UVE - Why Universal Insurance Holdings Stock Got Socked Today
2024-04-26 18:54:21 ET
Although it wasn't a hurricane-scale disaster, Universal Insurance Holdings ' (NYSE: UVE) first quarter wasn't impressive enough for the market to push the company's stock price higher. The shares lost nearly 4% of their value on Friday as a result, on a day when the S&P 500 index landed in positive territory with a 1% increase.
The quarterly results were published after market hours on Thursday and revealed that Universal's total revenues were a touch under $368 million for the period. So far, so good, as this represented 16% growth over the same quarter of 2023. Yet analysts following the insurer were expecting far better -- they were modeling, on average, a top line exceeding $422 million.
Universal managed to increase its non-GAAP (adjusted) net profit more impressively, and this line item topped prognosticator estimates. The company was in the black to the tune of $31.4 million ($1.07), 31% higher than the year-ago profit of $24 million. Those analysts underestimated Universal, as they were collectively modeling $0.97 per share.
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Why Universal Insurance Holdings Stock Got Socked Today