Wall Street Zen Upgrades Universal Insurance (NYSE:UVE) to Strong-Buy

Universal Insurance (NYSE:UVE) was upgraded by Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research note issued to investors on Saturday.

Several other equities research analysts also recently issued reports on the company. Piper Sandler upped their price target on Universal Insurance from $35.00 to $40.00 and gave the stock an “overweight” rating in a report on Monday, December 22nd. Zacks Research lowered Universal Insurance from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 23rd. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Universal Insurance in a report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $40.00.

Universal Insurance Trading Down 2.2%

UVE opened at $33.78 on Friday. Universal Insurance has a fifty-two week low of $18.72 and a fifty-two week high of $35.84. The firm has a market capitalization of $947.47 million, a PE ratio of 7.97 and a beta of 0.74. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.55 and a quick ratio of 0.55. The company’s 50-day moving average is $32.69 and its 200 day moving average is $28.07.

Universal Insurance (NYSE:UVE) last released its quarterly earnings results on Thursday, October 23rd. The insurance provider reported $1.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.26. The business had revenue of $400.03 million during the quarter, compared to the consensus estimate of $366.36 million. Universal Insurance had a return on equity of 28.25% and a net margin of 7.74%. As a group, research analysts predict that Universal Insurance will post 1.66 earnings per share for the current fiscal year.

Insider Buying and Selling at Universal Insurance

In other Universal Insurance news, Director Jon Springer sold 35,435 shares of the firm’s stock in a transaction on Thursday, October 30th. The stock was sold at an average price of $31.41, for a total value of $1,113,013.35. Following the completion of the sale, the director directly owned 271,628 shares of the company’s stock, valued at $8,531,835.48. This trade represents a 11.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Sean P. Downes sold 20,000 shares of the business’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 sale, the chairman owned 1,243,512 shares in the company, valued at approximately $42,055,575.84. The trade was a 1.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 119,743 shares of company stock valued at $3,925,482. 17.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Universal Insurance

A number of institutional investors and hedge funds have recently added to or reduced their stakes in UVE. Vanguard Group Inc. boosted its stake in Universal Insurance by 5.9% during the third quarter. Vanguard Group Inc. now owns 1,953,721 shares of the insurance provider’s stock valued at $51,383,000 after buying an additional 108,660 shares during the period. American Century Companies Inc. raised its holdings in shares of Universal Insurance by 11.3% in the 3rd quarter. American Century Companies Inc. now owns 843,059 shares of the insurance provider’s stock valued at $22,172,000 after acquiring an additional 85,312 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Universal Insurance by 9.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 805,199 shares of the insurance provider’s stock valued at $19,083,000 after acquiring an additional 69,289 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Universal Insurance by 6.9% during the second quarter. Geode Capital Management LLC now owns 681,853 shares of the insurance provider’s stock worth $18,909,000 after purchasing an additional 44,168 shares in the last quarter. Finally, Millennium Management LLC grew its holdings in shares of Universal Insurance by 212.3% during the third quarter. Millennium Management LLC now owns 596,370 shares of the insurance provider’s stock worth $15,685,000 after purchasing an additional 405,403 shares in the last quarter. Institutional investors own 66.61% of the company’s stock.

Universal Insurance Company Profile

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.