Universal Insurance (NYSE:UVE) Director Jon Springer Sells 16,380 Shares of Stock

Universal Insurance Holdings Inc (NYSE:UVE) Director Jon Springer sold 16,380 shares of the company’s stock in a transaction that occurred on Wednesday, November 4th. The stock was sold at an average price of $48.96, for a total value of $801,964.80. Following the sale, the director directly owned 209,354 shares of the company’s stock, valued at $10,249,971.84. The trade was a 7.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Jon Springer also recently made the following trade(s):

• On Tuesday, November 3rd, Jon Springer sold 25,000 shares of Universal Insurance stock. The shares were sold at an average price of $48.77, for a total value of $1,219,250.00.

Universal Insurance Trading Down 3.1%

Shares of UVE stock opened at $47.27 on Friday. Universal Insurance Holdings Inc has a 12 month low of $28.32 and a 12 month high of $50.75. The company has a market cap of $1.31 billion, a PE ratio of 5.91 and a beta of 0.63. The company has a quick ratio of 0.57, a current ratio of 0.56 and a debt-to-equity ratio of 0.15. The business’s 50 day moving average is $45.22 and its two-hundred day moving average is $39.17.

Universal Insurance (NYSE:UVE) last issued its quarterly earnings data on Thursday, October 22nd. The insurance provider reported $1.93 earnings per share for the quarter, topping analysts’ consensus estimates of $1.57 by $0.36. Universal Insurance had a net margin of 13.94% and a return on equity of 38.15%. The business had revenue of $444.31 million during the quarter, compared to analysts’ expectations of $601.67 million. Equities analysts predict that Universal Insurance Holdings Inc will post 6.13 EPS for the current year.

Universal Insurance announced that its board has initiated a stock buyback program on Thursday, October 29th that permits the company to repurchase $20 million in shares. This buyback authorization permits the insurance provider to buy up to 1.6% of its stock through open market purchases. Share buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

Institutional Trading of Universal Insurance

A number of hedge funds have recently bought and sold shares of the stock. BlackRock Inc. acquired a new stake in Universal Insurance in the 2nd quarter worth $111,007,000. Donald Smith & CO. Inc. bought a new position in shares of Universal Insurance during the 2nd quarter worth about $29,849,000. Renaissancere Holdings Ltd. bought a new position in shares of Universal Insurance during the 2nd quarter worth about $24,144,769. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Universal Insurance during the second quarter valued at about $10,530,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Universal Insurance during the second quarter valued at about $8,104,000. 66.61% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Zacks Research upgraded shares of Universal Insurance from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 22nd. Weiss Ratings upgraded shares of Universal Insurance from a “buy (a-)” rating to a “buy (a+)” rating in a report on Thursday, October 8th. Wall Street Zen downgraded Universal Insurance from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 31st. Finally, Piper Sandler raised their price target on Universal Insurance from $45.00 to $51.00 and gave the company a “neutral” rating in a research report on Monday, October 26th. Two investment analysts have rated the stock with a Strong Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $51.00.

Universal Insurance Company Profile

Universal Insurance Holdings, Inc (NYSE: UVE) is an insurance holding company that provides property and casualty insurance through its subsidiaries. Its primary business is personal residential insurance, with products designed to protect homeowners and other residential property owners against risks such as wind, fire, theft and other covered losses.

The company’s offerings include homeowners, condominium unit owners, renters and dwelling fire insurance, along with related residential property coverage.