JonesTrading Forecasts Strong Price Appreciation for United Fire Group (NASDAQ:UFCS) Stock

United Fire Group (NASDAQ:UFCS) had its target price increased by investment analysts at JonesTrading from $38.00 to $40.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the insurance provider’s stock. JonesTrading’s price objective points to a potential upside of 3.95% from the company’s current price.

UFCS has been the subject of several other reports. Zacks Research cut United Fire Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 5th. Wall Street Zen upgraded United Fire Group from a “hold” rating to a “buy” rating in a research note on Saturday, February 21st. Piper Sandler increased their price objective on United Fire Group from $37.00 to $41.00 and gave the company a “neutral” rating in a report on Thursday, February 12th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of United Fire Group in a report on Monday, December 29th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, United Fire Group presently has an average rating of “Moderate Buy” and an average price target of $40.50.

United Fire Group Stock Down 2.0%

United Fire Group stock opened at $38.48 on Monday. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.16. United Fire Group has a 1-year low of $25.01 and a 1-year high of $40.63. The company has a fifty day simple moving average of $36.77 and a 200 day simple moving average of $34.34. The company has a market cap of $982.01 million, a P/E ratio of 8.59 and a beta of 0.44.

United Fire Group (NASDAQ:UFCS) last posted its quarterly earnings data on Wednesday, February 11th. The insurance provider reported $1.50 EPS for the quarter, topping analysts’ consensus estimates of $0.90 by $0.60. The company had revenue of $365.81 million during the quarter, compared to the consensus estimate of $332.34 million. United Fire Group had a net margin of 8.52% and a return on equity of 13.84%. Research analysts anticipate that United Fire Group will post 2.42 earnings per share for the current fiscal year.

Institutional Investors Weigh In On United Fire Group

Several hedge funds have recently added to or reduced their stakes in UFCS. Allianz Asset Management GmbH acquired a new position in shares of United Fire Group in the third quarter valued at $5,940,000. Invesco Ltd. boosted its holdings in shares of United Fire Group by 108.8% during the 2nd quarter. Invesco Ltd. now owns 347,008 shares of the insurance provider’s stock worth $9,959,000 after buying an additional 180,836 shares during the period. Royce & Associates LP grew its stake in United Fire Group by 236.4% in the 4th quarter. Royce & Associates LP now owns 235,925 shares of the insurance provider’s stock valued at $8,576,000 after buying an additional 165,789 shares during the last quarter. CSM Advisors LLC bought a new position in United Fire Group in the 2nd quarter valued at about $4,154,000. Finally, AQR Capital Management LLC raised its holdings in United Fire Group by 59.5% in the 2nd quarter. AQR Capital Management LLC now owns 301,076 shares of the insurance provider’s stock valued at $8,641,000 after acquiring an additional 112,318 shares during the period. Institutional investors and hedge funds own 62.68% of the company’s stock.

About United Fire Group

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.