Connor Clark & Lunn Investment Management Ltd. Grows Position in Universal Insurance Holdings, Inc. (NYSE:UVE)

Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Universal Insurance Holdings, Inc. (NYSE:UVE) by 12.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 195,267 shares of the insurance provider’s stock after buying an additional 21,035 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Universal Insurance were worth $4,112,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the business. Victory Capital Management Inc. purchased a new stake in shares of Universal Insurance during the fourth quarter worth $240,000. Principal Financial Group Inc. grew its holdings in shares of Universal Insurance by 9.7% during the fourth quarter. Principal Financial Group Inc. now owns 24,415 shares of the insurance provider’s stock worth $514,000 after buying an additional 2,160 shares in the last quarter. Rhumbline Advisers grew its holdings in shares of Universal Insurance by 62.5% during the fourth quarter. Rhumbline Advisers now owns 61,935 shares of the insurance provider’s stock worth $1,304,000 after buying an additional 23,830 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Universal Insurance during the fourth quarter worth $319,000. Finally, Rockwood Wealth Management LLC grew its holdings in shares of Universal Insurance by 48.4% during the fourth quarter. Rockwood Wealth Management LLC now owns 16,373 shares of the insurance provider’s stock worth $337,000 after buying an additional 5,337 shares in the last quarter. Hedge funds and other institutional investors own 66.61% of the company’s stock.

Universal Insurance Trading Up 2.4 %

Shares of UVE opened at $21.84 on Monday. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.25. Universal Insurance Holdings, Inc. has a 12-month low of $16.50 and a 12-month high of $23.39. The firm has a 50-day moving average price of $20.24 and a 200 day moving average price of $20.79. The firm has a market capitalization of $613.62 million, a P/E ratio of 8.88 and a beta of 0.84.

Universal Insurance (NYSE:UVE) last announced its quarterly earnings data on Tuesday, February 25th. The insurance provider reported $0.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.16. Universal Insurance had a net margin of 4.82% and a return on equity of 15.43%. The firm had revenue of $384.81 million during the quarter, compared to analyst estimates of $349.91 million. Sell-side analysts forecast that Universal Insurance Holdings, Inc. will post 1.66 EPS for the current year.

Universal Insurance Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, March 7th were issued a $0.16 dividend. The ex-dividend date of this dividend was Friday, March 7th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.93%. This is a positive change from Universal Insurance’s previous quarterly dividend of $0.13. Universal Insurance’s dividend payout ratio is currently 32.16%.

Wall Street Analysts Forecast Growth

Separately, StockNews.com lowered shares of Universal Insurance from a “strong-buy” rating to a “buy” rating in a report on Tuesday, March 4th.

Insiders Place Their Bets

In other Universal Insurance news, Director Jon Springer sold 25,000 shares of the stock in a transaction dated Thursday, December 19th. The shares were sold at an average price of $20.63, for a total transaction of $515,750.00. Following the completion of the transaction, the director now owns 383,228 shares of the company’s stock, valued at $7,905,993.64. This trade represents a 6.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Sean P. Downes sold 50,000 shares of the stock in a transaction dated Monday, December 30th. The stock was sold at an average price of $20.51, for a total transaction of $1,025,500.00. Following the transaction, the chairman now directly owns 985,320 shares of the company’s stock, valued at approximately $20,208,913.20. This trade represents a 4.83 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 115,000 shares of company stock valued at $2,424,450 over the last 90 days. 17.50% of the stock is owned by company insiders.

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.