There's an old saying on Wall Street about insider buying: there are many possible reasons to sell a stock, but only one reason to buy. Back on May 13, Universal Insurance Holdings Inc's Director, Ralph J. Palmieri, invested $25,800.00 into 1,000 shares of UVE, for a cost per share of $25.80. Bargain hunters tend to pay particular attention to insider buys like this one, because presumably the only reason an insider would take their hard-earned cash and use it to buy stock of their company in the open market, is that they expect to make money.In trading on Thursday, bargain hunters could buy shares of Universal Insurance Holdings Inc ( UVE) and achieve a cost basis even cheaper than Palmieri, with shares changing hands as low as $25.61 per share. Universal Insurance Holdings Inc shares are currently trading off about 2.1% on the day. The chart below shows the one year performance of UVE shares, versus its 200 day moving average: Looking at the chart above, UVE's low point in its 52 week range is $11.53 per share, with $27.73 as the 52 week high point — that compares with a last trade of $25.60. By comparison, below is a table showing the prices at which UVE insider buying was recorded over the last six months:
|05/13/2015||Ralph J. Palmieri||Director||1,000||$25.80||$25,800.00|
According to the ETF Finder at ETF Channel, UVE makes up 1.40% of the Guggenheim S&P SmallCap 600 Pure Growth ETF ( RZG) which is trading up by about 0.1% on the day Thursday.