StockNews.com Lowers United Fire Group (NASDAQ:UFCS) to Buy

StockNews.com downgraded shares of United Fire Group (NASDAQ:UFCS) from a strong-buy rating to a buy rating in a research note published on Thursday morning.

Separately, Piper Sandler restated an underweight rating and issued a $21.00 price objective on shares of United Fire Group in a report on Monday, April 1st.

United Fire Group Price Performance

Shares of NASDAQ:UFCS opened at $21.49 on Thursday. United Fire Group has a 1 year low of $18.41 and a 1 year high of $25.55. The firm has a market capitalization of $543.70 million, a price-to-earnings ratio of -31.14 and a beta of 0.40. The business’s 50 day moving average price is $22.22 and its 200-day moving average price is $21.99.

United Fire Group (NASDAQ:UFCS) last announced its quarterly earnings data on Tuesday, May 7th. The insurance provider reported $0.56 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.01. The company had revenue of $296.00 million for the quarter, compared to analyst estimates of $282.30 million. United Fire Group had a negative return on equity of 2.63% and a negative net margin of 1.50%. On average, sell-side analysts expect that United Fire Group will post 1.1 earnings per share for the current year.

United Fire Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Friday, May 31st were issued a dividend of $0.16 per share. The ex-dividend date was Friday, May 31st. This represents a $0.64 annualized dividend and a dividend yield of 2.98%. United Fire Group’s dividend payout ratio is presently -92.75%.

Insider Transactions at United Fire Group

In related news, Director Christopher R. Drahozal sold 2,500 shares of the firm’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $21.06, for a total transaction of $52,650.00. Following the completion of the sale, the director now directly owns 449,363 shares of the company’s stock, valued at approximately $9,463,584.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 5.99% of the company’s stock.

Hedge Funds Weigh In On United Fire Group

Institutional investors have recently bought and sold shares of the company. Tower Research Capital LLC TRC grew its position in shares of United Fire Group by 127.6% during the fourth quarter. Tower Research Capital LLC TRC now owns 4,761 shares of the insurance provider’s stock worth $96,000 after buying an additional 2,669 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of United Fire Group by 22.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,190 shares of the insurance provider’s stock worth $104,000 after buying an additional 957 shares in the last quarter. Quest Partners LLC acquired a new position in shares of United Fire Group during the fourth quarter worth about $113,000. New York State Common Retirement Fund grew its position in shares of United Fire Group by 17.8% during the fourth quarter. New York State Common Retirement Fund now owns 7,976 shares of the insurance provider’s stock worth $160,000 after buying an additional 1,203 shares in the last quarter. Finally, Janus Henderson Group PLC acquired a new position in shares of United Fire Group during the first quarter worth about $202,000. 62.68% of the stock is owned by institutional investors and hedge funds.

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.