United Insurance Holdings Corp (NASDAQ:UIHC) Stock Sees renewed Buying Interest: Here is Why

United Insurance Holdings Corp (NASDAQ:UIHC) jumped 5% and another 9% in pre-market after announced that the Board of Directors had declared a quarterly cash dividend of $0.06 per outstanding common share. The dividend will be payable to shareholders that will be on record as of August 10, 2021, on August 17, 2021.

The casualty and property insurance holding firm is responsible for sourcing, writing, and servicing commercial and personal residential property policies and casualty policies via a group of its wholly-owned subsidiaries utilizing various distribution channels. The company focuses on the Florida, Connecticut, Louisiana, Georgia, New Jersey, Massachusetts, South Carolina, Texas, Rhode Ireland, and North Carolina markets. 

Recently the company released its estimated catastrophe loss for this year incurred in Q2 ended June 30, 2021, of around $40 million before accounting for income tax. The estimated losses include fourteen new PCS catastrophe events and two tropical storms that occurred in Q2 2o21. So in the coming days, UIHC is a stock to watch. 

Market Reaction:

On Wednesday, UIHC stock gained 5% at $4.37 with more than 132k shares, compared to its average volume of 107K shares. The stock has moved within a range of $4.1400 – 4.4700 after opening the trade at $4.20. Over the past 52-week, the stock has been trading within a range of $4.1100 – 9.6900.