Empowered Funds LLC Sells 70,599 Shares of Universal Insurance Holdings, Inc. (NYSE:UVE)

Empowered Funds LLC reduced its position in Universal Insurance Holdings, Inc. (NYSE:UVE) by 40.0% during the third quarter, HoldingsChannel.com reports. The firm owned 106,057 shares of the insurance provider’s stock after selling 70,599 shares during the period. Empowered Funds LLC’s holdings in Universal Insurance were worth $2,350,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. CWA Asset Management Group LLC purchased a new position in Universal Insurance during the 3rd quarter valued at $6,322,000. Bank of Montreal Can lifted its position in shares of Universal Insurance by 283.0% during the second quarter. Bank of Montreal Can now owns 374,487 shares of the insurance provider’s stock worth $7,040,000 after purchasing an additional 276,700 shares during the last quarter. American Century Companies Inc. boosted its stake in shares of Universal Insurance by 44.5% during the second quarter. American Century Companies Inc. now owns 469,803 shares of the insurance provider’s stock valued at $8,814,000 after purchasing an additional 144,647 shares during the period. Essex Investment Management Co. LLC grew its holdings in shares of Universal Insurance by 64.6% in the third quarter. Essex Investment Management Co. LLC now owns 201,639 shares of the insurance provider’s stock worth $4,468,000 after purchasing an additional 79,138 shares during the last quarter. Finally, GSA Capital Partners LLP grew its holdings in shares of Universal Insurance by 108.6% in the third quarter. GSA Capital Partners LLP now owns 93,851 shares of the insurance provider’s stock worth $2,080,000 after purchasing an additional 48,864 shares during the last quarter. Institutional investors own 66.61% of the company’s stock.

Universal Insurance Trading Down 0.4 %

NYSE UVE opened at $22.32 on Wednesday. The company’s 50-day moving average price is $20.74 and its 200-day moving average price is $19.99. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.25. The stock has a market cap of $631.43 million, a PE ratio of 9.07 and a beta of 0.90. Universal Insurance Holdings, Inc. has a 12 month low of $15.63 and a 12 month high of $23.27.

Universal Insurance (NYSE:UVE) last posted its quarterly earnings results on Thursday, October 24th. The insurance provider reported ($0.73) EPS for the quarter, topping analysts’ consensus estimates of ($1.03) by $0.30. Universal Insurance had a net margin of 4.82% and a return on equity of 15.43%. The firm had revenue of $387.55 million for the quarter, compared to analysts’ expectations of $341.98 million. During the same period in the prior year, the business posted ($0.16) earnings per share. Equities research analysts forecast that Universal Insurance Holdings, Inc. will post 1.66 earnings per share for the current year.

Universal Insurance Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, December 6th will be issued a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 2.33%. The ex-dividend date of this dividend is Friday, December 6th. Universal Insurance’s payout ratio is 26.02%.

Insiders Place Their Bets

In other Universal Insurance news, Chairman Sean P. Downes sold 20,000 shares of the stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $20.21, for a total transaction of $404,200.00. Following the transaction, the chairman now directly owns 1,062,262 shares in the company, valued at $21,468,315.02. This represents a 1.85 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 55,064 shares of company stock worth $1,191,937 in the last three months. Corporate insiders own 17.50% of the company’s stock.

Analyst Ratings Changes

Separately, StockNews.com upgraded shares of Universal Insurance from a “hold” rating to a “buy” rating in a report on Sunday, November 10th.

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.