Universal Insurance (NYSE:UVE) Lowered to Hold Rating by Zacks Research

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

Several other analysts also recently issued reports on the company. Piper Sandler upped their price objective on Universal Insurance from $35.00 to $40.00 and gave the company an “overweight” rating in a research report on Monday. Weiss Ratings restated a “buy (b)” rating on shares of Universal Insurance in a report on Wednesday, October 8th. Finally, Wall Street Zen cut shares of Universal Insurance from a “strong-buy” rating to a “buy” rating in a research note on Sunday, December 14th. Two research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, Universal Insurance presently has an average rating of “Moderate Buy” and a consensus price target of $40.00.

Universal Insurance Stock Performance

Shares of UVE opened at $34.53 on Tuesday. Universal Insurance has a 12-month low of $18.72 and a 12-month high of $35.84. The stock has a market cap of $968.57 million, a P/E ratio of 8.14 and a beta of 0.74. The company has a current ratio of 0.55, a quick ratio of 0.55 and a debt-to-equity ratio of 0.20. The company has a 50-day moving average of $32.44 and a two-hundred day moving average of $27.96.

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

Insider Buying and Selling

In related news, Chairman Sean P. Downes sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, December 19th. The shares were sold at an average price of $33.82, for a total transaction of $676,400.00. Following the completion of the transaction, the chairman owned 1,243,512 shares of the company’s stock, valued at approximately $42,055,575.84. This represents a 1.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Jon Springer sold 24,308 shares of Universal Insurance stock in a transaction on Friday, November 14th. The shares were sold at an average price of $34.51, for a total transaction of $838,869.08. Following the completion of the transaction, the director owned 247,320 shares in the company, valued at approximately $8,535,013.20. This trade represents a 8.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 119,743 shares of company stock valued at $3,925,482. 16.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Universal Insurance

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Universal Insurance by 1.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 19,526 shares of the insurance provider’s stock worth $514,000 after purchasing an additional 341 shares during the period. Osaic Holdings Inc. raised its holdings in Universal Insurance by 11.3% in the second quarter. Osaic Holdings Inc. now owns 5,249 shares of the insurance provider’s stock valued at $146,000 after buying an additional 534 shares during the period. Ameritas Investment Partners Inc. lifted its position in Universal Insurance by 28.6% during the second quarter. Ameritas Investment Partners Inc. now owns 2,597 shares of the insurance provider’s stock valued at $72,000 after buying an additional 577 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Universal Insurance by 4.7% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,976 shares of the insurance provider’s stock valued at $331,000 after buying an additional 630 shares in the last quarter. Finally, Graham Capital Management L.P. grew its stake in Universal Insurance by 2.7% during the first quarter. Graham Capital Management L.P. now owns 24,656 shares of the insurance provider’s stock worth $584,000 after buying an additional 653 shares during the period. 66.61% of the stock is currently owned by institutional investors and hedge funds.

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.