Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Universal Insurance Holdings (NYSE:UVE) are trading over 15% lower today after the insurer reported its first-quarter earnings last night.

So what: Universal Insurance reported earnings of $0.38 per share, a 31% year-over-year improvement, thanks to a 48% year-over-year increase in total policies, mainly outside of Florida. The company's net revenue was $74.3 million, representing growth of 10% year over year. The only estimate to be found regarding Universal Insurance's bottom line, however, had called for $0.51 in EPS. 

Now what: Universal Insurance's shares had more than doubled over the past year prior to this report, and investors who bought shares as late as October are still holding onto a near double. This isn't unreasonable, as Universal's EPS has surged over the past two years, and its P/E is a rock-bottom 8.2 after today's drop. There's no fundamental reason why you should be afraid of this stock today -- this could be the buying opportunity you've been waiting for.

Alex Planes has no position in any stocks mentioned, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.