Algert Global LLC Boosts Stock Position in Universal Insurance Holdings, Inc. (NYSE:UVE)

Algert Global LLC grew its stake in shares of Universal Insurance Holdings, Inc. (NYSE:UVE - Free Report) by 46.8% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 79,059 shares of the insurance provider's stock after buying an additional 25,210 shares during the period. Algert Global LLC owned 0.28% of Universal Insurance worth $1,752,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in UVE. Charles Schwab Investment Management Inc. lifted its holdings in Universal Insurance by 22.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 347,395 shares of the insurance provider's stock valued at $7,698,000 after purchasing an additional 63,582 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Universal Insurance by 16.7% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 174,232 shares of the insurance provider's stock valued at $3,861,000 after purchasing an additional 24,919 shares during the period. Aigen Investment Management LP purchased a new position in shares of Universal Insurance during the 3rd quarter valued at $202,000. GSA Capital Partners LLP boosted its holdings 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 worth $2,080,000 after buying an additional 48,864 shares during the period. Finally, Versor Investments LP purchased a new stake in Universal Insurance in the 3rd quarter worth $292,000. 66.61% of the stock is currently owned by institutional investors.

Universal Insurance Price Performance

Shares of Universal Insurance stock traded up $0.07 on Thursday, hitting $22.79. 71,722 shares of the company traded hands, compared to its average volume of 187,479. Universal Insurance Holdings, Inc. has a 52 week low of $15.63 and a 52 week high of $23.39. The business has a 50-day simple moving average of $20.90 and a 200 day simple moving average of $20.09. 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 has a market capitalization of $644.73 million, a P/E ratio of 9.26 and a beta of 0.90.

Universal Insurance (NYSE:UVE - Get Free Report) last posted its earnings results on Thursday, October 24th. The insurance provider reported ($0.73) earnings per share for the quarter, beating 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 company had revenue of $387.55 million during the quarter, compared to analysts' expectations of $341.98 million. During the same period last year, the company posted ($0.16) earnings per share. Research analysts expect that Universal Insurance Holdings, Inc. will post 1.66 earnings per share for the current fiscal year.

Universal Insurance Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, December 6th will be issued 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 2.28%. Universal Insurance's payout ratio is 26.02%.

Insider Buying and Selling

In other news, Chairman Sean P. Downes sold 20,000 shares of the company's stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $20.21, for a total value of $404,200.00. Following the transaction, the chairman now directly owns 1,062,262 shares in the company, valued at approximately $21,468,315.02. This represents a 1.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders have sold 55,064 shares of company stock valued at $1,191,937 in the last ninety days. 17.50% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised Universal Insurance from a "hold" rating to a "buy" rating in a research note 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.