Picton Mahoney Asset Management Sells 17,516 Shares of Universal Insurance Holdings Inc $UVE

Picton Mahoney Asset Management cut its holdings in shares of Universal Insurance Holdings Inc (NYSE:UVE) by 35.6% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 31,747 shares of the insurance provider’s stock after selling 17,516 shares during the period. Picton Mahoney Asset Management owned about 0.11% of Universal Insurance worth $835,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Millennium Management LLC lifted its position in shares of Universal Insurance by 171.5% during the 1st quarter. Millennium Management LLC now owns 343,786 shares of the insurance provider’s stock valued at $8,148,000 after acquiring an additional 217,184 shares during the period. Arrowstreet Capital Limited Partnership lifted its position in shares of Universal Insurance by 43.9% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 454,496 shares of the insurance provider’s stock worth $12,603,000 after buying an additional 138,732 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Universal Insurance by 5.9% during the 3rd quarter. Vanguard Group Inc. now owns 1,953,721 shares of the insurance provider’s stock valued at $51,383,000 after purchasing an additional 108,660 shares during the last quarter. Invesco Ltd. grew its position in shares of Universal Insurance by 56.3% during the 2nd quarter. Invesco Ltd. now owns 281,314 shares of the insurance provider’s stock valued at $7,801,000 after acquiring an additional 101,333 shares during the period. Finally, American Century Companies Inc. lifted its position in shares of Universal Insurance by 13.3% during the 2nd quarter. American Century Companies Inc. now owns 757,747 shares of the insurance provider’s stock valued at $21,012,000 after buying an additional 89,106 shares during the last quarter. 66.61% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on UVE shares. Wall Street Zen upgraded Universal Insurance from a “buy” rating to a “strong-buy” rating in a research report on Saturday, December 27th. Zacks Research raised shares of Universal Insurance from a “hold” rating to a “strong-buy” rating in a research note on Friday, February 27th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Universal Insurance in a research note on Wednesday, January 21st. Finally, Piper Sandler boosted their target price on Universal Insurance from $35.00 to $40.00 and gave the company an “overweight” rating in a research note on Monday, December 22nd. One equities research analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $40.00.

Insider Activity at Universal Insurance

In related news, Chairman Sean P. Downes sold 20,000 shares of the company’s stock in a transaction on Friday, December 19th. The shares were sold at an average price of $33.82, for a total value of $676,400.00. Following the completion of the transaction, 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 filing with the SEC, which is accessible through this link. Also, CEO Stephen Donaghy sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, December 29th. The stock was sold at an average price of $34.07, for a total value of $851,750.00. Following the completion of the transaction, the chief executive officer owned 679,961 shares of the company’s stock, valued at $23,166,271.27. The trade was a 3.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 46,855 shares of company stock worth $1,590,497. 16.60% of the stock is owned by corporate insiders.

Universal Insurance Stock Down 0.7%

UVE opened at $35.13 on Friday. Universal Insurance Holdings Inc has a twelve month low of $20.32 and a twelve month high of $36.68. The firm has a 50 day moving average price of $31.65 and a 200-day moving average price of $30.32. The company has a quick ratio of 0.55, a current ratio of 0.52 and a debt-to-equity ratio of 0.18. The stock has a market capitalization of $983.99 million, a price-to-earnings ratio of 5.57 and a beta of 0.67.

Universal Insurance (NYSE:UVE) last announced its earnings results on Tuesday, February 24th. The insurance provider reported $2.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.30 by $0.87. Universal Insurance had a return on equity of 37.28% and a net margin of 11.41%.The business had revenue of $403.57 million for the quarter, compared to analysts’ expectations of $372.99 million. Equities research analysts forecast that Universal Insurance Holdings Inc will post 1.66 earnings per share for the current year.

Universal Insurance Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 13th. Shareholders of record on Friday, March 6th will be paid a dividend of $0.16 per share. The ex-dividend date is Friday, March 6th. This represents a $0.64 dividend on an annualized basis and a yield of 1.8%. Universal Insurance’s dividend payout ratio (DPR) is presently 10.14%.

About Universal Insurance

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.