Universal Insurance (NYSE:UVE) Director Jon Springer Sells 25,000 Shares of Stock

Key Points

• Director Jon Springer sold 25,000 shares at an average of $48.77, worth about $1.22 million, reducing his position by 9.97% to 225,734 shares. He also sold 16,380 shares the following day.
• Universal Insurance reported quarterly earnings of $1.93 per share, beating analysts’ $1.57 estimate, but revenue of $444.31 million fell short of the $601.67 million estimate.
• The board authorized a $20 million share repurchase plan, allowing the company to buy back up to 1.6% of its shares; the stock fell 3.1% to $47.27 on Thursday.

Universal Insurance Holdings Inc (NYSE:UVE - Get Free Report) Director Jon Springer sold 25,000 shares of Universal Insurance stock in a transaction dated Tuesday, November 3rd. The shares were sold at an average price of $48.77, for a total value of $1,219,250.00. Following the transaction, the director owned 225,734 shares of the company's stock, valued at $11,009,047.18. This trade represents a 9.97% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Jon Springer also recently made the following trade(s):

• On Wednesday, November 4th, Jon Springer sold 16,380 shares of Universal Insurance stock. The stock was sold at an average price of $48.96, for a total value of $801,964.80.

Universal Insurance Stock Down 3.1%

Shares of Universal Insurance stock traded down $1.51 on Thursday, hitting $47.27. The company had a trading volume of 317,951 shares, compared to its average volume of 202,769. The stock has a market capitalization of $1.31 billion, a price-to-earnings ratio of 5.91 and a beta of 0.63. Universal Insurance Holdings Inc has a 1 year low of $28.32 and a 1 year high of $50.75. The stock has a 50 day moving average of $45.14 and a 200-day moving average of $39.08. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.57 and a current ratio of 0.56.

Universal Insurance (NYSE:UVE - Get Free Report) last posted its earnings results on Thursday, October 22nd. The insurance provider reported $1.93 earnings per share for the quarter, beating analysts' consensus estimates of $1.57 by $0.36. Universal Insurance had a return on equity of 38.15% and a net margin of 13.94%. The company had revenue of $444.31 million for the quarter, compared to analyst estimates of $601.67 million. As a group, sell-side analysts forecast that Universal Insurance Holdings Inc will post 6.13 earnings per share for the current year.

Universal Insurance declared that its Board of Directors has authorized a stock repurchase plan on Thursday, October 29th that authorizes the company to buy back $20 million in shares. This buyback authorization authorizes the insurance provider to buy up to 1.6% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Zacks Research upgraded shares of Universal Insurance from a "hold" rating to a "strong-buy" rating in a research note on Thursday, October 22nd. Wall Street Zen lowered shares of Universal Insurance from a "strong-buy" rating to a "buy" rating in a research report on Saturday, October 31st. Piper Sandler boosted their price target on shares of Universal Insurance from $45.00 to $51.00 and gave the stock a "neutral" rating in a report on Monday, October 26th. Finally, Weiss Ratings upgraded shares of Universal Insurance from a "buy (a-)" rating to a "buy (a+)" rating in a report on Thursday, October 8th. Two investment analysts have rated the stock with a Strong Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Universal Insurance presently has a consensus rating of "Buy" and a consensus price target of $51.00.

Institutional Trading of Universal Insurance

Hedge funds have recently added to or reduced their stakes in the stock. Signaturefd LLC grew its stake in shares of Universal Insurance by 83.7% during the 3rd quarter. Signaturefd LLC now owns 599 shares of the insurance provider's stock worth $25,000 after acquiring an additional 273 shares during the period. USA Financial Formulas purchased a new stake in Universal Insurance in the 3rd quarter worth about $44,000. Parallel Advisors LLC raised its stake in Universal Insurance by 4,847.3% in the 1st quarter. Parallel Advisors LLC now owns 2,721 shares of the insurance provider's stock valued at $93,000 after acquiring an additional 2,666 shares during the period. Archer Investment Corp bought a new stake in Universal Insurance in the 1st quarter valued at about $95,000. Finally, Root Financial Partners LLC bought a new stake in Universal Insurance in the 3rd quarter valued at about $145,000. Institutional investors own 66.61% of the company's stock.

Universal Insurance Company Profile

Universal Insurance Holdings, Inc NYSE: UVE is an insurance holding company that provides property and casualty insurance through its subsidiaries. Its primary business is personal residential insurance, with products designed to protect homeowners and other residential property owners against risks such as wind, fire, theft and other covered losses.

The company's offerings include homeowners, condominium unit owners, renters and dwelling fire insurance, along with related residential property coverage.

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