Verition Fund Management LLC Makes New Investment in Universal Insurance Holdings, Inc. (NYSE:UVE)

Verition Fund Management LLC purchased a new stake in shares of Universal Insurance Holdings, Inc. (NYSE:UVE) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 15,234 shares of the insurance provider’s stock, valued at approximately $338,000. Verition Fund Management LLC owned approximately 0.05% of Universal Insurance at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of UVE. BNP Paribas Financial Markets grew its position in Universal Insurance by 80.5% during the 3rd quarter. BNP Paribas Financial Markets now owns 132,939 shares of the insurance provider’s stock valued at $2,946,000 after purchasing an additional 59,290 shares during the last quarter. FMR LLC lifted its stake in shares of Universal Insurance by 135.9% in the third quarter. FMR LLC now owns 32,114 shares of the insurance provider’s stock worth $712,000 after buying an additional 18,501 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new stake in shares of Universal Insurance during the third quarter valued at approximately $206,000. Algert Global LLC increased its position in shares of Universal Insurance by 46.8% during the third quarter. Algert Global LLC now owns 79,059 shares of the insurance provider’s stock valued at $1,752,000 after acquiring an additional 25,210 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its holdings in Universal Insurance by 22.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 347,395 shares of the insurance provider’s stock worth $7,698,000 after acquiring an additional 63,582 shares during the last quarter. 66.61% of the stock is currently owned by institutional investors.

Universal Insurance Price Performance

Shares of NYSE:UVE opened at $21.25 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.51 and a current ratio of 0.51. The firm has a market cap of $601.02 million, a price-to-earnings ratio of 8.64 and a beta of 0.92. The business has a 50-day simple moving average of $20.96 and a two-hundred day simple moving average of $20.25. Universal Insurance Holdings, Inc. has a fifty-two week low of $15.63 and a fifty-two week high of $23.39.

Universal Insurance (NYSE:UVE) last issued its quarterly earnings data on Thursday, October 24th. The insurance provider reported ($0.73) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.03) by $0.30. Universal Insurance had a net margin of 4.82% and a return on equity of 15.43%. The company had revenue of $387.55 million for the quarter, compared to the consensus estimate of $341.98 million. During the same quarter in the prior year, the firm earned ($0.16) earnings per share. On average, analysts expect that Universal Insurance Holdings, Inc. will post 1.66 earnings per share for the current year.

Universal Insurance Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, December 6th were issued a $0.13 dividend. This represents a $0.52 annualized dividend and a dividend yield of 2.45%. The ex-dividend date was Friday, December 6th. Universal Insurance’s payout ratio is currently 26.02%.

Insider Activity at Universal Insurance

In related news, Chairman Sean P. Downes sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $20.21, for a total value of $404,200.00. Following the transaction, the chairman now owns 1,062,262 shares of the company’s stock, valued at approximately $21,468,315.02. This trade represents a 1.85 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Over the last 90 days, insiders sold 55,064 shares of company stock worth $1,191,937. 17.50% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded Universal Insurance from a “hold” rating to a “buy” rating in a research note on Sunday, November 10th.

Universal Insurance Profile

Universal Insurance Holdings, Inc, together with its subsidiaries, operates as an integrated insurance holding company in the United States. It develops, markets, and underwrites insurance products for personal residential insurance, such as homeowners, renters/tenants, condo unit owners, and dwelling/fire; and offers allied lines, coverage for other structures, and personal property, liability, and personal articles coverages.