Cornercap Investment Counsel Inc. Sells 29,892 Shares of Universal Insurance Holdings, Inc. (NYSE:UVE)

Cornercap Investment Counsel Inc. trimmed its holdings in Universal Insurance Holdings, Inc. (NYSE:UVE - Free Report) by 52.9% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,610 shares of the insurance provider's stock after selling 29,892 shares during the quarter. Cornercap Investment Counsel Inc. owned about 0.09% of Universal Insurance worth $590,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Boston Partners acquired a new position in Universal Insurance in the first quarter worth approximately $758,000. Vanguard Group Inc. raised its stake in Universal Insurance by 2.8% during the 1st quarter. Vanguard Group Inc. now owns 1,544,506 shares of the insurance provider's stock valued at $31,384,000 after purchasing an additional 41,425 shares during the period. Highland Capital Management LLC lifted its holdings in shares of Universal Insurance by 135.1% in the second quarter. Highland Capital Management LLC now owns 76,069 shares of the insurance provider's stock valued at $1,427,000 after purchasing an additional 43,718 shares in the last quarter. Deerfield Management Company L.P. Series C acquired a new stake in shares of Universal Insurance in the second quarter worth $783,000. Finally, Essex Investment Management Co. LLC grew its holdings in shares of Universal Insurance by 64.6% during the third quarter. Essex Investment Management Co. LLC now owns 201,639 shares of the insurance provider's stock valued at $4,468,000 after buying an additional 79,138 shares in the last quarter. 66.61% of the stock is owned by institutional investors and hedge funds.

Universal Insurance Stock Up 0.5 %

Shares of NYSE UVE traded up $0.12 during mid-day trading on Friday, reaching $22.47. The company had a trading volume of 104,672 shares, compared to its average volume of 190,795. The stock has a market capitalization of $635.68 million, a PE ratio of 9.14 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 debt-to-equity ratio of 0.25, a quick ratio of 0.51 and a current ratio of 0.51. The stock's 50 day moving average is $20.70 and its 200-day moving average is $19.95.

Universal Insurance (NYSE:UVE - Get Free Report) last posted its quarterly earnings results on Thursday, October 24th. The insurance provider reported ($0.73) earnings per share for the quarter, topping analysts' consensus estimates of ($1.03) by $0.30. Universal Insurance had a return on equity of 15.43% and a net margin of 4.82%. The company had revenue of $387.55 million during the quarter, compared to the consensus estimate of $341.98 million. During the same period last year, the business earned ($0.16) EPS. As a group, equities analysts anticipate that Universal Insurance Holdings, Inc. will post 1.66 earnings per share for the current fiscal year.

Universal Insurance Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, December 6th will be paid 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 dividend yield of 2.31%. Universal Insurance's dividend payout ratio (DPR) is 26.02%.

Insider Activity

In other news, Chairman Sean P. Downes sold 15,064 shares of Universal Insurance stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $22.46, for a total value of $338,337.44. Following the transaction, the chairman now owns 1,047,198 shares of the company's stock, valued at $23,520,067.08. This trade represents a 1.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last 90 days, insiders have sold 55,064 shares of company stock worth $1,191,937. 17.50% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

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

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.