United Insurance (NASDAQ:UIHC) Cut to “Strong Sell” at Zacks Investment Research

Zacks Investment Research downgraded shares of United Insurance (NASDAQ:UIHC) from a hold rating to a strong sell rating in a report released on Saturday, Zacks.com reports.

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. “

A number of other brokerages also recently issued reports on UIHC. BidaskClub downgraded United Insurance from a hold rating to a sell rating in a research note on Thursday, October 17th. ValuEngine downgraded United Insurance from a strong-buy rating to a buy rating in a research note on Wednesday, October 2nd. Raymond James cut their target price on United Insurance from $18.00 to $15.00 and set an outperform rating for the company in a research note on Monday, August 5th. Finally, Wells Fargo & Co reaffirmed a hold rating and issued a $13.00 target price on shares of United Insurance in a research note on Wednesday, October 16th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. The stock currently has an average rating of Hold and a consensus target price of $15.33.

NASDAQ UIHC opened at $12.54 on Friday. The business has a fifty day moving average price of $13.31 and a 200 day moving average price of $13.78. United Insurance has a one year low of $10.72 and a one year high of $20.78. The company has a market cap of $558.76 million, a P/E ratio of 33.00, a P/E/G ratio of 3.23 and a beta of 1.24.

United Insurance (NASDAQ:UIHC) last issued its earnings results on Wednesday, July 31st. The insurance provider reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.17). United Insurance had a negative return on equity of 2.94% and a negative net margin of 2.09%. The company had revenue of $202.05 million during the quarter, compared to analyst estimates of $201.52 million. On average, research analysts predict that United Insurance will post 0.2 EPS for the current fiscal year.

In other news, Director Patrick Maroney bought 3,000 shares of the stock in a transaction that occurred on Tuesday, August 6th. The stock was bought at an average cost of $11.75 per share, for a total transaction of $35,250.00. Following the acquisition, the director now directly owns 7,750 shares of the company’s stock, valued at approximately $91,062.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider John Scott St acquired 4,258 shares of the firm’s stock in a transaction dated Friday, August 9th. The stock was bought at an average price of $11.79 per share, with a total value of $50,201.82. Following the purchase, the insider now directly owns 6,784 shares in the company, valued at approximately $79,983.36. The disclosure for this purchase can be found here. Insiders have purchased a total of 14,960 shares of company stock valued at $140,456 over the last 90 days. 52.50% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the company. Bank of Montreal Can raised its position in shares of United Insurance by 183.6% during the 2nd quarter. Bank of Montreal Can now owns 2,408 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 1,559 shares in the last quarter. Tower Research Capital LLC TRC acquired a new stake in shares of United Insurance during the 2nd quarter worth about $45,000. Aperio Group LLC acquired a new stake in shares of United Insurance during the 2nd quarter worth about $59,000. Integre Asset Management LLC acquired a new stake in shares of United Insurance during the 2nd quarter worth about $155,000. Finally, Citadel Advisors LLC raised its position in shares of United Insurance by 111.0% during the 2nd quarter. Citadel Advisors LLC now owns 11,789 shares of the insurance provider’s stock worth $168,000 after acquiring an additional 118,615 shares in the last quarter. Institutional investors and hedge funds own 36.81% of the company’s stock.

United Insurance Company Profile

United Insurance Holdings Corp. operates as a property and casualty insurance holding company that sources, writes, and services residential personal 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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