Universal Insurance Holdings, Inc. (NYSE:UVE – Get Rating) announced a quarterly dividend on Tuesday, November 15th, Wall Street Journal reports. Stockholders of record on Friday, December 9th will be given a dividend of 0.16 per share by the insurance provider on Friday, December 16th. This represents an annual dividend of $0.64 and a yield of 6.18%. The ex-dividend date of this dividend is Thursday 8 December.
Universal Insurance has increased its dividend by an average of 1.8% per year over the past three years. Universal Insurance has a payout ratio of 40.0% which means its dividend is adequately covered by earnings. Research analysts expect Universal Insurance to earn $1.50 per share next year, which means the company should continue to cover its $0.64 annual dividend with an expected future payout ratio of 42.7%.
Universal Insurance Share Performance
Shares of NYSE:UVE traded up $0.35 during trading on Tuesday, hitting $10.36. The company had a trading volume of 152,599 shares, compared to its average volume of 213,434. The company has a fifty day moving average of $10.23 and a two hundred day moving average of $11.68. Universal Insurance has a 12 month low of $8.39 and a 12 month high of $19.64. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.69, and a quick ratio of 0.69.
Insider activity at Universal Insurance
In other news, CEO Stephen Donaghy purchased 10,000 shares of the company’s stock in a transaction on Wednesday, September 14th. The stock was acquired at an average price of $11.55 per share, with a total value of $115,500.00. Following the transaction, the chief executive officer now directly owns 660,887 shares of the company’s stock, valued at approximately $7,633,244.85. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Stephen Donaghy purchased 10,000 shares of the company’s stock in a transaction dated Wednesday, September 14th. The stock was purchased at an average cost of $11.55 per share, with a total value of $115,500.00. Following the transaction, the chief executive officer now owns 660,887 shares in the company, valued at approximately $7,633,244.85. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Francis Xavier McCahill III bought 3,000 shares of the company’s stock in a transaction dated Monday, October 31st. The stock was purchased at an average cost of $10.17 per share, with a total value of $30,510.00. Following the completion of the transaction, the director now owns 13,337 shares in the company, valued at approximately $135,637.29. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 15,500 shares of company stock valued at $169,635. Insiders own 16.10% of the company’s shares.
Institutional inflows and outflows
A number of large investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP lifted its position in Universal Insurance by 9.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,726,844 shares of the insurance provider’s stock worth $23,295,000 after acquiring an additional 142,189 shares during the period. State Street Corp lifted its position in Universal Insurance by 1.3% during the 2nd quarter. State Street Corp now owns 1,216,769 shares of the insurance provider’s stock worth $15,855,000 after acquiring an additional 15,280 shares during the period. Invesco Ltd. lifted its position in Universal Insurance by 28.9% during the 1st quarter. Invesco Ltd. now owns 1,173,582 shares of the insurance provider’s stock valued at $15,831,000 after acquiring an additional 263,456 shares during the period. Bank of New York Mellon Corp lifted its position in Universal Insurance by 2.9% during the 1st quarter. Bank of New York Mellon Corp now owns 412,217 shares of the insurance provider’s stock valued at $5,561,000 after acquiring an additional 11,696 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in Universal Insurance by 7.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 405,190 shares of the insurance provider’s stock valued at $5,466,000 after buying an additional 28,399 shares in the last quarter. 66.64% of the share is owned by hedge funds and other institutional investors.
Analyzer Upgrades and Downgrades
A number of brokerages have recently commented on UVE. TheStreet lowered shares of Universal Insurance from a “c-” rating to a “d+” rating in a report on Thursday, October 27th. Piper Sandler dropped their price target on shares of Universal Insurance to $10.00 in a report on Tuesday, November 1st. Finally, StockNews.com lowered shares of Universal Insurance from a “buy” rating to a “hold” rating in a report on Tuesday, November 8th.
About Universal Insurance
Universal Insurance Holdings, Inc, together with its subsidiaries, operates as an integrated insurance holding company in the United States. The company develops, markets and underwrites insurance products for personal residential insurance, such as homeowners, renters/tenants, owners of apartment units and dwelling/fire; and offers related lines, coverage for other structures, and coverage for personal property, liability and personal articles.
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