Universal Insurance Holdings, Inc. (UVE) Stake Decreased by Principal Financial Group Inc.
Principal Financial Group Inc. trimmed its holdings in Universal Insurance Holdings, Inc. (NYSE:UVE) by 4.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 269,068 shares of the insurance provider’s stock after selling 13,291 shares during the quarter. Principal Financial Group Inc. owned approximately 0.77% of Universal Insurance worth $6,189,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Pinebridge Investments L.P. raised its holdings in shares of Universal Insurance by 0.7% in the second quarter. Pinebridge Investments L.P. now owns 4,297 shares of the insurance provider’s stock worth $108,000 after buying an additional 30 shares during the period. Texas Permanent School Fund grew its stake in Universal Insurance by 0.6% in the second quarter. Texas Permanent School Fund now owns 23,815 shares of the insurance provider’s stock worth $600,000 after purchasing an additional 132 shares in the last quarter. Renaissance Group LLC grew its stake in Universal Insurance by 2.1% in the second quarter. Renaissance Group LLC now owns 13,598 shares of the insurance provider’s stock worth $343,000 after purchasing an additional 280 shares in the last quarter. Victory Capital Management Inc. grew its stake in Universal Insurance by 17.6% in the second quarter. Victory Capital Management Inc. now owns 4,687 shares of the insurance provider’s stock worth $118,000 after purchasing an additional 703 shares in the last quarter. Finally, Janney Montgomery Scott LLC grew its stake in Universal Insurance by 8.7% in the second quarter. Janney Montgomery Scott LLC now owns 11,985 shares of the insurance provider’s stock worth $302,000 after purchasing an additional 955 shares in the last quarter. Hedge funds and other institutional investors own 78.02% of the company’s stock.
Shares of Universal Insurance Holdings, Inc. (NYSE UVE) traded up $0.25 during trading hours on Friday, reaching $25.95. The company had a trading volume of 103,454 shares, compared to its average volume of 205,428. Universal Insurance Holdings, Inc. has a 52 week low of $15.07 and a 52 week high of $29.20. The company has a market capitalization of $885.19, a PE ratio of 10.98 and a beta of 1.89. The company has a debt-to-equity ratio of 0.03, a quick ratio of 0.77 and a current ratio of 0.77.
The company also recently disclosed a quarterly dividend, which was paid on Monday, December 4th. Investors of record on Monday, November 27th were paid a $0.14 dividend. The ex-dividend date of this dividend was Friday, November 24th. This represents a $0.56 annualized dividend and a yield of 2.16%. Universal Insurance’s dividend payout ratio (DPR) is currently 23.93%.
Universal Insurance declared that its Board of Directors has initiated a stock repurchase program on Wednesday, November 8th that permits the company to repurchase $20.00 million in outstanding shares. This repurchase authorization permits the insurance provider to buy shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its shares are undervalued.
Several research analysts recently issued reports on the company. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $29.00 price objective on shares of Universal Insurance in a research note on Friday, August 18th. ValuEngine cut Universal Insurance from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, November 22nd.
In related news, Director Michael Pietrangelo sold 9,969 shares of the stock in a transaction that occurred on Tuesday, November 28th. The stock was sold at an average price of $26.27, for a total value of $261,885.63. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 10.50% of the stock is owned by corporate insiders.
Universal Insurance Profile
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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