Bank of New York Mellon Corp Sells 33,683 Shares of Universal Insurance Holdings, Inc. (NYSE:UVE)

Bank of New York Mellon Corp trimmed its holdings in shares of Universal Insurance Holdings, Inc. (NYSE:UVE - Free Report) by 11.8% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 251,141 shares of the insurance provider's stock after selling 33,683 shares during the quarter. Bank of New York Mellon Corp owned 0.89% of Universal Insurance worth $5,289,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in UVE. Geode Capital Management LLC lifted its stake in Universal Insurance by 7.7% in the third quarter. Geode Capital Management LLC now owns 689,767 shares of the insurance provider's stock valued at $15,289,000 after acquiring an additional 49,123 shares during the last quarter. CWA Asset Management Group LLC increased its holdings in shares of Universal Insurance by 100.0% during the fourth quarter. CWA Asset Management Group LLC now owns 570,615 shares of the insurance provider's stock worth $12,017,000 after purchasing an additional 285,338 shares during the period. Barclays PLC raised its holdings in Universal Insurance by 69.5% in the 3rd quarter. Barclays PLC now owns 68,969 shares of the insurance provider's stock valued at $1,528,000 after acquiring an additional 28,278 shares in the last quarter. HighTower Advisors LLC bought a new stake in Universal Insurance during the third quarter worth about $636,000. Finally, Jane Street Group LLC increased its stake in Universal Insurance by 2,142.1% in the third quarter. Jane Street Group LLC now owns 59,774 shares of the insurance provider's stock valued at $1,325,000 after acquiring an additional 57,108 shares during the last quarter. 66.61% of the stock is currently owned by institutional investors and hedge funds.

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Analysts Set New Price Targets

Separately, StockNews.com downgraded Universal Insurance from a "strong-buy" rating to a "buy" rating in a research report on Tuesday.

Universal Insurance Stock Down 2.2 %

Shares of NYSE:UVE traded down $0.47 during mid-day trading on Friday, hitting $21.31. 208,384 shares of the company traded hands, compared to its average volume of 169,765. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.25. The stock has a 50-day moving average price of $20.40 and a two-hundred day moving average price of $20.81. Universal Insurance Holdings, Inc. has a 12-month low of $16.50 and a 12-month high of $23.39. The stock has a market cap of $598.75 million, a P/E ratio of 8.66 and a beta of 0.84.

Universal Insurance (NYSE:UVE - Get Free Report) last released its earnings results on Tuesday, February 25th. The insurance provider reported $0.25 earnings per share for the quarter, beating analysts' consensus estimates of $0.09 by $0.16. The firm had revenue of $384.81 million for the quarter, compared to analysts' expectations of $349.91 million. Universal Insurance had a net margin of 4.82% and a return on equity of 15.43%. On average, equities research analysts forecast that Universal Insurance Holdings, Inc. will post 1.66 earnings per share for the current year.

Universal Insurance Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, March 7th were given a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 3.00%. This is a boost from Universal Insurance's previous quarterly dividend of $0.13. The ex-dividend date of this dividend was Friday, March 7th. Universal Insurance's dividend payout ratio is 32.16%.

Insider Buying and Selling at Universal Insurance

In other Universal Insurance news, Chairman Sean P. Downes sold 50,000 shares of the company's stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $20.51, for a total value of $1,025,500.00. Following the completion of the sale, the chairman now owns 985,320 shares of the company's stock, valued at $20,208,913.20. This represents a 4.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 90,000 shares of company stock worth $1,908,700 over the last three months. 17.50% of the stock is owned by insiders.

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.