UPDATE: Sterne Agee Initiates United Insurance Holdings at Buy on Growth Outlook

Sterne Agee initiated coverage on United Insurance Holdings

with a Buy rating and an $8 price target. Sterne Agee commented, "UIHC has a strong underwriting track record providing homeowners coverage in FL and is well positioned to expand in catastrophe/wind-exposed regions given its expertise and current pricing momentum. We feel valuation at 98% of 4Q12E TBV is attractive given growth opportunities and our expectation of improving earnings (to mid/high teens ROE)." United Insurance Holdings closed at $5.74 on Thursday.