United Insurance: 5 Different Insiders Have Purchased Shares During The Last 30 Days

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 |  About: United Insurance Holdings Corp. (UIHC)
by: Markus Aarnio

Summary

Five insiders purchased the stock within one month.

The stock was sold by no insiders in the month of intensive purchasing.

Three of these five insiders increased their holdings by more than 10%.

United Insurance Holdings Corp. (NASDAQ:UIHC) operates as a property and casualty insurance holding company that sources, writes, and services residential property and casualty insurance policies in Florida, Massachusetts, New Jersey, North Carolina, Rhode Island, South Carolina, and Texas.

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Insider buying during the last 30 days

Here is a table of United Insurance's insider activity during the last 30 days.

Name Title Trade Date Shares Purchased Public Offering Current Ownership Increase In Shares
Sherrill Hudson Director March 5 30,000 Yes 50,000 shares +150.0%
Kimberly Salmon General Counsel Feb 24-Mar 4 18,204 No 18,204 shares from 0 to 18,204 shares
Alec Poitevint Director Feb 28 80,000 Yes 755,596 shares 11.8%
William Hood Director Feb 28 20,000 Yes 592,533 shares 3.5%
Kern Davis Director Feb 28 12,000 Yes 259,340 shares 4.9%
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There have been 160,204 shares purchased by insiders during the last 30 days.

Insider buying by calendar month

Here is a table of United Insurance's insider activity by calendar month.

Month Insider buying / shares Insider selling / shares
March 2014 46,479 0
February 2014 113,725 0
January 2014 0 0
December 2013 25,000 0
November 2013 20,200 0
October 2013 0 0
September 2013 0 0
August 2013 73,000 0
July 2013 0 0
June 2013 0 0
May 2013 0
April 2013 0 0
March 2013 300,000 0
February 2013 0 0
January 2013 0 0
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There have been 578,404 shares purchased, and there have been zero shares sold by insiders since January 2013.

Financials

United Insurance reported the full-year 2013 financial results on February 19 with the following highlights:

Revenue $208.1 million
Net income $20.3 million
Book value $6.64 per share
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United Insurance closed a $54.1 million financing on March 5.

United Insurance's book value has been trending higher since 2011.

Competition

Here is a table comparing United Insurance against the peer group.

Company UIHC Peer average
P/E 11.60 12.70
P/B 220.27% 164.96%
Dividend Yield 1.09% 3.54%
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United Insurance is trading below the peer-average P/E ratio.

Conclusion

There have been five different insiders buying United Insurance, and there have not been any insiders selling United Insurance during the last 30 days. Three of these five insiders increased their holdings by more than 10%. United Insurance has an insider ownership of 24.70%.

Four of these five insiders purchased their shares at $12.50 pursuant to the public offering. I believe United Insurance could be a good pick below $13 based on the intensive insider buying.

Disclosure: I have no positions in any stocks mentioned, but may initiate a long position in UIHC over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.