Jon Springer, a director at Universal Insurance Holdings, Inc. (NYSE:UVE), has sold 25,000 shares of the company’s common stock, according to a recent SEC filing. The insurance provider, which has maintained dividend payments for 19 consecutive years and delivered an impressive 34.91% return year-to-date, continues to show strong market performance. The shares were sold on December 20 at a weighted average price of $20.6592, resulting in a total transaction value of approximately $516,479. Following this sale, Springer retains ownership of 358,228 shares in the company. The transaction was executed through multiple trades, with prices ranging from $20.04 to $20.88 per share. According to InvestingPro analysis, UVE currently trades near its Fair Value, with a P/E ratio of 8.18 and maintains a GREAT financial health score. Get access to 6 more exclusive InvestingPro Tips and comprehensive analysis in the Pro Research Report.
In other recent news, Universal Insurance Holdings Inc (NYSE:UVE). reported a significant adjusted loss per common share of $0.73 in its third-quarter financial results, a decrease from the previous year’s loss of $0.16. This was primarily attributed to lower underwriting income and the impact of recent hurricanes. However, the company’s direct premiums written showed growth, with an increase of 8%, particularly outside of Florida.
Universal Insurance also reported a net combined ratio deterioration to 116.9%, due to higher net loss and expense ratios. Nevertheless, the company repurchased 226,000 shares for $4.4 million and declared a quarterly dividend of $0.16 per share.
In terms of expansion, Universal Insurance has recently commenced operations in Wisconsin, marking its presence in a total of 19 states. Despite weather-related losses, primarily from Hurricane Helene, the company remains optimistic about its non-catastrophe underwriting trends and diversification of its business through expansion into new markets.
These recent developments come amidst the company’s strategic initiatives to strengthen its market position and deliver value to its policyholders and shareholders, including handling a majority of claims internally to maintain quality and efficiency. The company’s core revenue has also increased by 5.4% year-over-year, driven by higher net premiums earned and commission revenue.
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