Universal Insurance (NYSE:UVE) Posts Quarterly Earnings Results, Beats Expectations By $0.87 EPS

Universal Insurance (NYSE:UVE) posted its quarterly earnings data on Tuesday. The insurance provider reported $2.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.30 by $0.87, FiscalAI reports. The business had revenue of $403.57 million during the quarter, compared to the consensus estimate of $372.99 million. Universal Insurance had a net margin of 7.74% and a return on equity of 28.25%.

Universal Insurance Stock Performance

Shares of Universal Insurance stock opened at $31.98 on Wednesday. The firm has a market capitalization of $897.15 million, a P/E ratio of 7.54 and a beta of 0.70. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.20. The business’s fifty day simple moving average is $31.51 and its 200 day simple moving average is $29.78. Universal Insurance has a 12 month low of $19.96 and a 12 month high of $35.84.

Universal Insurance Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, March 13th. Investors of record on Friday, March 6th will be given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Friday, March 6th. Universal Insurance’s dividend payout ratio is presently 15.09%.

Analysts Set New Price Targets

UVE has been the topic of a number of recent research reports. Wall Street Zen raised Universal Insurance from a “buy” rating to a “strong-buy” rating in a report on Saturday, December 27th. Weiss Ratings restated a “buy (b)” rating on shares of Universal Insurance in a research report on Wednesday, January 21st. Zacks Research cut shares of Universal Insurance from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 23rd. Finally, Piper Sandler increased their target price on Universal Insurance from $35.00 to $40.00 and gave the company an “overweight” rating in a report on Monday, December 22nd. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Universal Insurance currently has a consensus rating of “Moderate Buy” and a consensus price target of $40.00.

Insider Transactions at Universal Insurance

In related news, Chairman Sean P. Downes sold 20,000 shares of the stock in a transaction dated Friday, December 19th. The stock was sold at an average price of $33.82, for a total transaction of $676,400.00. Following the sale, the chairman owned 1,243,512 shares of the company’s stock, valued at approximately $42,055,575.84. This represents a 1.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Richard D. Peterson sold 1,855 shares of the firm’s stock in a transaction dated Tuesday, December 30th. The shares were sold at an average price of $33.61, for a total value of $62,346.55. Following the completion of the sale, the director directly owned 8,319 shares in the company, valued at approximately $279,601.59. The trade was a 18.23% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 46,855 shares of company stock worth $1,590,497 over the last quarter. Corporate insiders own 17.50% of the company’s stock.

Institutional Investors Weigh In On Universal Insurance

Several hedge funds have recently made changes to their positions in the company. Tower Research Capital LLC TRC increased its position in shares of Universal Insurance by 390.0% during the second quarter. Tower Research Capital LLC TRC now owns 2,656 shares of the insurance provider’s stock valued at $74,000 after acquiring an additional 2,114 shares in the last quarter. Osaic Holdings Inc. increased its position in Universal Insurance by 11.3% in the second quarter. Osaic Holdings Inc. now owns 5,249 shares of the insurance provider’s stock worth $146,000 after buying an additional 534 shares in the last quarter. Strs Ohio bought a new stake in Universal Insurance during the 1st quarter worth approximately $180,000. Bank of Montreal Can bought a new stake in shares of Universal Insurance during the 4th quarter valued at $207,000. Finally, Magnetar Financial LLC purchased a new position in shares of Universal Insurance in the fourth quarter valued at about $240,000. 66.61% of the stock is currently owned by institutional investors.

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.