Insider Trading at Universal Insurance Holdings (UVE): CEO Sean Downes Sells 20,000 Shares

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Sean Downes, Chief Executive Officer and President of the $485 million market capital firm Universal Insurance Holdings, Inc. (NYSE:UVE), completed his sale of 20,000 common stock, directly. The company shares were sold at $12.36 per share, and although the CEO still maintains a heavy bulk of over two million shares to his name, this is the first sale to take place at Universal Insurance this month. In contrast, last week two of the company’s insiders – Directors Richard Peterson and Ralph Palmieri – purchased 780 and 1,500 Universal shares, respectively.

On another note, several hedge funds entered in a stockholder position with the insurance firm this quarter, such as Cliff Asness’ Aqr Capital Management, which purchased 107,545 company shares for $1.3 million. Marshall Wace Llp, the hedge fund run by Paul Marshall and Ian Wace, established their new position with an even larger sum, as the 224,276 shares, worth $2.8 million, occupy 0.5% of the hedge fund’s portfolio.

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