Universal Insurance (NYSE:UVE) Posts Quarterly Earnings Results, Beats Expectations By $0.36 EPS

Universal Insurance (NYSE:UVE) announced its earnings results on Thursday. The insurance provider reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.36, FiscalAI reports. Universal Insurance had a net margin of 13.49% and a return on equity of 37.67%. The business had revenue of $444.31 million during the quarter, compared to the consensus estimate of $601.67 million.

Universal Insurance Stock Performance

NYSE UVE traded up $0.65 on Thursday, hitting $48.38. 208,285 shares of the company’s stock were exchanged, compared to its average volume of 199,453. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.57 and a quick ratio of 0.57. The firm’s 50-day moving average price is $44.11 and its two-hundred day moving average price is $40.91. Universal Insurance has a fifty-two week low of $28.00 and a fifty-two week high of $48.74. The firm has a market cap of $1.35 billion, a price-to-earnings ratio of 6.38 and a beta of 0.69.

Insider Activity

In other news, Chairman Sean Downes sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $43.98, for a total value of $879,600.00. Following the completion of the sale, the chairman directly owned 1,084,645 shares of the company’s stock, valued at $47,702,687.10. This trade represents a 1.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 15.00% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on UVE. Piper Sandler boosted their price target on Universal Insurance from $44.00 to $45.00 and gave the company a “neutral” rating in a research report on Monday, July 27th. Weiss Ratings raised Universal Insurance from a “buy (a-)” rating to a “buy (a+)” rating in a research note on Thursday, October 8th. Finally, Wall Street Zen raised Universal Insurance from a “buy” rating to a “strong-buy” rating in a research report on Saturday, October 3rd. One research analyst has rated the stock with a Strong Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $45.00.

About Universal Insurance

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.