Michael Hogan, a director at United Insurance Holdings Corp (UIHC), recently picked up 24,009 shares, which increased his stake by nearly 20 percent. The trade cost just over $123,000.
That’s the second buy from that director in the past month, following a buy at the end of November. He’s also been joined by three other directors and the company’s Chief Claims officer in that timeframe. Overall, insiders own just over 53 percent of the company.
The property and casualty insurance firm, which offers hurricane insurance, has seen shares rise in recent weeks as hurricane season has ended. With a heavily active season, it’s no surprise that shares are down 50 percent over the past year and the company is currently operating at a loss.
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Nevertheless, insider buying, the company’s strong balance sheet, and maintained dividend near 4 percent look like an attractive buy now going into the quiet season.
Action to take: Investors may like shares in the $6 range for the sizeable dividend and capital appreciation potential.
For traders, the May 2021 $5 calls are about $1.00 in-the-money already. Trading for about $1.50, they offer a leveraged return higher as shares continue their rebound. And the May strike price is perfect, as the option will expire before hurricane season in North America starts again.