Northern Trust Corp lifted its stake in shares of United Insurance Holdings Corp (NASDAQ:UIHC) by 6.3% in the 2nd quarter, HoldingsChannel reports. The fund owned 261,572 shares of the insurance provider’s stock after acquiring an additional 15,513 shares during the quarter. Northern Trust Corp’s holdings in United Insurance were worth $5,122,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of UIHC. Principal Financial Group Inc. grew its position in United Insurance by 2.4% in the first quarter. Principal Financial Group Inc. now owns 157,296 shares of the insurance provider’s stock valued at $3,011,000 after purchasing an additional 3,742 shares in the last quarter. Schwab Charles Investment Management Inc. grew its position in United Insurance by 4.2% in the second quarter. Schwab Charles Investment Management Inc. now owns 102,555 shares of the insurance provider’s stock valued at $2,009,000 after purchasing an additional 4,107 shares in the last quarter. SG Americas Securities LLC bought a new position in United Insurance in the second quarter valued at $101,000. IndexIQ Advisors LLC grew its position in United Insurance by 10.1% in the second quarter. IndexIQ Advisors LLC now owns 114,285 shares of the insurance provider’s stock valued at $2,238,000 after purchasing an additional 10,449 shares in the last quarter. Finally, Raymond James & Associates grew its position in United Insurance by 8.2% in the second quarter. Raymond James & Associates now owns 265,120 shares of the insurance provider’s stock valued at $5,191,000 after purchasing an additional 20,033 shares in the last quarter. 33.09% of the stock is owned by institutional investors.
A number of research firms recently weighed in on UIHC. BidaskClub raised shares of United Insurance from a “hold” rating to a “buy” rating in a research report on Thursday, August 2nd. Zacks Investment Research raised shares of United Insurance from a “hold” rating to a “buy” rating and set a $23.00 target price for the company in a research report on Saturday, September 22nd. Keefe, Bruyette & Woods downgraded shares of United Insurance from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $23.00 to $18.00 in a research report on Monday, November 5th. Finally, Wells Fargo & Co reaffirmed a “buy” rating and issued a $22.00 target price on shares of United Insurance in a research report on Friday, November 2nd. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $21.00.
Shares of UIHC stock opened at $18.96 on Wednesday. The firm has a market capitalization of $820.15 million, a price-to-earnings ratio of 20.39, a PEG ratio of 2.54 and a beta of 1.72. United Insurance Holdings Corp has a one year low of $15.67 and a one year high of $22.43.
United Insurance (NASDAQ:UIHC) last announced its quarterly earnings results on Thursday, November 1st. The insurance provider reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.40). The firm had revenue of $181.99 million during the quarter, compared to analyst estimates of $174.94 million. United Insurance had a net margin of 5.23% and a return on equity of 9.33%. Equities research analysts expect that United Insurance Holdings Corp will post 0.38 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 27th. Shareholders of record on Tuesday, November 20th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.27%. The ex-dividend date is Monday, November 19th. United Insurance’s dividend payout ratio is currently 25.81%.
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United Insurance Profile
United Insurance Holdings Corp. operates as a property and casualty insurance holding company that sources, writes, and services residential and commercial property, and casualty insurance policies in the United States. The company offers structure, content, and liability coverage for standard single-family homeowners, renters, and condominium unit owners, as well as dwelling fire policies.
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