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

Key Points

• Chairman Sean Downes sold 20,000 shares on April 29 at an average price of $39.69 for $793,800, reducing his stake to 1,188,255 shares (a 1.66% decrease) valued at about $47.16M.
• Quarterly results: EPS beat but revenue missed — UVE reported $2.00 EPS versus $1.39 expected while revenue was $398.16M versus $481.09M expected, and the company declared a $0.16 quarterly dividend (annualized $0.64, yield 1.6%, ex-dividend May 8).
• Market and analyst outlook: Shares trade near $39.62 with a market cap around $1.11B and a P/E of 5.87; institutional ownership is about 66.6% and analysts have a consensus "Buy" rating with a $40 price target.

Universal Insurance Holdings Inc (NYSE:UVE - Get Free Report) Chairman Sean Downes sold 20,000 shares of the stock in a transaction that occurred on Wednesday, April 29th. The shares were sold at an average price of $39.69, for a total value of $793,800.00. Following the sale, the chairman owned 1,188,255 shares of the company's stock, valued at approximately $47,161,840.95. The trade was a 1.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Universal Insurance Stock Performance

NYSE UVE traded up $0.44 during trading on Thursday, hitting $39.62. The company's stock had a trading volume of 213,900 shares, compared to its average volume of 201,680. Universal Insurance Holdings Inc has a 52 week low of $21.96 and a 52 week high of $41.96. The firm has a market cap of $1.11 billion, a P/E ratio of 5.87 and a beta of 0.69. The firm has a 50 day moving average price of $34.55 and a 200 day moving average price of $32.75. The company has a quick ratio of 0.52, a current ratio of 0.51 and a debt-to-equity ratio of 0.17.

Universal Insurance (NYSE:UVE - Get Free Report) last announced its earnings results on Thursday, April 23rd. The insurance provider reported $2.00 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.39 by $0.61. Universal Insurance had a net margin of 12.22% and a return on equity of 37.51%. The business had revenue of $398.16 million for the quarter, compared to analyst estimates of $481.09 million. Equities research analysts forecast that Universal Insurance Holdings Inc will post 4.75 earnings per share for the current fiscal year.

Universal Insurance Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 15th. Shareholders of record on Friday, May 8th will be given a $0.16 dividend. The ex-dividend date is Friday, May 8th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.6%. Universal Insurance's dividend payout ratio (DPR) is currently 9.48%.

Hedge Funds Weigh In On Universal Insurance

A number of hedge funds have recently modified their holdings of UVE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings 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 worth $331,000 after buying an additional 630 shares in the last quarter. Millennium Management LLC raised its holdings 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 worth $8,148,000 after buying an additional 217,184 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings 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 worth $19,083,000 after buying an additional 69,289 shares in the last quarter. Jane Street Group LLC raised its holdings 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 worth $1,939,000 after buying an additional 34,556 shares in the last quarter. Finally, Strs Ohio acquired a new position in shares of Universal Insurance in the 1st quarter worth approximately $180,000. 66.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

UVE has been the subject of a number of recent research reports. Zacks Research upgraded Universal Insurance from a "hold" rating to a "strong-buy" rating in a research note on Friday, February 27th. Weiss Ratings reissued a "buy (b)" rating on shares of Universal Insurance in a report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $40.00.

Universal Insurance Company Profile

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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