IndexIQ Advisors LLC Purchases 10,449 Shares of United Insurance Holdings Corp (UIHC)

IndexIQ Advisors LLC boosted its position in United Insurance Holdings Corp (NASDAQ:UIHC) by 10.1% during the second quarter, Holdings Channel reports. The institutional investor owned 114,285 shares of the insurance provider’s stock after purchasing an additional 10,449 shares during the period. IndexIQ Advisors LLC’s holdings in United Insurance were worth $2,238,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of UIHC. Franklin Resources Inc. boosted its position in United Insurance by 41.5% in the 1st quarter. Franklin Resources Inc. now owns 958,034 shares of the insurance provider’s stock worth $18,337,000 after purchasing an additional 281,100 shares in the last quarter. Northern Trust Corp boosted its position in United Insurance by 3.4% in the 1st quarter. Northern Trust Corp now owns 246,059 shares of the insurance provider’s stock worth $4,710,000 after purchasing an additional 8,045 shares in the last quarter. Wells Fargo & Company MN boosted its position in United Insurance by 69.4% in the 1st quarter. Wells Fargo & Company MN now owns 80,968 shares of the insurance provider’s stock worth $1,550,000 after purchasing an additional 33,161 shares in the last quarter. Millennium Management LLC purchased a new stake in United Insurance in the 4th quarter worth approximately $434,000. Finally, Principal Financial Group Inc. boosted its position in United Insurance by 2.4% in the 1st quarter. Principal Financial Group Inc. now owns 157,296 shares of the insurance provider’s stock worth $3,011,000 after purchasing an additional 3,742 shares in the last quarter. Hedge funds and other institutional investors own 31.25% of the company’s stock.

In other United Insurance news, Director Michael Hogan bought 2,500 shares of the firm’s stock in a transaction dated Tuesday, May 15th. The shares were purchased at an average price of $20.54 per share, for a total transaction of $51,350.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 52.40% of the company’s stock.

Several equities research analysts have commented on the company. Zacks Investment Research lowered United Insurance from a “hold” rating to a “sell” rating in a research report on Friday, May 11th. BidaskClub upgraded United Insurance from a “hold” rating to a “buy” rating in a research report on Thursday, August 2nd. Wells Fargo & Co set a $22.00 price objective on United Insurance and gave the stock a “buy” rating in a research report on Tuesday, May 8th. Finally, Raymond James lowered United Insurance from a “strong-buy” rating to an “outperform” rating in a research report on Monday, May 14th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $21.67.

Shares of United Insurance opened at $20.83 on Friday, MarketBeat Ratings reports. United Insurance Holdings Corp has a 1 year low of $13.60 and a 1 year high of $22.23. The company has a market cap of $894.55 million, a PE ratio of 22.40, a price-to-earnings-growth ratio of 0.61 and a beta of 1.65.

United Insurance (NASDAQ:UIHC) last announced its earnings results on Wednesday, August 1st. The insurance provider reported $0.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.18). United Insurance had a net margin of 3.08% and a return on equity of 8.35%. The business had revenue of $182.21 million for the quarter, compared to analysts’ expectations of $221.89 million. analysts expect that United Insurance Holdings Corp will post 1.7 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 20th. Stockholders of record on Monday, August 13th will be given a dividend of $0.06 per share. The ex-dividend date is Friday, August 10th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 1.15%. United Insurance’s dividend payout ratio (DPR) is 25.81%.

United Insurance Profile

United Insurance Holdings Corp. engages in the homeowners property and casualty insurance business, through wholly-owned insurance subsidiaries. Its products consist of condominium, investor property, identity theft, renters flood, commercial residential, and special coverages. The company was founded in May 2007 and is headquartered in St.

Further Reading: Earnings Per Share (EPS) Explained

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Institutional Ownership by Quarter for United Insurance (NASDAQ:UIHC)

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