Connor Clark & Lunn Investment Management Ltd. Boosts Holdings in Universal Insurance Holdings, Inc. (NYSE:UVE)

Connor Clark & Lunn Investment Management Ltd. grew its position in Universal Insurance Holdings, Inc. (NYSE:UVE - Free Report) by 16.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 174,232 shares of the insurance provider's stock after buying an additional 24,919 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.62% of Universal Insurance worth $3,861,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in UVE. CWA Asset Management Group LLC purchased a new position in Universal Insurance during the 3rd quarter valued at about $6,322,000. Bank of Montreal Can grew its position in shares of Universal Insurance by 283.0% in the second quarter. Bank of Montreal Can now owns 374,487 shares of the insurance provider's stock valued at $7,040,000 after purchasing an additional 276,700 shares during the last quarter. American Century Companies Inc. increased its stake in shares of Universal Insurance by 44.5% during the 2nd quarter. American Century Companies Inc. now owns 469,803 shares of the insurance provider's stock worth $8,814,000 after purchasing an additional 144,647 shares in the last quarter. Essex Investment Management Co. LLC raised its position in shares of Universal Insurance by 64.6% during the 3rd quarter. Essex Investment Management Co. LLC now owns 201,639 shares of the insurance provider's stock worth $4,468,000 after purchasing an additional 79,138 shares during the last quarter. Finally, GSA Capital Partners LLP lifted its stake in Universal Insurance by 108.6% in the 3rd quarter. GSA Capital Partners LLP now owns 93,851 shares of the insurance provider's stock valued at $2,080,000 after buying an additional 48,864 shares in the last quarter. Institutional investors and hedge funds own 66.61% of the company's stock.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised Universal Insurance from a "hold" rating to a "buy" rating in a research report on Sunday, November 10th.

Insiders Place Their Bets

In related news, Chairman Sean P. Downes sold 20,000 shares of Universal Insurance stock in a transaction on Thursday, October 31st. The stock was 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 in the company, valued at approximately $21,468,315.02. This trade represents a 1.85 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last ninety days, insiders have sold 55,064 shares of company stock valued at $1,191,937. Insiders own 17.50% of the company's stock.

Universal Insurance Trading Up 1.3 %

Shares of Universal Insurance stock traded up $0.29 during mid-day trading on Friday, hitting $22.88. 108,954 shares of the stock were exchanged, compared to its average volume of 178,468. The stock has a market capitalization of $647.28 million, a price-to-earnings ratio of 9.30 and a beta of 0.90. Universal Insurance Holdings, Inc. has a twelve month low of $15.63 and a twelve month high of $23.27. 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 company has a 50-day simple moving average of $20.86 and a 200 day simple moving average of $20.04.

Universal Insurance (NYSE:UVE - Get Free Report) last released its earnings results on Thursday, October 24th. The insurance provider reported ($0.73) EPS for the quarter, topping the consensus estimate of ($1.03) by $0.30. Universal Insurance had a net margin of 4.82% and a return on equity of 15.43%. The firm had revenue of $387.55 million during the quarter, compared to analysts' expectations of $341.98 million. During the same period in the previous year, the company earned ($0.16) EPS. Research analysts forecast that Universal Insurance Holdings, Inc. will post 1.66 EPS for the current 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. The ex-dividend date of this dividend is Friday, December 6th. This represents a $0.52 annualized dividend and a yield of 2.27%. Universal Insurance's dividend payout ratio (DPR) is presently 26.02%.

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.