Centric Wealth Management Invests $663,000 in Universal Insurance Holdings Inc $UVE

Centric Wealth Management bought a new position in Universal Insurance Holdings Inc (NYSE:UVE) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 15,912 shares of the insurance provider’s stock, valued at approximately $663,000. Centric Wealth Management owned about 0.06% of Universal Insurance as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. State of Wyoming acquired a new position in shares of Universal Insurance in the 2nd quarter valued at $335,000. GSA Capital Partners LLP acquired a new stake in Universal Insurance during the 2nd quarter worth about $1,413,000. Bank of America Corp DE raised its holdings in Universal Insurance by 46.0% during the 1st quarter. Bank of America Corp DE now owns 143,557 shares of the insurance provider’s stock worth $4,904,000 after buying an additional 45,224 shares during the period. Empowered Funds LLC lifted its stake in Universal Insurance by 7.4% during the first quarter. Empowered Funds LLC now owns 143,096 shares of the insurance provider’s stock valued at $4,888,000 after buying an additional 9,841 shares in the last quarter. Finally, Quantinno Capital Management LP lifted its stake in Universal Insurance by 20.2% during the first quarter. Quantinno Capital Management LP now owns 21,716 shares of the insurance provider’s stock valued at $742,000 after buying an additional 3,646 shares in the last quarter. 66.61% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Universal Insurance in a research report on Friday, July 17th. Zacks Research downgraded shares of Universal Insurance from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 23rd. Piper Sandler raised their price objective on shares of Universal Insurance from $44.00 to $45.00 and gave the stock a “neutral” rating in a research note on Monday, July 27th. Finally, Wall Street Zen lowered shares of Universal Insurance from a “strong-buy” rating to a “buy” rating in a research note on Sunday, August 9th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Universal Insurance presently has an average rating of “Hold” and an average price target of $45.00.

Insider Buying and Selling

In related news, Chairman Sean P. Downes sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $44.27, for a total transaction of $885,400.00. Following the transaction, the chairman directly owned 1,104,645 shares of the company’s stock, valued at approximately $48,902,634.15. The trade was a 1.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 15.00% of the company’s stock.

Universal Insurance Stock Up 2.1%

Shares of Universal Insurance stock opened at $43.27 on Friday. Universal Insurance Holdings Inc has a 1 year low of $23.32 and a 1 year high of $45.15. The company has a market cap of $1.20 billion, a P/E ratio of 5.71 and a beta of 0.72. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 0.15. The stock has a 50-day moving average price of $40.95 and a 200 day moving average price of $37.05.

Universal Insurance (NYSE:UVE) last released its earnings results on Thursday, July 23rd. The insurance provider reported $1.84 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.27. The company had revenue of $419.38 million for the quarter, compared to analysts’ expectations of $614.62 million. Universal Insurance had a return on equity of 37.67% and a net margin of 13.49%. As a group, analysts expect that Universal Insurance Holdings Inc will post 4.85 EPS for the current fiscal year.

Universal Insurance Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 7th. Investors of record on Friday, July 31st were issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 1.5%. The ex-dividend date was Friday, July 31st. Universal Insurance’s dividend payout ratio (DPR) is currently 8.44%.

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.