Universal Insurance (NYSE:UVE) Posts Earnings Results, Beats Estimates By $0.26 EPS

Key Points

• Universal Insurance reported a quarterly EPS of $1.36, significantly exceeding the consensus estimate of ($0.58) by $1.94, showcasing a strong financial performance.
• Institutional investors have increased their holdings in Universal Insurance, with Tower Research Capital growing its stake by 390% during the second quarter, indicating strong market interest.
• Zacks Research and Wall Street Zen upgraded their ratings on Universal Insurance from "hold" to "strong-buy," reflecting positive sentiment among analysts regarding the company's future prospects.

Universal Insurance (NYSE:UVE - Get Free Report) announced its earnings results on Thursday. The insurance provider reported $1.36 earnings per share for the quarter, topping analysts' consensus estimates of $1.10 by $0.26, Zacks reports. The company had revenue of $592.77 million for the quarter, compared to analyst estimates of $366.36 million. Universal Insurance had a return on equity of 15.37% and a net margin of 4.24%.

Universal Insurance Trading Down 0.1%

Shares of UVE stock opened at $28.59 on Friday. The stock's fifty day moving average price is $26.20 and its two-hundred day moving average price is $25.47. The company has a market cap of $809.67 million, a PE ratio of 12.48 and a beta of 0.79. Universal Insurance has a fifty-two week low of $18.72 and a fifty-two week high of $30.48. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.58 and a current ratio of 0.58.

Insider Buying and Selling at Universal Insurance

In other Universal Insurance news, Chairman Sean P. Downes sold 20,000 shares of the firm's stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $25.35, for a total value of $507,000.00. Following the sale, the chairman owned 1,303,512 shares of the company's stock, valued at approximately $33,044,029.20. This trade represents a 1.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 16.60% of the company's stock.

Institutional Investors Weigh In On Universal Insurance

A number of large investors have recently modified their holdings of UVE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted 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 valued at $331,000 after purchasing an additional 630 shares in the last quarter. Millennium Management LLC boosted 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 valued at $8,148,000 after purchasing an additional 217,184 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Universal Insurance by 9.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 805,199 shares of the insurance provider's stock valued at $19,083,000 after acquiring an additional 69,289 shares in the last quarter. Jane Street Group LLC boosted its holdings in shares of Universal Insurance by 73.1% during the 1st quarter. Jane Street Group LLC now owns 81,829 shares of the insurance provider's stock valued at $1,939,000 after acquiring an additional 34,556 shares in the last quarter. Finally, Strs Ohio acquired a new stake in shares of Universal Insurance during the 1st quarter valued at $180,000. Institutional investors and hedge funds own 66.61% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Zacks Research upgraded Universal Insurance from a "hold" rating to a "strong-buy" rating in a research note on Tuesday. Wall Street Zen upgraded Universal Insurance from a "buy" rating to a "strong-buy" rating in a research note on Friday, October 3rd. Finally, Weiss Ratings restated a "buy (b)" rating on shares of Universal Insurance in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Strong Buy".

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.