United Insurance (NASDAQ:UIHC) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report released on Thursday.
According to Zacks, “United Insurance Holdings Corp., together with its subsidiaries, operates as a property and casualty insurance company. It primarily offers homeowners and dwelling fire insurance policies, as well as provides flood insurance through the National Flood Insurance Program. From its headquarters in St. Petersburg, United’s team of dedicated employees manages a completely integrated insurance company, including sales, underwriting, policyholder service and claims. It principally markets its products through insurance agents. “
UIHC has been the subject of a number of other research reports. Wells Fargo & Company reaffirmed a “buy” rating and issued a $18.00 price objective on shares of United Insurance in a report on Tuesday, November 7th. ValuEngine cut shares of United Insurance from a “hold” rating to a “sell” rating in a report on Tuesday, October 17th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, two have issued a buy rating and two have given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $18.00.
In related news, Director Michael Hogan bought 2,500 shares of the business’s stock in a transaction dated Tuesday, December 12th. The stock was acquired at an average price of $16.45 per share, with a total value of $41,125.00. Following the completion of the purchase, the director now directly owns 57,438 shares of the company’s stock, valued at $944,855.10. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. 22.60% of the stock is owned by insiders.
Several hedge funds have recently added to or reduced their stakes in UIHC. Capital Returns Management LLC increased its stake in shares of United Insurance by 140.9% during the second quarter. Capital Returns Management LLC now owns 604,653 shares of the insurance provider’s stock worth $9,511,000 after purchasing an additional 353,700 shares in the last quarter. Marshall Wace North America L.P. acquired a new position in United Insurance during the second quarter worth about $4,157,000. Lido Advisors LLC acquired a new position in United Insurance during the third quarter worth about $2,877,000. Mutual of America Capital Management LLC boosted its position in United Insurance by 133.7% during the second quarter. Mutual of America Capital Management LLC now owns 236,368 shares of the insurance provider’s stock worth $3,718,000 after acquiring an additional 135,233 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in United Insurance by 14.8% during the third quarter. Dimensional Fund Advisors LP now owns 925,428 shares of the insurance provider’s stock worth $15,084,000 after acquiring an additional 119,424 shares during the last quarter. 31.58% of the stock is owned by institutional investors and hedge funds.
United Insurance Company Profile
United Insurance Holdings Corp. is a property and casualty insurance holding company that sources, writes and services residential property and casualty insurance policies using a network of agents and a group of insurance subsidiaries. The Company’s insurance subsidiary is United Property & Casualty Insurance Company.
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