United Fire Group, Inc. (NASDAQ:UFCS) Short Interest Up 51.5% in April

United Fire Group, Inc. (NASDAQ:UFCS) was the recipient of a large increase in short interest during the month of April. As of April 15th, there was short interest totalling 188,800 shares, an increase of 51.5% from the March 31st total of 124,600 shares. Currently, 0.9% of the company’s shares are short sold. Based on an average trading volume of 86,500 shares, the short-interest ratio is presently 2.2 days.

United Fire Group Price Performance

Shares of UFCS stock opened at $22.23 on Monday. The company’s 50 day moving average is $22.36 and its 200 day moving average is $21.44. United Fire Group has a 52-week low of $18.41 and a 52-week high of $27.72.

United Fire Group (NASDAQ:UFCS) last issued its quarterly earnings data on Tuesday, February 13th. The insurance provider reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.53 by $0.12. The company had revenue of $287.32 million for the quarter, compared to analyst estimates of $278.70 million. United Fire Group had a negative net margin of 2.71% and a negative return on equity of 4.38%. Sell-side analysts expect that United Fire Group will post 1.1 EPS for the current year.

United Fire Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 22nd. Shareholders of record on Friday, March 8th were issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 2.88%. The ex-dividend date of this dividend was Thursday, March 7th. United Fire Group’s dividend payout ratio is currently -54.24%.

Analyst Upgrades and Downgrades

UFCS has been the topic of a number of research reports. StockNews.com raised shares of United Fire Group from a “hold” rating to a “buy” rating in a research report on Wednesday, February 14th. Piper Sandler reissued an “underweight” rating and set a $21.00 price objective on shares of United Fire Group in a report on Monday, April 1st.

Insider Activity at United Fire Group

In other news, VP Micah G. Woolstenhulme acquired 1,500 shares of the firm’s stock in a transaction on Wednesday, March 13th. The stock was acquired at an average price of $21.76 per share, with a total value of $32,640.00. Following the completion of the purchase, the vice president now directly owns 32,763 shares in the company, valued at $712,922.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, VP Micah G. Woolstenhulme acquired 1,500 shares of the firm’s stock in a transaction on Wednesday, March 13th. The stock was acquired at an average price of $21.76 per share, with a total value of $32,640.00. Following the completion of the purchase, the vice president now directly owns 32,763 shares in the company, valued at $712,922.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Christopher R. Drahozal sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $21.90, for a total transaction of $54,750.00. Following the transaction, the director now directly owns 451,863 shares in the company, valued at $9,895,799.70. The disclosure for this sale can be found here. 5.99% of the stock is owned by insiders.

Hedge Funds Weigh In On United Fire Group

Institutional investors and hedge funds have recently bought and sold shares of the company. Quantbot Technologies LP purchased a new position in United Fire Group in the third quarter worth $67,000. Tower Research Capital LLC TRC grew its holdings in United Fire Group by 127.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 4,761 shares of the insurance provider’s stock worth $96,000 after purchasing an additional 2,669 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in United Fire Group by 22.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,190 shares of the insurance provider’s stock worth $104,000 after purchasing an additional 957 shares during the last quarter. Quest Partners LLC purchased a new position in United Fire Group in the fourth quarter worth $113,000. Finally, New York State Common Retirement Fund grew its holdings in United Fire Group by 17.8% in the fourth quarter. New York State Common Retirement Fund now owns 7,976 shares of the insurance provider’s stock worth $160,000 after purchasing an additional 1,203 shares during the last quarter. 62.68% of the stock is owned by hedge funds and other institutional investors.

United Fire Group Company Profile

United Fire Group, Inc, together with its subsidiaries, provides property and casualty insurance for individuals and businesses in the United States. The company offers commercial and personal lines of property and casualty insurance; and reinsurance coverage for property and casualty insurance. Its commercial lines include fire and allied lines, other liability, automobile, workers' compensation, fidelity and surety coverage, and other insurance products; and personal lines comprise automobile, and fire and allied lines coverage, including homeowners, as well as provides assumed reinsurance products.