United Fire Group (NASDAQ:UFCS) Sets New 1-Year High – Here’s What Happened

United Fire Group, Inc (NASDAQ:UFCS)’s stock price reached a new 52-week high during trading on Monday . The stock traded as high as $53.29 and last traded at $52.0950, with a volume of 628030 shares traded. The stock had previously closed at $52.55.

Analyst Upgrades and Downgrades

UFCS has been the topic of several recent research reports. Zacks Research raised shares of United Fire Group from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 8th. JonesTrading boosted their price objective on United Fire Group from $40.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Wall Street Zen raised United Fire Group from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Weiss Ratings restated a “buy (b)” rating on shares of United Fire Group in a report on Wednesday, May 13th. Finally, Piper Sandler lifted their target price on United Fire Group from $45.00 to $57.00 and gave the company an “overweight” rating in a research report on Thursday, May 7th. One analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $51.00.

United Fire Group Price Performance

The company has a market capitalization of $1.35 billion, a P/E ratio of 10.57 and a beta of 0.52. The business’s 50-day moving average is $46.08 and its two-hundred day moving average is $40.29. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 0.15.

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

United Fire Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 19th. Investors of record on Friday, June 5th were given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend was Friday, June 5th. United Fire Group’s dividend payout ratio (DPR) is presently 16.13%.

United Fire Group announced that its Board of Directors has approved a share buyback plan on Wednesday, May 20th that allows the company to buyback 2,000,000 shares. This buyback authorization allows the insurance provider to repurchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In other United Fire Group news, Director George D. Milligan purchased 4,500 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The shares were acquired at an average cost of $45.23 per share, for a total transaction of $203,535.00. Following the completion of the acquisition, the director owned 90,034 shares of the company’s stock, valued at $4,072,237.82. The trade was a 5.26% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 6.06% of the company’s stock.

Hedge Funds Weigh In On United Fire Group

A number of hedge funds and other institutional investors have recently made changes to their positions in UFCS. Smartleaf Asset Management LLC grew its position in United Fire Group by 129.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 686 shares of the insurance provider’s stock valued at $25,000 after buying an additional 387 shares during the period. Basepoint Wealth LLC bought a new stake in United Fire Group in the fourth quarter worth about $26,000. Federated Hermes Inc. boosted its stake in United Fire Group by 109.5% in the fourth quarter. Federated Hermes Inc. now owns 1,190 shares of the insurance provider’s stock valued at $43,000 after acquiring an additional 622 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in United Fire Group by 812.8% in the second quarter. EverSource Wealth Advisors LLC now owns 1,570 shares of the insurance provider’s stock valued at $45,000 after acquiring an additional 1,398 shares during the last quarter. Finally, Kemnay Advisory Services Inc. bought a new position in shares of United Fire Group during the 4th quarter valued at approximately $48,000. 62.68% of the stock is owned by hedge funds and other 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.