Universal Insurance Holdings Inc (NYSE:UVE) Announces Quarterly Dividend of $0.16

Universal Insurance Holdings Inc (NYSE:UVE - Get Free Report) announced a quarterly dividend on Wednesday, July 9th, RTT News reports. Investors of record on Friday, August 1st will be paid a dividend of 0.16 per share by the insurance provider on Friday, August 8th. This represents a $0.64 annualized dividend and a yield of 2.70%. The ex-dividend date of this dividend is Friday, August 1st.

Universal Insurance has a dividend payout ratio of 21.8% meaning its dividend is sufficiently covered by earnings. Research analysts expect Universal Insurance to earn $2.65 per share next year, which means the company should continue to be able to cover its $0.64 annual dividend with an expected future payout ratio of 24.2%.

Universal Insurance Stock Performance

NYSE:UVE traded down $0.63 during mid-day trading on Friday, hitting $23.68. 358,847 shares of the company's stock traded hands, compared to its average volume of 199,689. The firm has a 50 day moving average of $26.40 and a two-hundred day moving average of $23.06. Universal Insurance has a 12 month low of $16.50 and a 12 month high of $28.49. The firm has a market capitalization of $666.59 million, a price-to-earnings ratio of 10.34 and a beta of 0.86. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.24.

Universal Insurance (NYSE:UVE - Get Free Report) last announced its earnings results on Thursday, April 24th. The insurance provider reported $1.44 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.32. Universal Insurance had a return on equity of 15.73% and a net margin of 4.31%. The firm had revenue of $394.87 million during the quarter, compared to the consensus estimate of $354.97 million. On average, equities analysts forecast that Universal Insurance will post 1.66 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded Universal Insurance from a "buy" rating to a "strong-buy" rating in a research report on Monday, April 28th.

Insider Activity at Universal Insurance

In other news, 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 value of $811,800.00. Following the completion of the sale, the director directly owned 301,835 shares of the company's stock, valued at approximately $8,167,655.10. This trade represents a 9.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 value of $672,750.00. Following the completion of the sale, the chairman directly owned 926,667 shares of the company's stock, valued at $24,936,608.97. This trade represents a 2.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 101,393 shares of company stock valued at $2,687,275 in the last 90 days. 16.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Universal Insurance

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Goldman Sachs Group Inc. increased its stake in shares of Universal Insurance by 9.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 805,199 shares of the insurance provider's stock valued at $19,083,000 after buying an additional 69,289 shares during the period. Millennium Management LLC increased its stake in shares of Universal Insurance by 171.5% in the 1st quarter. Millennium Management LLC now owns 343,786 shares of the insurance provider's stock valued at $8,148,000 after buying an additional 217,184 shares during the period. Jane Street Group LLC increased its stake in shares of Universal Insurance by 73.1% in the 1st quarter. Jane Street Group LLC now owns 81,829 shares of the insurance provider's stock valued at $1,939,000 after buying an additional 34,556 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Universal Insurance by 4.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,976 shares of the insurance provider's stock valued at $331,000 after buying an additional 630 shares during the period. Finally, Strs Ohio acquired a new stake in shares of Universal Insurance in the 1st quarter valued at $180,000. 66.61% of the stock is owned by institutional investors and hedge funds.

Universal Insurance Company 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.