Universal Insurance Holdings (NYSE:UVE) announced that its Board of Directors has approved a stock repurchase program, which allows the company to buyback $20.00 million in outstanding shares on Wednesday, November 8th, EventVestor reports. This buyback authorization allows the insurance provider to buy shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.
Several analysts have recently commented on UVE shares. Keefe, Bruyette & Woods restated a “buy” rating and set a $29.00 target price on shares of Universal Insurance Holdings in a report on Friday, August 18th. ValuEngine cut Universal Insurance Holdings from a “strong-buy” rating to a “buy” rating in a report on Tuesday, July 18th. Finally, BidaskClub cut Universal Insurance Holdings from a “hold” rating to a “sell” rating in a report on Tuesday, July 25th.
Shares of Universal Insurance Holdings (UVE) traded up $0.20 on Thursday, hitting $23.60. The stock had a trading volume of 74,824 shares, compared to its average volume of 216,376. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.03. Universal Insurance Holdings has a twelve month low of $15.07 and a twelve month high of $29.20. The firm has a market capitalization of $815.41, a price-to-earnings ratio of 8.33 and a beta of 1.85.
Universal Insurance Holdings (NYSE:UVE) last issued its quarterly earnings results on Wednesday, November 8th. The insurance provider reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.23 by $0.03. Universal Insurance Holdings had a return on equity of 25.85% and a net margin of 14.21%. The business had revenue of $190.24 million for the quarter.
The company also recently declared a quarterly dividend, which was paid on Tuesday, October 24th. Stockholders of record on Tuesday, September 12th were paid a dividend of $0.14 per share. This represents a $0.56 annualized dividend and a dividend yield of 2.37%. The ex-dividend date of this dividend was Monday, September 11th. Universal Insurance Holdings’s dividend payout ratio (DPR) is presently 19.93%.
In other news, CFO Frank Wilcox purchased 2,000 shares of the business’s stock in a transaction dated Friday, September 8th. The shares were acquired at an average price of $17.69 per share, with a total value of $35,380.00. Following the completion of the purchase, the chief financial officer now directly owns 96,024 shares of the company’s stock, valued at approximately $1,698,664.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 10.50% of the company’s stock.
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Universal Insurance Holdings Company 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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