Piper Sandler cuts Universal Insurance's PT on muted growth

Universal Insurance Holdings

28/02/2022 16:10

** Piper Sandler cuts property and casualty insurer's
 UVE.N  PT to $13.50 from $15, implying an upside of ~11.3% to
the stock's last close 
    ** Brokerage says co's growth was muted in Q4 compared with
its expectations due to "accelerating dysfunction" in the
Florida homeowners insurance market
    ** Says it does not see any imminent meaningful property
insurance reform in the key Florida market to alleviate concerns
    ** "Management is increasingly being conservative with loss
picks even in a very hard market as large rate increases earn
in" - Piper Sandler 
    ** UVE shares down 0.66% at $12.05 in early trading amid
broader market weakness in financial stocks triggered by Western
sanctions on Russia  .N 
    ** Including session losses, stock down ~29.12% so far this
year

 (Reporting by Manya Saini in Bengaluru)
 ((Manya.Saini@thomsonreuters.com;))