Charles Schwab Investment Management Inc. Has $7.70 Million Stock Position in Universal Insurance Holdings, Inc. (NYSE:UVE)

Charles Schwab Investment Management Inc. increased its holdings in Universal Insurance Holdings, Inc. (NYSE:UVE - Free Report) by 22.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 347,395 shares of the insurance provider's stock after buying an additional 63,582 shares during the period. Charles Schwab Investment Management Inc. owned 1.23% of Universal Insurance worth $7,698,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. SG Americas Securities LLC raised its holdings in Universal Insurance by 17.4% in the 2nd quarter. SG Americas Securities LLC now owns 12,374 shares of the insurance provider's stock valued at $232,000 after acquiring an additional 1,833 shares in the last quarter. Highland Capital Management LLC increased its stake in 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 acquiring an additional 43,718 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Universal Insurance by 4.8% in the second quarter. Bank of New York Mellon Corp now owns 300,379 shares of the insurance provider's stock valued at $5,635,000 after acquiring an additional 13,856 shares during the last quarter. Bailard Inc. raised its position in Universal Insurance by 33.3% during the second quarter. Bailard Inc. now owns 16,800 shares of the insurance provider's stock valued at $315,000 after purchasing an additional 4,200 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in Universal Insurance by 45.8% during the second quarter. Allspring Global Investments Holdings LLC now owns 85,576 shares of the insurance provider's stock worth $1,605,000 after purchasing an additional 26,863 shares during the last quarter. 66.61% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

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

Universal Insurance Price Performance

UVE stock traded up $0.29 during trading on Wednesday, reaching $21.51. 171,351 shares of the company were exchanged, compared to its average volume of 185,212. The company has a 50-day moving average of $20.95 and a two-hundred day moving average of $20.22. The company has a market capitalization of $608.52 million, a price-to-earnings ratio of 8.63 and a beta of 0.92. Universal Insurance Holdings, Inc. has a twelve month low of $15.63 and a twelve month high of $23.39. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.51 and a quick ratio of 0.51.

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 (EPS) for the quarter, topping the consensus estimate of ($1.03) by $0.30. The company had revenue of $387.55 million during the quarter, compared to the consensus estimate of $341.98 million. Universal Insurance had a net margin of 4.82% and a return on equity of 15.43%. During the same period in the prior year, the business earned ($0.16) earnings per share. As a group, equities analysts predict 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 announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, December 6th will be issued a $0.13 dividend. The ex-dividend date is Friday, December 6th. This represents a $0.52 dividend on an annualized basis and a yield of 2.42%. Universal Insurance's payout ratio is presently 26.02%.

Wall Street Analysts Forecast Growth

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.