FORT LAUDERDALE, FL—Sean P. Downes, Executive Chairman of Universal Insurance Holdings, Inc. (NYSE:UVE), reported the sale of 15,064 shares of the company's common stock, according to a recent SEC filing. The shares were sold at a weighted average price of $22.4623, totaling approximately $338,372. Following this transaction, Downes directly owns 1,047,198 shares. Additionally, he holds 18,000 shares indirectly through his children and 2,000 shares through his spouse. The sale occurred on November 15, 2024, with the shares sold at prices ranging from $22.30 to $22.61.
In other recent news, Universal Insurance Holdings Inc (NYSE:UVE). reported an adjusted loss per common share of $0.73 in its third-quarter financial results, a decrease from the prior year's quarter due to lower underwriting income. Despite facing challenges, including the impact of recent hurricanes, the company remains optimistic about its non-catastrophe underwriting trends and expansion into new markets. Direct premiums written increased by 8%, and the company has opened for business in Wisconsin, marking its presence in 19 states. However, the net combined ratio deteriorated to 116.9%, driven by higher net loss and expense ratios. The company also repurchased 226,000 shares for $4.4 million and declared a quarterly dividend of $0.16 per share. These recent developments reflect Universal Insurance's commitment to manage the aftermath of catastrophe losses, such as Hurricane Helene, effectively through strategic reinsurance arrangements and operational efficiency in claims handling. The company's expansion and favorable non-catastrophe underwriting trends provide a positive outlook for growth and resilience.
InvestingPro Insights
Universal Insurance Holdings, Inc. (NYSE:UVE) has been showing strong financial performance, as reflected in the recent insider sale and current market data. According to InvestingPro, UVE's market capitalization stands at $637.01 million, with a price-to-earnings ratio of 8.83, indicating that the stock may be undervalued compared to industry peers.
The company's revenue growth is noteworthy, with a 12.23% increase over the last twelve months as of Q3 2024, reaching $1.51 billion. This growth trajectory aligns with the positive stock performance, as UVE has seen a 44.09% year-to-date price total return.
InvestingPro Tips highlight that UVE's dividend yield is currently at 3.43%, which could be attractive for income-focused investors. Additionally, the stock is trading near its 52-week high, with the current price at 96.56% of that peak, suggesting strong investor confidence.
These insights provide context to Sean P. Downes' recent stock sale, potentially indicating that the company's strong performance and market position may have influenced the timing of the transaction. For investors seeking a deeper understanding of UVE's prospects, InvestingPro offers 14 additional tips that could provide valuable guidance on the company's financial health and future outlook.
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