Universal Insurance Holdings (UVE) slumped Friday, having hit an all-time high earlier this week in the lead up to quarterly earnings that when reported late Thursday had improved from the same quarter a year earlier.
The property and casualty insurance holding company said net income for Q1 2014 increased $1.6 million, or $0.09 per share, to $0.38. That compares to $0.29 in Q1 2013, reflecting an increase in investment income and the absence of trading losses that occurred a year earlier. Analyst estimates were not available.
The company reported Q1 2014 EPS benefited from lower outstanding shares as a result of share repurchases made by the company since April 2013.
“We believe that our focused initiatives, including a controlled exposure reduction in Florida and prudent expansion in other states, should lead to significant savings in reinsurance costs while enhancing our competitive position, said Sean Downes, the Company’s chairman, president and CEO.
The company also reported continued growth in states outside of Florida, resulting in a 47.8% year-over-year increase in policy count.
The company’s shares are trading off a hefty $2.78 at $12.35 near midday Friday, a decline of 18%. The stock hit a record-high $15.42 in Monday’s session.
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