Summit Global Investments Invests $588,000 in Universal Insurance Holdings, Inc. (NYSE:UVE)

Summit Global Investments purchased a new stake in shares of Universal Insurance Holdings, Inc. (NYSE:UVE - Free Report) in the third quarter, according to its most recent disclosure with the SEC. The firm purchased 26,556 shares of the insurance provider's stock, valued at approximately $588,000. Summit Global Investments owned approximately 0.09% of Universal Insurance at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. Inspire Advisors LLC raised its stake in Universal Insurance by 20.3% during the third quarter. Inspire Advisors LLC now owns 27,730 shares of the insurance provider's stock valued at $614,000 after buying an additional 4,672 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 valued at $4,468,000 after acquiring an additional 79,138 shares in the last quarter. CWM LLC lifted its stake in Universal Insurance by 40.1% during the third quarter. CWM LLC now owns 2,524 shares of the insurance provider's stock worth $56,000 after purchasing an additional 723 shares during the last quarter. SG Americas Securities LLC boosted its holdings in Universal Insurance by 57.3% in the third quarter. SG Americas Securities LLC now owns 19,464 shares of the insurance provider's stock worth $431,000 after purchasing an additional 7,090 shares during the period. Finally, Sanctuary Advisors LLC bought a new stake in Universal Insurance during the second quarter valued at $567,000. 66.61% of the stock is currently owned by institutional investors and hedge funds.

Universal Insurance Stock Up 3.1 %

Shares of Universal Insurance stock traded up $0.68 on Monday, hitting $22.40. 53,978 shares of the company traded hands, compared to its average volume of 191,838. The company has a market cap of $633.70 million, a PE ratio of 8.83 and a beta of 0.90. Universal Insurance Holdings, Inc. has a 12-month low of $15.63 and a 12-month high of $23.27. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 0.25. The company has a 50-day moving average price of $20.57 and a 200 day moving average price of $19.86.

Universal Insurance (NYSE:UVE - Get Free Report) last announced 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 analysts' expectations of $341.98 million. During the same quarter in the previous year, the firm earned ($0.16) earnings per share. Sell-side analysts predict that Universal Insurance Holdings, Inc. will post 1.66 earnings per share for the current year.

Universal Insurance Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, December 6th will be given a $0.13 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $0.52 dividend on an annualized basis and a dividend yield of 2.32%. Universal Insurance's dividend payout ratio is currently 26.02%.

Insiders Place Their Bets

In other Universal Insurance news, Chairman Sean P. Downes sold 20,000 shares of the firm's stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $22.47, for a total transaction of $449,400.00. Following the completion of the transaction, the chairman now owns 1,082,262 shares in the company, valued at $24,318,427.14. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Chairman Sean P. Downes sold 20,000 shares of Universal Insurance stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $22.47, for a total value of $449,400.00. Following the completion of the transaction, the chairman now owns 1,082,262 shares in the company, valued at approximately $24,318,427.14. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Jon Springer sold 35,173 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $20.53, for a total value of $722,101.69. Following the sale, the director now owns 473,899 shares in the company, valued at $9,729,146.47. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 75,173 shares of company stock worth $1,575,702 over the last 90 days. Corporate insiders own 17.50% of the company's stock.

Wall Street Analysts Forecast Growth

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

Universal Insurance Company 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.