United Fire Group (NASDAQ:UFCS) Rating Increased to Strong-Buy at Wall Street Zen

United Fire Group (NASDAQ:UFCS) was upgraded by Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research report issued to clients and investors on Saturday.

Other equities research analysts have also issued research reports about the stock. Piper Sandler upped their target price on shares of United Fire Group from $45.00 to $57.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Zacks Research downgraded United Fire Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 6th. Weiss Ratings reissued a “buy (b)” rating on shares of United Fire Group in a report on Wednesday, May 13th. Finally, JonesTrading increased their price objective on United Fire Group from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Three investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $51.00.

United Fire Group Stock Performance

UFCS opened at $51.33 on Friday. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 0.15. The company’s fifty day moving average price is $49.05 and its two-hundred day moving average price is $42.15. United Fire Group has a 1-year low of $25.79 and a 1-year high of $54.42. The company has a market cap of $1.32 billion, a price-to-earnings ratio of 10.35 and a beta of 0.50.

United Fire Group (NASDAQ:UFCS) last released its quarterly earnings data on Tuesday, May 5th. The insurance provider reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.87 by $0.29. The firm had revenue of $369.44 million for the quarter, compared to analyst estimates of $340.15 million. United Fire Group had a net margin of 9.16% and a return on equity of 14.65%. On average, analysts expect that United Fire Group will post 4.69 EPS for the current fiscal year.

United Fire Group declared that its board has authorized a stock repurchase program on Wednesday, May 20th that permits the company to buyback 2,000,000 outstanding shares. This buyback authorization permits the insurance provider to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other news, Director George D. Milligan acquired 4,500 shares of the firm’s stock in a transaction on Friday, June 5th. The stock was purchased at an average price of $45.23 per share, for a total transaction of $203,535.00. Following the purchase, the director owned 90,034 shares in the company, valued at approximately $4,072,237.82. This represents a 5.26% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 6.06% of the company’s stock.

Hedge Funds Weigh In On United Fire Group

Institutional investors have recently modified their holdings of the business. Invesco Ltd. lifted its holdings in United Fire Group by 108.8% during the second quarter. Invesco Ltd. now owns 347,008 shares of the insurance provider’s stock worth $9,959,000 after acquiring 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 purchasing an additional 165,789 shares during the period. AQR Capital Management LLC grew its stake 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 purchasing an additional 112,318 shares during the period. UBS Group AG increased its position in shares of United Fire Group by 79.4% during the 3rd quarter. UBS Group AG now owns 211,339 shares of the insurance provider’s stock valued at $6,429,000 after purchasing an additional 93,525 shares during the last quarter. Finally, First Trust Advisors LP bought a new stake in shares of United Fire Group during the 3rd quarter worth $2,080,000. 62.68% of the stock is owned by institutional investors.

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.