Universal Insurance (NYSE:UVE) Releases Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Universal Insurance (NYSE:UVE) released its quarterly earnings data on Thursday. The insurance provider reported $1.18 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.03, Zacks reports. The company had revenue of $380.21 million for the quarter, compared to analyst estimates of $340.09 million. Universal Insurance had a net margin of 5.60% and a return on equity of 22.04%. During the same period in the previous year, the business earned $0.87 EPS.

Universal Insurance Stock Performance

UVE traded down $0.89 on Friday, reaching $19.10. The company had a trading volume of 455,171 shares, compared to its average volume of 173,538. Universal Insurance has a fifty-two week low of $11.15 and a fifty-two week high of $22.38. The stock has a market cap of $550.08 million, a P/E ratio of 7.49 and a beta of 0.88. The company’s fifty day moving average is $18.99 and its 200 day moving average is $18.84. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.44 and a current ratio of 0.44.

Universal Insurance Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 9th. Investors of record on Friday, August 2nd will be paid a $0.16 dividend. The ex-dividend date of this dividend is Friday, August 2nd. This represents a $0.64 dividend on an annualized basis and a yield of 3.35%. Universal Insurance’s dividend payout ratio (DPR) is currently 25.10%.

Insider Activity at Universal Insurance

In other Universal Insurance news, Chairman Sean P. Downes sold 20,000 shares of the business’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $19.72, for a total value of $394,400.00. Following the completion of the sale, the chairman now owns 1,162,262 shares of the company’s stock, valued at approximately $22,919,806.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Universal Insurance news, Chairman Sean P. Downes sold 20,000 shares of the business’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $19.72, for a total value of $394,400.00. Following the completion of the sale, the chairman now owns 1,162,262 shares of the company’s stock, valued at approximately $22,919,806.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael Pietrangelo sold 12,351 shares of the business’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $20.43, for a total transaction of $252,330.93. Following the completion of the sale, the director now directly owns 80,074 shares of the company’s stock, valued at approximately $1,635,911.82. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 52,351 shares of company stock worth $1,012,931. Insiders own 17.50% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on UVE. Piper Sandler restated an “overweight” rating and set a $25.00 price objective on shares of Universal Insurance in a research note on Monday, April 1st. StockNews.com upgraded shares of Universal Insurance from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 4th.

About Universal Insurance

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.