Pursuit Wealth Management LLC Makes New Investment in Universal Insurance Holdings Inc $UVE

Pursuit Wealth Management LLC acquired a new position in shares of Universal Insurance Holdings Inc (NYSE:UVE) during the 4th quarter, HoldingsChannel reports. The institutional investor acquired 51,636 shares of the insurance provider’s stock, valued at approximately $1,745,000. Universal Insurance makes up 1.5% of Pursuit Wealth Management LLC’s investment portfolio, making the stock its 16th biggest holding.

Other large investors also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Universal Insurance by 4.7% in 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 acquiring an additional 630 shares during the period. Millennium Management LLC raised its stake in Universal Insurance by 171.5% during the first quarter. Millennium Management LLC now owns 343,786 shares of the insurance provider’s stock worth $8,148,000 after acquiring an additional 217,184 shares in the last quarter. Goldman Sachs Group Inc. raised its stake 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 worth $19,083,000 after acquiring an additional 69,289 shares in the last quarter. Jane Street Group LLC increased its stake in shares of Universal Insurance by 73.1% in the first quarter. Jane Street Group LLC now owns 81,829 shares of the insurance provider’s stock valued at $1,939,000 after buying an additional 34,556 shares in the last quarter. Finally, Strs Ohio acquired a new stake in shares of Universal Insurance in the first quarter valued at $180,000. Institutional investors and hedge funds own 66.61% of the company’s stock.

Universal Insurance Stock Up 0.6%

NYSE:UVE opened at $34.36 on Thursday. The firm has a market capitalization of $962.35 million, a price-to-earnings ratio of 5.45 and a beta of 0.69. Universal Insurance Holdings Inc has a twelve month low of $21.96 and a twelve month high of $36.68. The stock’s 50 day moving average price is $33.47 and its two-hundred day moving average price is $32.13. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.18.

Universal Insurance (NYSE:UVE) last posted its quarterly earnings results on Tuesday, February 24th. The insurance provider reported $2.17 earnings per share for the quarter, topping the consensus estimate of $1.30 by $0.87. Universal Insurance had a return on equity of 37.28% and a net margin of 11.41%.The firm had revenue of $403.57 million for the quarter, compared to analyst estimates of $372.99 million. Equities research analysts expect that Universal Insurance Holdings Inc will post 1.66 earnings per share for the current fiscal year.

Universal Insurance Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, May 15th. Shareholders of record on Friday, May 8th will be given a $0.16 dividend. The ex-dividend date is Friday, May 8th. This represents a $0.64 annualized dividend and a yield of 1.9%. Universal Insurance’s dividend payout ratio (DPR) is currently 10.14%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on UVE. Zacks Research upgraded Universal Insurance from a “hold” rating to a “strong-buy” rating in a research note on Friday, February 27th. Wall Street Zen upgraded Universal Insurance from a “buy” rating to a “strong-buy” rating in a report on Saturday, December 27th. Weiss Ratings reiterated a “buy (b)” rating on shares of Universal Insurance in a report on Wednesday, January 21st. Finally, Piper Sandler raised their price target on Universal Insurance from $35.00 to $40.00 and gave the stock an “overweight” rating in a research report on Monday, December 22nd. One research analyst has rated the stock with a Strong Buy rating and two have issued a Buy rating to the company. Based on data from MarketBeat, Universal Insurance currently has a consensus rating of “Buy” and an average price target of $40.00.

Insider Transactions at Universal Insurance

In related news, Chairman Sean P. Downes sold 20,000 shares of Universal Insurance stock in a transaction that occurred on Wednesday, March 25th. The stock was sold at an average price of $34.60, for a total value of $692,000.00. Following the transaction, the chairman directly owned 1,206,788 shares of the company’s stock, valued at $41,754,864.80. The trade was a 1.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Kimberly D. Campos sold 879 shares of Universal Insurance stock in a transaction that occurred on Thursday, March 26th. The stock was sold at an average price of $33.84, for a total value of $29,745.36. Following the completion of the transaction, the chief accounting officer directly owned 7,422 shares in the company, valued at approximately $251,160.48. This represents a 10.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 16.60% of the stock is owned by company insiders.

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.