FORT LAUDERDALE, FL—Jon Springer, a director at Universal Insurance Holdings Inc . (NYSE:), recently executed a sale of 25,000 shares of the company’s common stock. The transaction, which took place on December 19, amounted to approximately $515,652, with shares sold at a weighted average price of $20.6261. According to InvestingPro data, the stock is currently trading near its 52-week high of $23.39, with the company showing GREAT overall financial health. The sale was conducted across multiple transactions, with prices ranging from $20.48 to $20.765 per share. Following this transaction, Springer retains direct ownership of 383,228 shares in the company. The insurance provider, with a market capitalization of $584 million, has maintained dividend payments for 19 consecutive years and currently offers a 3.7% yield. InvestingPro subscribers can access additional insights through comprehensive Pro Research Reports, available for over 1,400 US stocks including UVE.
In other recent news, Universal Insurance Holdings Inc. reported a notable downturn in their third-quarter financial results. The company posted an adjusted loss per common share of $0.73, a significant decrease from the loss of $0.16 reported during the same period last year. This downturn was primarily attributed to a decline in underwriting income and the impact of recent hurricanes. Despite these challenges, the company saw an 8% increase in direct premiums written, particularly outside of Florida.
Universal Insurance also disclosed a deterioration in the net combined ratio to 116.9%, driven by higher net loss and expense ratios. However, the company remains optimistic about non-catastrophe underwriting trends and recent expansion into Wisconsin. The firm repurchased 226,000 shares for $4.4 million and declared a quarterly dividend of $0.16 per share.
While the company faced increased weather-related losses primarily from Hurricane Helene, it also reported a 5.4% year-over-year increase in core revenue. This was driven by higher net premiums earned and commission revenue. Universal Insurance’s strategic reinsurance arrangements and operational efficiency in claims handling have positioned it to manage the aftermath of these weather events effectively.
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