Stock Repurchase Plan Initiated by Universal Insurance Holdings (UVE) Board of Directors
Universal Insurance Holdings (NYSE:UVE) announced that its board has initiated a stock repurchase plan, which allows the company to repurchase $20.00 million in outstanding shares on Wednesday, November 8th, EventVestor reports. This repurchase authorization allows the insurance provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.
Several equities analysts have recently commented on UVE shares. ValuEngine downgraded Universal Insurance Holdings from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, July 18th. BidaskClub downgraded Universal Insurance Holdings from a “hold” rating to a “sell” rating in a research report on Tuesday, July 25th. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $29.00 target price on shares of Universal Insurance Holdings in a research report on Friday, August 18th.
Universal Insurance Holdings (UVE) opened at $25.25 on Friday. Universal Insurance Holdings has a 12-month low of $15.07 and a 12-month high of $29.20. The company has a debt-to-equity ratio of 0.03, a current ratio of 0.68 and a quick ratio of 0.68. The company has a market capitalization of $815.41, a P/E ratio of 8.33 and a beta of 1.85.
The company also recently announced a quarterly dividend, which was paid on Tuesday, October 24th. Stockholders of record on Tuesday, September 12th were given a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 2.22%. The ex-dividend date was Monday, September 11th. Universal Insurance Holdings’s payout ratio is 19.93%.
In other news, CFO Frank Wilcox bought 2,000 shares of the firm’s stock in a transaction dated Friday, September 8th. The shares were bought at an average price of $17.69 per share, with a total value of $35,380.00. Following the completion of the transaction, the chief financial officer now owns 96,024 shares of the company’s stock, valued at $1,698,664.56. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 10.50% of the stock is currently owned by corporate insiders.
About Universal Insurance Holdings
Universal Insurance Holdings, Inc (UVE) is a private personal residential homeowners insurance company in Florida. The Company performs substantially all aspects of insurance underwriting, policy issuance, general administration, and claims processing and settlement internally. The Company’s subsidiaries include Universal Property & Casualty Insurance Company (UPCIC) and American Platinum Property and Casualty Insurance Company (APPCIC).
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