Universal Insurance Holdings Inc (NYSE:UVE) Short Interest Update

Universal Insurance Holdings Inc (NYSE:UVE) was the recipient of a large decrease in short interest during the month of August. As of August 14th, there was short interest totaling 546,050 shares, a decrease of 59.4% from the July 30th total of 1,344,189 shares. Currently, 2.3% of the shares of the company are sold short. Based on an average daily volume of 175,782 shares, the days-to-cover ratio is presently 3.1 days.

Universal Insurance Price Performance

Shares of NYSE UVE traded up $0.17 during trading on Friday, reaching $43.54. The company had a trading volume of 124,712 shares, compared to its average volume of 203,081. The business’s 50 day moving average price is $42.01 and its 200-day moving average price is $37.91. The stock has a market cap of $1.21 billion, a PE ratio of 5.74 and a beta of 0.72. Universal Insurance has a 52 week low of $24.09 and a 52 week high of $45.15. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.57 and a current ratio of 0.57.

Universal Insurance (NYSE:UVE) last released its earnings results on Thursday, July 23rd. The insurance provider reported $1.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.57 by $0.27. The company had revenue of $419.38 million for the quarter, compared to the consensus estimate of $614.62 million. Universal Insurance had a net margin of 13.49% and a return on equity of 37.67%. Analysts expect that Universal Insurance will post 4.85 earnings per share for the current year.

Universal Insurance Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 7th. Investors of record on Friday, July 31st were given a $0.16 dividend. The ex-dividend date was Friday, July 31st. This represents a $0.64 annualized dividend and a dividend yield of 1.5%. Universal Insurance’s payout ratio is currently 8.44%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on UVE shares. Zacks Research lowered Universal Insurance from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 23rd. Wall Street Zen lowered Universal Insurance from a “strong-buy” rating to a “buy” rating in a research note on Sunday, August 9th. Piper Sandler raised their price objective on shares of Universal Insurance from $44.00 to $45.00 and gave the stock a “neutral” rating in a report on Monday, July 27th. Finally, Weiss Ratings raised shares of Universal Insurance from a “buy (b)” rating to a “buy (a-)” rating in a research note on Monday, August 17th. One investment analyst has rated the stock with a Strong Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $45.00.

Insiders Place Their Bets

In other Universal Insurance news, Chairman Sean P. Downes sold 20,000 shares of the firm’s stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $44.27, for a total value of $885,400.00. Following the sale, the chairman directly owned 1,104,645 shares in the company, valued at $48,902,634.15. This trade represents a 1.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 15.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Universal Insurance

A number of large investors have recently modified their holdings of UVE. NFJ Investment Group LLC bought a new stake in shares of Universal Insurance during the 2nd quarter worth about $3,270,000. Renaissancere Holdings Ltd. acquired a new stake in shares of Universal Insurance during the 2nd quarter worth approximately $24,144,769. Vanguard Group Inc. increased its position in Universal Insurance by 2.8% during the 4th quarter. Vanguard Group Inc. now owns 2,007,725 shares of the insurance provider’s stock worth $67,861,000 after purchasing an additional 54,004 shares in the last quarter. GSA Capital Partners LLP acquired a new position in shares of Universal Insurance in the second quarter valued at approximately $1,413,000. Finally, Sierra Summit Advisors LLC acquired a new stake in shares of Universal Insurance in the fourth quarter valued at about $1,006,000. 66.61% of the stock is currently owned by institutional investors and hedge funds.

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.