Pzena Investment Management LLC Sells 103,085 Shares of Universal Co. (NYSE:UVV)

Pzena Investment Management LLC lessened its holdings in Universal Co. (NYSE:UVV) by 10.0% in the third quarter, Holdings Channel reports. The firm owned 928,870 shares of the company’s stock after selling 103,085 shares during the period. Pzena Investment Management LLC’s holdings in Universal were worth $49,332,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the business. Boston Partners purchased a new stake in Universal in the first quarter worth $12,273,000. ProShare Advisors LLC raised its position in shares of Universal by 69.1% in the second quarter. ProShare Advisors LLC now owns 273,280 shares of the company’s stock valued at $13,169,000 after purchasing an additional 111,691 shares during the period. O Shaughnessy Asset Management LLC raised its position in shares of Universal by 183.0% in the first quarter. O Shaughnessy Asset Management LLC now owns 53,600 shares of the company’s stock valued at $2,772,000 after purchasing an additional 34,659 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Universal during the 3rd quarter valued at approximately $697,000. Finally, Freestone Capital Holdings LLC bought a new position in Universal in the 1st quarter worth approximately $465,000. 81.00% of the stock is owned by hedge funds and other institutional investors.

Universal Stock Performance

Shares of NYSE:UVV traded down $0.33 during trading on Wednesday, hitting $54.58. 22,047 shares of the company were exchanged, compared to its average volume of 195,021. Universal Co. has a 52-week low of $45.19 and a 52-week high of $67.80. The stock has a 50 day moving average of $51.90 and a 200 day moving average of $51.01. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.60 and a quick ratio of 0.96. The company has a market cap of $1.35 billion, a PE ratio of 11.30 and a beta of 0.77.

Universal Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Monday, January 13th will be paid a $0.81 dividend. The ex-dividend date is Monday, January 13th. This represents a $3.24 dividend on an annualized basis and a yield of 5.94%. Universal’s dividend payout ratio is presently 66.67%.

Universal declared that its Board of Directors has initiated a stock repurchase program on Thursday, November 7th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 7.8% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

About Universal

Universal Corporation processes and supplies leaf tobacco and plant-based ingredients worldwide. The company operates through two segments, Tobacco Operations; and Ingredients Operations. It is involved in the procuring, financing, processing, packing, storing, and shipping leaf tobacco for sale to manufacturers of consumer tobacco products.