Universal Insurance (NYSE:UVE) Announces Quarterly Earnings Results

Universal Insurance (NYSE:UVE) issued its earnings results on Thursday. The insurance provider reported $1.93 EPS for the quarter, topping the consensus estimate of $1.57 by $0.36, FiscalAI reports. Universal Insurance had a return on equity of 37.67% and a net margin of 13.49%. The company had revenue of $444.31 million during the quarter, compared to analyst estimates of $601.67 million.

Universal Insurance Stock Performance

Shares of NYSE:UVE traded up $0.65 during trading on Thursday, hitting $48.38. 208,285 shares of the company traded hands, compared to its average volume of 199,453. The company has a quick ratio of 0.57, a current ratio of 0.57 and a debt-to-equity ratio of 0.15. The business’s fifty day moving average is $44.11 and its 200-day moving average is $40.91. The stock has a market capitalization of $1.35 billion, a price-to-earnings ratio of 6.38 and a beta of 0.69. Universal Insurance has a one year low of $28.00 and a one year high of $48.74.

Wall Street Analysts Forecast Growth

A number of research firms have commented on UVE. Wall Street Zen raised shares of Universal Insurance from a “buy” rating to a “strong-buy” rating in a report on Saturday, October 3rd. Weiss Ratings raised shares of Universal Insurance from a “buy (a-)” rating to a “buy (a+)” rating in a report on Thursday, October 8th. Finally, Piper Sandler increased their target price on shares of Universal Insurance from $44.00 to $45.00 and gave the stock a “neutral” rating in a report on Monday, July 27th. One equities research analyst has rated the stock with a Strong Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $45.00.

Insider Activity

In related news, Chairman Sean Downes sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, September 11th. The stock was sold at an average price of $43.98, for a total transaction of $879,600.00. Following the completion of the transaction, the chairman owned 1,084,645 shares in the company, valued at $47,702,687.10. The trade was a 1.81% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 15.00% of the company’s stock.

Universal Insurance Company Profile

Universal Insurance Holdings, Inc (NYSE: UVE) is an insurance holding company that provides property and casualty insurance through its subsidiaries. Its primary business is personal residential insurance, with products designed to protect homeowners and other residential property owners against risks such as wind, fire, theft and other covered losses.

The company’s offerings include homeowners, condominium unit owners, renters and dwelling fire insurance, along with related residential property coverage.