United Fire Group (NASDAQ:UFCS) Stock Price Crosses Above 200-Day Moving Average – Here’s Why

United Fire Group, Inc (NASDAQ:UFCS) shares crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $32.12 and traded as high as $35.70. United Fire Group shares last traded at $35.67, with a volume of 78,598 shares changing hands.

Analysts Set New Price Targets

A number of research firms have recently commented on UFCS. Weiss Ratings restated a “buy (b-)” rating on shares of United Fire Group in a research report on Monday, December 29th. Jones Trading raised their price target on shares of United Fire Group from $33.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, November 12th. Zacks Research lowered shares of United Fire Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 5th. Piper Sandler upped their price target on shares of United Fire Group from $35.00 to $37.00 and gave the stock a “neutral” rating in a report on Monday, December 22nd. Finally, Wall Street Zen upgraded United Fire Group from a “hold” rating to a “buy” rating in a research report on Sunday, November 16th. Two analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $37.50.

United Fire Group Trading Up 1.4%

The stock’s 50 day simple moving average is $36.34 and its 200 day simple moving average is $32.12. The firm has a market cap of $909.94 million, a PE ratio of 8.41 and a beta of 0.45. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.37 and a current ratio of 0.37.

United Fire Group (NASDAQ:UFCS) last posted its quarterly earnings data on Tuesday, November 4th. The insurance provider reported $1.50 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.81. United Fire Group had a net margin of 8.22% and a return on equity of 13.64%. The firm had revenue of $354.02 million for the quarter, compared to analysts’ expectations of $354.46 million. On average, sell-side analysts forecast that United Fire Group, Inc will post 2.42 earnings per share for the current fiscal year.

United Fire Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, December 19th. Shareholders of record on Friday, December 5th were paid a dividend of $0.16 per share. The ex-dividend date of this dividend was Friday, December 5th. This represents a $0.64 annualized dividend and a yield of 1.8%. United Fire Group’s payout ratio is 15.09%.

Hedge Funds Weigh In On United Fire Group

Several institutional investors have recently modified their holdings of UFCS. EverSource Wealth Advisors LLC raised its holdings in shares of United Fire Group by 812.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,570 shares of the insurance provider’s stock valued at $45,000 after buying an additional 1,398 shares in the last quarter. Covestor Ltd grew its position in United Fire Group by 3,351.1% during the third quarter. Covestor Ltd now owns 1,622 shares of the insurance provider’s stock valued at $49,000 after acquiring an additional 1,575 shares during the last quarter. GAMMA Investing LLC raised its stake in shares of United Fire Group by 19.8% during the fourth quarter. GAMMA Investing LLC now owns 1,743 shares of the insurance provider’s stock worth $63,000 after acquiring an additional 288 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in shares of United Fire Group by 301.2% during the second quarter. Tower Research Capital LLC TRC now owns 2,263 shares of the insurance provider’s stock worth $65,000 after acquiring an additional 1,699 shares in the last quarter. Finally, NewEdge Advisors LLC lifted its holdings in shares of United Fire Group by 17.7% in the 1st quarter. NewEdge Advisors LLC now owns 2,499 shares of the insurance provider’s stock worth $74,000 after acquiring an additional 375 shares during the last quarter. 62.68% of the stock is currently owned by institutional investors.

United Fire Group Company Profile

United Fire Group, Inc (NASDAQ: UFCS) is an insurance holding company based in Cedar Rapids, Iowa, that specializes in property and casualty coverage for commercial and personal lines. The company underwrites business through three primary segments: commercial, personal and specialty insurance. Within the commercial segment, United Fire Group offers tailored policies for small- and medium-sized enterprises, including general liability, commercial property and workers’ compensation. Its personal lines cover homeowners, auto, farm and umbrella policies.

United Fire Group distributes its products primarily through a national network of independent insurance agents and brokers.