Universal Insurance (NYSE:UVE) Hits New 12-Month High - Here's What Happened

Universal Insurance Holdings, Inc. (NYSE:UVE - Get Free Report)'s share price reached a new 52-week high on Monday . The company traded as high as $27.60 and last traded at $27.58, with a volume of 69622 shares. The stock had previously closed at $27.14.

Analysts Set New Price Targets

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

Universal Insurance Price Performance

The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.25. The firm has a market cap of $776.52 million, a P/E ratio of 11.22 and a beta of 0.83. The firm has a 50-day simple moving average of $24.64 and a 200-day simple moving average of $22.22.

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 (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.32. The business had revenue of $394.87 million for the quarter, compared to analysts' expectations of $354.97 million. Universal Insurance had a return on equity of 15.43% and a net margin of 4.82%. As a group, analysts forecast that Universal Insurance Holdings, Inc. will post 1.66 EPS for the current year.

Universal Insurance Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, May 16th. Shareholders of record on Friday, May 9th were given a dividend of $0.16 per share. The ex-dividend date of this dividend was Friday, May 9th. This represents a $0.64 annualized dividend and a yield of 2.32%. Universal Insurance's dividend payout ratio (DPR) is presently 27.95%.

Insider Buying and Selling at Universal Insurance

In other news, Director Jon Springer sold 26,393 shares of the stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $25.61, for a total transaction of $675,924.73. Following the completion of the sale, the director now owns 331,835 shares in the company, valued at approximately $8,498,294.35. This represents a 7.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Sean P. Downes sold 20,000 shares of the stock in a transaction on Friday, May 16th. The shares were sold at an average price of $26.34, for a total value of $526,800.00. Following the sale, the chairman now owns 951,667 shares of the company's stock, valued at approximately $25,066,908.78. This represents a 2.06% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 76,393 shares of company stock valued at $2,014,525. 16.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Universal Insurance

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in UVE. Millennium Management LLC raised its stake in 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 acquiring an additional 217,184 shares during the last quarter. Donald Smith & CO. Inc. raised its stake in Universal Insurance by 11.3% in the 4th quarter. Donald Smith & CO. Inc. now owns 1,720,519 shares of the insurance provider's stock worth $36,234,000 after acquiring an additional 174,843 shares during the last quarter. Nuveen LLC purchased a new position in Universal Insurance in the 1st quarter worth $2,197,000. Goldman Sachs Group Inc. raised its stake in 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 acquiring an additional 69,289 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in Universal Insurance by 9.8% in the 1st quarter. American Century Companies Inc. now owns 668,641 shares of the insurance provider's stock worth $15,847,000 after acquiring an additional 59,752 shares during the last quarter. Hedge funds and other institutional investors own 66.61% of the company's stock.

About Universal Insurance

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.