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

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

United Fire Group Price Performance

Shares of NASDAQ:UFCS opened at $22.23 on Friday. The business has a 50-day simple moving average of $22.40 and a two-hundred day simple moving average of $21.39. United Fire Group has a fifty-two week low of $18.41 and a fifty-two week high of $27.72.

United Fire Group (NASDAQ:UFCS) last released its quarterly earnings results on Tuesday, February 13th. The insurance provider reported $0.65 EPS for the quarter, beating the consensus estimate of $0.53 by $0.12. The firm had revenue of $287.32 million during 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%. Research analysts expect that United Fire Group will post 1.1 earnings per share for the current fiscal year.

United Fire Group Dividend Announcement

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

Insider Transactions at United Fire Group

In other United Fire Group news, VP Micah G. Woolstenhulme bought 1,500 shares of the company’s stock in a transaction dated Wednesday, March 13th. The shares were purchased at an average price of $21.76 per share, for a total transaction of $32,640.00. Following the acquisition, the vice president now owns 32,763 shares in the company, valued at approximately $712,922.88. The purchase was disclosed in a filing with the SEC, which is available at this link. In other United Fire Group news, VP Micah G. Woolstenhulme bought 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 owns 32,763 shares of the company’s stock, valued at $712,922.88. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Christopher R. Drahozal sold 2,500 shares of the business’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 value of $54,750.00. Following the completion of the sale, 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. Corporate insiders own 5.99% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in UFCS. Envestnet Asset Management Inc. boosted its position in shares of United Fire Group by 111.4% during the third quarter. Envestnet Asset Management Inc. now owns 178,041 shares of the insurance provider’s stock worth $3,516,000 after acquiring an additional 93,810 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in United Fire Group by 134.3% during the third quarter. Assenagon Asset Management S.A. now owns 143,123 shares of the insurance provider’s stock valued at $2,827,000 after buying an additional 82,037 shares during the last quarter. Barclays PLC grew its holdings in United Fire Group by 8.3% during the 3rd quarter. Barclays PLC now owns 14,478 shares of the insurance provider’s stock valued at $287,000 after buying an additional 1,112 shares in the last quarter. Invesco Ltd. increased its stake in United Fire Group by 4.5% in the 3rd quarter. Invesco Ltd. now owns 373,607 shares of the insurance provider’s stock worth $7,379,000 after acquiring an additional 16,134 shares during the last quarter. Finally, Trexquant Investment LP purchased a new stake in shares of United Fire Group during the 3rd quarter worth approximately $422,000. 62.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Piper Sandler reiterated an “underweight” rating and issued a $21.00 price target on shares of United Fire Group in a research note on Monday, April 1st. StockNews.com upgraded shares of United Fire Group from a “hold” rating to a “buy” rating in a report on Wednesday, February 14th.

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.