Sean Downes Sells 20,000 Shares of Universal Insurance (NYSE:UVE) Stock

Key Points

• Universal Insurance Chairman Sean Downes sold 20,000 shares at an average price of $43.98, generating $879,600. He retains 1,084,645 shares, reducing his position by 1.81%.
• UVE shares traded near $44.21, close to their 52-week high of $45.15. The company recently beat quarterly earnings expectations, reporting $1.84 in EPS versus the $1.57 consensus estimate.
• Analysts maintain a consensus “Hold” rating with an average price target of $45.00, while institutional investors own 66.61% of the stock. Universal also pays a quarterly dividend of $0.16 per share, yielding about 1.4%.

Universal Insurance Holdings Inc (NYSE:UVE - Get Free Report) Chairman Sean Downes sold 20,000 shares of Universal Insurance stock in a transaction dated Friday, September 11th. The shares were sold at an average price of $43.98, for a total value of $879,600.00. Following the transaction, the chairman owned 1,084,645 shares of the company's stock, valued at $47,702,687.10. This trade represents a 1.81% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Universal Insurance Stock Down 0.0%

UVE traded down $0.01 during midday trading on Friday, reaching $44.21. 131,953 shares of the company were exchanged, compared to its average volume of 201,409. The company has a market cap of $1.23 billion, a price-to-earnings ratio of 5.83 and a beta of 0.72. Universal Insurance Holdings Inc has a one year low of $24.50 and a one year high of $45.15. The company's fifty day moving average price is $42.56 and its 200 day moving average price is $38.74. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.57 and a current ratio of 0.57.

Universal Insurance (NYSE:UVE - Get Free Report) last posted its earnings results 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. Universal Insurance had a return on equity of 37.67% and a net margin of 13.49%.The company had revenue of $419.38 million for the quarter, compared to analyst estimates of $614.62 million. As a group, analysts expect that Universal Insurance Holdings Inc will post 4.85 EPS for the current year.

Universal Insurance Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 7th. Shareholders of record on Friday, July 31st were issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend was Friday, July 31st. Universal Insurance's payout ratio is currently 8.44%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on UVE. Wall Street Zen downgraded shares of Universal Insurance from a "strong-buy" rating to a "buy" rating in a report on Sunday, August 9th. Weiss Ratings cut shares of Universal Insurance from a "buy (a-)" rating to a "buy (b+)" rating in a report on Wednesday, September 2nd. Piper Sandler upped their price objective on shares of Universal Insurance from $44.00 to $45.00 and gave the stock a "neutral" rating in a research report on Monday, July 27th. Finally, Zacks Research lowered shares of Universal Insurance from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, June 23rd. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $45.00.

Institutional Investors Weigh In On Universal Insurance

A number of hedge funds have recently made changes to their positions in the business. IFP Advisors Inc boosted its holdings in shares of Universal Insurance by 29.9% in the 2nd quarter. IFP Advisors Inc now owns 5,618 shares of the insurance provider's stock worth $232,000 after buying an additional 1,292 shares during the last quarter. Squarepoint Ops LLC purchased a new stake in Universal Insurance during the second quarter worth about $1,381,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Universal Insurance during the second quarter worth about $718,000. California State Teachers Retirement System raised its position in Universal Insurance by 4,666.2% in the second quarter. California State Teachers Retirement System now owns 1,178,098 shares of the insurance provider's stock worth $48,726,000 after acquiring an additional 1,153,380 shares during the period. Finally, Susquehanna Fundamental Investments LLC bought a new stake in Universal Insurance in the second quarter worth about $253,000. 66.61% of the stock is currently owned by institutional investors.

About Universal Insurance

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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