Universal Insurance Holdings, Inc. (UVE) offers property, casualty, and value-added insurance services. The company is actively engaged in the development, marketing, and writing of insurance products for customers in the personal residential homeowner’s lines of business. Also, it performs all other insurance-related services for its prime insurance entities.
The price of UVE stock during the regular trading on February 10, 2022, was $17.09 with a 0.64% drop. At last check in the aftermarket, the stock further plummeted by 19.4%.
UVE: Events and Happenings
On February 10, 2022, UVE was informed about the declaration of a quarterly cash dividend of 16 cents per share of its common stock by the company’s BoDs. The dividend is payable by March 17, 2022. Additionally, the company expects the 2021 accident year strengthening of reserves in Q4 of $30.7 million and $21.5 million in weather above plan.
On November 29, 2021, UVE updated about joining the US EPA’s Green Power Collaboration. The company is utilizing 652,000 kWh of green power yearly, which is enough to meet 25% of the organization’s electricity use. On November 23, 2021, UVE informed about the completion of a private placement of $100 million cumulative amount of 5.625% senior unsecured notes due 2026 to certain investors.
UVE: Key Financials
On October 27, 2021, UVE released its financial results for the third quarter of 2021 ended September 30, 2021. Some of the key highlights are discussed below.
Revenue
Total revenue in the third quarter of 2021 was $287.2 million compared to $11.6 million in the same period of 2020. Total revenue decreased over the yearly period by $24.4 million.
EPS
Diluted net income per share in Q3 2021 was $20.1 million or $0.64 compared to a net loss of $3.16 million or $0.10 in the same period of 2020. The net earnings of the company increased over the yearly period.
Conclusion
UVE stock is 17% up the past year period as it outperformed in various sectors. The current aftermarket dip in the stock is likely the outcome of the company’s recent Form 8-K filing with SEC and 16 cents per share cash dividend declaration. As the earnings release date is approaching, the company is expecting a revenue of $286.6 million and EPS of $0.30.
