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

United Insurance (NASDAQ:UIHC) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report released on Saturday.

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 topic of several other reports. Wells Fargo & Co reissued a “buy” rating and set a $18.00 price target on shares of United Insurance in a research note on Tuesday, November 7th. BidaskClub raised shares of United Insurance from a “sell” rating to a “hold” rating in a research note on Friday, December 29th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $20.00 price objective on shares of United Insurance in a research note on Friday, December 22nd. Finally, ValuEngine cut shares of United Insurance from a “hold” rating to a “sell” rating in a research note on Tuesday, October 17th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating, two have assigned a buy rating and two have issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $18.67.

United Insurance (UIHC) traded up $0.37 on Friday, hitting $18.14. 316,200 shares of the stock traded hands, compared to its average volume of 248,300. United Insurance has a twelve month low of $13.05 and a twelve month high of $18.32. The company has a market capitalization of $775.55, a PE ratio of -22.67, a P/E/G ratio of 0.48 and a beta of 1.54.

In other United Insurance news, Director Michael Hogan acquired 2,500 shares of United Insurance stock in a transaction on Tuesday, December 12th. The shares were purchased at an average cost of $16.45 per share, with a total value of $41,125.00. Following the completion of the purchase, the director now owns 57,438 shares in the company, valued at $944,855.10. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Alec Poitevint II acquired 1,500 shares of United Insurance stock in a transaction on Friday, December 15th. The stock was acquired at an average cost of $16.71 per share, for a total transaction of $25,065.00. Following the completion of the purchase, the director now owns 20,000 shares of the company’s stock, valued at approximately $334,200. The disclosure for this purchase can be found here. 22.60% of the stock is currently owned by company insiders.

A number of hedge funds have recently made changes to their positions in UIHC. First Quadrant L P CA acquired a new stake in United Insurance in the third quarter worth $101,000. Municipal Employees Retirement System of Michigan raised its holdings in United Insurance by 82.9% in the third quarter. Municipal Employees Retirement System of Michigan now owns 7,720 shares of the insurance provider’s stock worth $126,000 after purchasing an additional 3,500 shares during the period. BNP Paribas Arbitrage SA raised its holdings in United Insurance by 88.6% in the third quarter. BNP Paribas Arbitrage SA now owns 10,119 shares of the insurance provider’s stock worth $165,000 after purchasing an additional 4,754 shares during the period. Thrivent Financial For Lutherans raised its holdings in United Insurance by 7.2% in the second quarter. Thrivent Financial For Lutherans now owns 10,750 shares of the insurance provider’s stock worth $169,000 after purchasing an additional 720 shares during the period. Finally, Stevens Capital Management LP acquired a new stake in United Insurance in the third quarter worth $209,000. 31.54% of the stock is currently owned by hedge funds and other institutional investors.

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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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