Bank of New York Mellon Corp Lowers Position in Universal Insurance Holdings, Inc. (UVE)

Bank of New York Mellon Corp cut its holdings in Universal Insurance Holdings, Inc. (NYSE:UVE) by 1.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 503,949 shares of the insurance provider’s stock after selling 5,349 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.45% of Universal Insurance worth $17,688,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. BlackRock Inc. lifted its position in shares of Universal Insurance by 7.2% during the second quarter. BlackRock Inc. now owns 4,470,854 shares of the insurance provider’s stock valued at $156,927,000 after buying an additional 300,628 shares during the last quarter. LSV Asset Management lifted its position in shares of Universal Insurance by 1.6% during the second quarter. LSV Asset Management now owns 1,712,660 shares of the insurance provider’s stock valued at $60,114,000 after buying an additional 26,801 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Universal Insurance by 1.9% during the second quarter. Dimensional Fund Advisors LP now owns 1,709,632 shares of the insurance provider’s stock valued at $60,008,000 after buying an additional 32,633 shares during the last quarter. Epoch Investment Partners Inc. purchased a new stake in shares of Universal Insurance during the second quarter valued at about $17,978,000. Finally, Schwab Charles Investment Management Inc. lifted its position in shares of Universal Insurance by 6.9% during the second quarter. Schwab Charles Investment Management Inc. now owns 368,490 shares of the insurance provider’s stock valued at $12,934,000 after buying an additional 23,650 shares during the last quarter. 76.68% of the stock is owned by institutional investors.

In other news, CEO Sean P. Downes sold 20,000 shares of the company’s stock in a transaction dated Wednesday, October 24th. The shares were sold at an average price of $45.71, for a total transaction of $914,200.00. Following the transaction, the chief executive officer now owns 1,351,399 shares in the company, valued at $61,772,448.29. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Jon Springer sold 7,000 shares of the company’s stock in a transaction dated Monday, September 10th. The shares were sold at an average price of $44.68, for a total transaction of $312,760.00. Following the transaction, the insider now owns 449,325 shares in the company, valued at approximately $20,075,841. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 81,000 shares of company stock worth $3,689,540. Corporate insiders own 10.60% of the company’s stock.

UVE opened at $44.25 on Tuesday. Universal Insurance Holdings, Inc. has a 52-week low of $25.30 and a 52-week high of $50.50. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.64 and a current ratio of 0.64. The stock has a market cap of $1.53 billion, a PE ratio of 9.80 and a beta of 1.66.

Universal Insurance (NYSE:UVE) last posted its quarterly earnings data on Monday, October 29th. The insurance provider reported $1.04 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.02 by $0.02. Universal Insurance had a net margin of 19.77% and a return on equity of 33.17%. The firm had revenue of $206.16 million for the quarter.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 4th. Stockholders of record on Tuesday, November 27th will be issued a dividend of $0.16 per share. The ex-dividend date of this dividend is Monday, November 26th. This represents a $0.64 annualized dividend and a dividend yield of 1.45%.

Separately, ValuEngine downgraded shares of Universal Insurance from a “buy” rating to a “hold” rating in a report on Thursday, November 1st.

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About Universal Insurance

Universal Insurance Holdings, Inc, together with its subsidiaries, operates as an integrated insurance holding company in the United States. The company primarily offers personal residential homeowner's insurance. It also underwrites homeowner's multi-peril insurance; and fire, commercial multi-peril, and other liability lines of business.

Further Reading: What are retained earnings?

Institutional Ownership by Quarter for Universal Insurance (NYSE:UVE)

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