California Public Employees Retirement System lifted its position in shares of Universal Insurance Holdings, Inc. (NYSE:UVE) by 12.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 70,769 shares of the insurance provider’s stock after purchasing an additional 7,869 shares during the quarter. California Public Employees Retirement System owned approximately 0.21% of Universal Insurance worth $1,628,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also recently made changes to their positions in UVE. Capital Returns Management LLC acquired a new stake in shares of Universal Insurance during the 3rd quarter worth approximately $19,062,000. FMR LLC grew its holdings in shares of Universal Insurance by 464.1% during the 2nd quarter. FMR LLC now owns 255,258 shares of the insurance provider’s stock worth $6,433,000 after purchasing an additional 210,008 shares in the last quarter. Teachers Advisors LLC grew its holdings in shares of Universal Insurance by 13.3% during the 2nd quarter. Teachers Advisors LLC now owns 655,904 shares of the insurance provider’s stock worth $16,529,000 after purchasing an additional 77,208 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Universal Insurance by 25.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 377,977 shares of the insurance provider’s stock worth $8,732,000 after purchasing an additional 75,878 shares in the last quarter. Finally, Systematic Financial Management LP acquired a new stake in shares of Universal Insurance during the 3rd quarter worth approximately $1,708,000. 77.97% of the stock is currently owned by institutional investors.
Shares of Universal Insurance Holdings, Inc. (NYSE:UVE) opened at $29.85 on Friday. Universal Insurance Holdings, Inc. has a fifty-two week low of $15.07 and a fifty-two week high of $30.45. The firm has a market capitalization of $1,030.00, a P/E ratio of 12.76 and a beta of 1.88. The company has a current ratio of 0.77, a quick ratio of 0.77 and a debt-to-equity ratio of 0.03.
Universal Insurance declared that its board has approved a stock buyback program on Wednesday, November 8th that authorizes the company to buyback $20.00 million in shares. This buyback authorization authorizes the insurance provider to reacquire shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.
UVE has been the topic of several recent research reports. ValuEngine raised Universal Insurance from a “buy” rating to a “strong-buy” rating in a report on Friday, October 6th. Keefe, Bruyette & Woods set a $32.00 price objective on Universal Insurance and gave the stock a “buy” rating in a report on Monday, January 15th.
In related news, Director Michael Pietrangelo sold 9,969 shares of the firm’s stock in a transaction that occurred on Tuesday, November 28th. The stock was sold at an average price of $26.27, for a total transaction of $261,885.63. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 10.50% of the stock is owned by company insiders.
Universal Insurance Profile
Universal Insurance Holdings, Inc (UVE) is a private personal residential homeowners insurance company in Florida. The Company performs substantially all aspects of insurance underwriting, policy issuance, general administration, and claims processing and settlement internally. The Company’s subsidiaries include Universal Property & Casualty Insurance Company (UPCIC) and American Platinum Property and Casualty Insurance Company (APPCIC).
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