Universal Insurance (NYSE:UVE) Releases Earnings Results, Beats Estimates By $0.03 EPS

Universal Insurance (NYSE:UVE) announced its earnings results on Thursday. The insurance provider reported $1.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.03, Zacks reports. The company had revenue of $380.21 million for the quarter, compared to analysts’ expectations of $340.09 million. Universal Insurance had a return on equity of 22.04% and a net margin of 5.60%. During the same quarter in the previous year, the firm earned $0.87 earnings per share.

Universal Insurance Stock Performance

UVE traded down $0.89 during trading on Friday, hitting $19.10. 455,171 shares of the company traded hands, compared to its average volume of 173,538. The firm has a market cap of $550.08 million, a P/E ratio of 7.49 and a beta of 0.88. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.28. Universal Insurance has a one year low of $11.15 and a one year high of $22.38. The stock’s fifty day moving average is $18.99 and its 200 day moving average is $18.84.

Universal Insurance Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 9th. Investors of record on Friday, August 2nd will be issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date is Friday, August 2nd. Universal Insurance’s dividend payout ratio (DPR) is currently 25.10%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. StockNews.com raised shares of Universal Insurance from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 4th. Piper Sandler reaffirmed an “overweight” rating and issued a $25.00 price objective on shares of Universal Insurance in a research report on Monday, April 1st.

Insider Buying and Selling at Universal Insurance

In related news, Director Michael Pietrangelo sold 12,351 shares of Universal Insurance stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $20.43, for a total value of $252,330.93. Following the sale, the director now owns 80,074 shares of the company’s stock, valued at approximately $1,635,911.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Chairman Sean P. Downes sold 20,000 shares of Universal Insurance stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $18.31, for a total value of $366,200.00. Following the completion of the transaction, the chairman now owns 1,142,262 shares in the company, valued at $20,914,817.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael Pietrangelo sold 12,351 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $20.43, for a total transaction of $252,330.93. Following the sale, the director now owns 80,074 shares in the company, valued at $1,635,911.82. The disclosure for this sale can be found here. Insiders have sold a total of 52,351 shares of company stock worth $1,012,931 over the last three months. 17.50% of the stock is currently owned by insiders.

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.