Universal Insurance Holdings, Inc. (NYSE:UVE) Sees Large Drop in Short Interest

Universal Insurance Holdings, Inc. (NYSE:UVE) was the recipient of a significant decline in short interest in September. As of September 30th, there was short interest totalling 650,200 shares, a decline of 23.9% from the September 15th total of 853,900 shares. Based on an average daily trading volume, of 206,900 shares, the days-to-cover ratio is currently 3.1 days. Approximately 2.5% of the company’s stock are sold short.

Universal Insurance Stock Performance

NYSE UVE traded up $0.49 during trading on Tuesday, reaching $19.68. 239,233 shares of the company’s stock were exchanged, compared to its average volume of 189,749. Universal Insurance has a fifty-two week low of $13.56 and a fifty-two week high of $23.27. The stock has a market capitalization of $560.49 million, a P/E ratio of 6.95 and a beta of 0.89. The business has a 50 day moving average price of $20.61 and a 200-day moving average price of $19.77. The company has a debt-to-equity ratio of 0.26, a current ratio of 0.54 and a quick ratio of 0.54.

Universal Insurance (NYSE:UVE) last posted its quarterly earnings results on Thursday, July 25th. The insurance provider reported $1.18 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.03. Universal Insurance had a return on equity of 21.14% and a net margin of 5.60%. The business had revenue of $380.21 million for the quarter, compared to analysts’ expectations of $340.09 million. During the same quarter in the prior year, the business earned $0.87 EPS. Sell-side analysts forecast that Universal Insurance will post 2.3 earnings per share for the current fiscal year.

Insider Buying and Selling at Universal Insurance

In other Universal Insurance news, Chairman Sean P. Downes sold 20,000 shares of the stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $20.00, for a total transaction of $400,000.00. Following the completion of the transaction, the chairman now owns 1,122,262 shares in the company, valued at approximately $22,445,240. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Universal Insurance news, Director Jon Springer sold 35,173 shares of Universal Insurance stock in a transaction on Friday, August 16th. The shares were sold at an average price of $20.53, for a total value of $722,101.69. Following the sale, the director now directly owns 473,899 shares in the company, valued at approximately $9,729,146.47. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Sean P. Downes sold 20,000 shares of the business’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $20.00, for a total transaction of $400,000.00. Following the sale, the chairman now directly owns 1,122,262 shares in the company, valued at $22,445,240. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 75,173 shares of company stock valued at $1,571,502. 17.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of UVE. Allspring Global Investments Holdings LLC increased its position in Universal Insurance by 11,666.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 58,713 shares of the insurance provider’s stock worth $1,193,000 after buying an additional 58,214 shares during the period. Boston Partners bought a new stake in Universal Insurance in the 1st quarter valued at about $758,000. Vanguard Group Inc. grew its position in shares of Universal Insurance by 2.8% during the 1st quarter. Vanguard Group Inc. now owns 1,544,506 shares of the insurance provider’s stock worth $31,384,000 after purchasing an additional 41,425 shares in the last quarter. Cornercap Investment Counsel Inc. increased its holdings in shares of Universal Insurance by 90.7% during the second quarter. Cornercap Investment Counsel Inc. now owns 56,502 shares of the insurance provider’s stock worth $1,060,000 after purchasing an additional 26,873 shares during the period. Finally, Highland Capital Management LLC raised its position in shares of Universal Insurance by 135.1% in the second quarter. Highland Capital Management LLC now owns 76,069 shares of the insurance provider’s stock valued at $1,427,000 after buying an additional 43,718 shares in the last quarter. 66.61% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, StockNews.com lowered shares of Universal Insurance from a “strong-buy” rating to a “buy” rating in a research report on Monday, August 5th.

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.