Zacks Research Downgrades Universal Insurance (NYSE:UVE) to Hold

Universal Insurance (NYSE:UVE) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Tuesday,Zacks.com reports.

Several other research analysts have also recently weighed in on the company. Weiss Ratings restated a “buy (b)” rating on shares of Universal Insurance in a research note on Monday, April 20th. Wall Street Zen lowered Universal Insurance from a “strong-buy” rating to a “buy” rating in a research report on Saturday, May 2nd. Two equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $40.00.

Universal Insurance Price Performance

UVE opened at $40.75 on Tuesday. The firm has a market cap of $1.14 billion, a PE ratio of 6.04 and a beta of 0.73. The stock has a 50-day moving average price of $37.96 and a 200-day moving average price of $34.48. Universal Insurance has a 1 year low of $21.96 and a 1 year high of $41.96. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.51 and a quick ratio of 0.51.

Universal Insurance (NYSE:UVE) last issued its earnings results on Thursday, April 23rd. The insurance provider reported $2.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.61. Universal Insurance had a net margin of 12.22% and a return on equity of 37.51%. The business had revenue of $398.16 million during the quarter, compared to analysts’ expectations of $481.09 million. Sell-side analysts predict that Universal Insurance will post 4.63 earnings per share for the current fiscal year.

Insider Buying and Selling at Universal Insurance

In related news, Chairman Sean P. Downes sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $38.22, for a total value of $764,400.00. Following the transaction, the chairman owned 1,148,255 shares of the company’s stock, valued at approximately $43,886,306.10. This trade represents a 1.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In the last quarter, insiders have sold 60,000 shares of company stock valued at $2,332,800. 15.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Universal Insurance by 4.7% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,976 shares of the insurance provider’s stock worth $331,000 after purchasing an additional 630 shares in the last quarter. Millennium Management LLC lifted its position in Universal Insurance by 171.5% during the first quarter. Millennium Management LLC now owns 343,786 shares of the insurance provider’s stock valued at $8,148,000 after purchasing an additional 217,184 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in Universal Insurance by 9.4% during the first quarter. Goldman Sachs Group Inc. now owns 805,199 shares of the insurance provider’s stock valued at $19,083,000 after purchasing an additional 69,289 shares during the period. Jane Street Group LLC increased its position in Universal Insurance by 73.1% in the first quarter. Jane Street Group LLC now owns 81,829 shares of the insurance provider’s stock worth $1,939,000 after buying an additional 34,556 shares in the last quarter. Finally, Strs Ohio purchased a new stake in Universal Insurance in the first quarter worth about $180,000. Hedge funds and other institutional investors own 66.61% of the company’s stock.

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.