Why Universal Insurance Holdings Stock Soared by 22% on Friday

A stomping net income beat on its latest set of quarterly results drove Universal Insurance Holdings' (NYSE: UVE) share price up at a comfortable, double-digit percentage rate on Friday. The stock closed more than 22% higher, leaving the basically stagnant S 500 index in the dust.

Following market close on Thursday, Universal Insurance published its fourth-quarter and full-year 2023 numbers. These revealed that the company boosted its total revenue by almost 14% year over year to more than $375 million. This, despite the fact that direct premiums written crept up by a comparatively modest 4% to total nearly $433 million.

Going in the other direction, Universal Insurance's non-GAAP (adjusted) net income fell, and steeply. It was down by nearly 43% to $12.6 million, or $0.43 per share.

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Source Fool.com