Universal Insurance by 57.5% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,829 shares of the insurance provider's stock worth $138,000 after purchasing an additional 2,127 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd acquired a new position in shares of Universal Insurance during the 1st quarter worth about $148,000. 66.61% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Universal Insurance Stock Down 1.0%

UVE stock opened at $24.17 on Wednesday. The company has a market cap of $684.49 million, a price-to-earnings ratio of 10.55 and a beta of 0.87. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 0.22. Universal Insurance Holdings Inc has a 12 month low of $16.50 and a 12 month high of $28.49. The firm has a 50-day moving average of $24.86 and a two-hundred day moving average of $24.03.

Universal Insurance (NYSE:UVE - Get Free Report) last released 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 company had revenue of $596.72 million during 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, analysts forecast that Universal Insurance Holdings Inc will post 1.66 earnings per share for the current fiscal year.

Universal Insurance Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 8th. Shareholders of record on Friday, August 1st were issued a $0.16 dividend. The ex-dividend date was Friday, August 1st. This represents a $0.64 dividend on an annualized basis and a yield of 2.6%. Universal Insurance's dividend payout ratio is presently 27.95%.

Insider Transactions at Universal Insurance

In other Universal Insurance news, Chairman Sean P. Downes sold 25,000 shares of the stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $26.91, for a total value of $672,750.00. Following the completion of the sale, 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jon Springer sold 30,000 shares of the firm's stock in a transaction that occurred 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 of the company's stock, valued at $8,167,655.10. This represents a 9.04% decrease in their position. The disclosure for this sale can be found here. 17.50% of the stock is currently owned by corporate insiders.

About Universal Insurance

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.

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