Quarry LP Purchases 776 Shares of Universal Insurance Holdings, Inc. (NYSE:UVE)

Quarry LP grew its position in Universal Insurance Holdings, Inc. (NYSE:UVE) by 55.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,171 shares of the insurance provider’s stock after buying an additional 776 shares during the quarter. Quarry LP’s holdings in Universal Insurance were worth $48,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in UVE. Covestor Ltd lifted its stake in Universal Insurance by 240.1% in the third quarter. Covestor Ltd now owns 1,881 shares of the insurance provider’s stock worth $42,000 after acquiring an additional 1,328 shares during the period. CWM LLC lifted its position in shares of Universal Insurance by 40.1% in the 3rd quarter. CWM LLC now owns 2,524 shares of the insurance provider’s stock worth $56,000 after purchasing an additional 723 shares during the period. Aigen Investment Management LP bought a new position in shares of Universal Insurance during the third quarter valued at approximately $202,000. The Manufacturers Life Insurance Company bought a new position in shares of Universal Insurance during the third quarter valued at approximately $206,000. Finally, PDT Partners LLC purchased a new position in Universal Insurance during the third quarter valued at approximately $225,000. Institutional investors own 66.61% of the company’s stock.

Universal Insurance Stock Performance

UVE stock opened at $21.22 on Wednesday. Universal Insurance Holdings, Inc. has a one year low of $15.63 and a one year high of $23.39. The firm has a market cap of $600.31 million, a price-to-earnings ratio of 8.63 and a beta of 0.92. 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 50-day simple moving average of $20.95 and a two-hundred day simple moving average of $20.22.

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

Universal Insurance Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, December 6th will be given a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a yield of 2.45%. The ex-dividend date of this dividend is Friday, December 6th. Universal Insurance’s dividend payout ratio is currently 26.02%.

Insider Buying and Selling at Universal Insurance

In other Universal Insurance news, Chairman Sean P. Downes sold 20,000 shares of the company’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 transaction of $404,200.00. Following the transaction, the chairman now owns 1,062,262 shares in the company, valued at approximately $21,468,315.02. This represents a 1.85 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last ninety days, insiders sold 55,064 shares of company stock worth $1,191,937. 17.50% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Separately, StockNews.com raised Universal Insurance from a “hold” rating to a “buy” rating in a research report 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.