Short Interest in United Fire Group, Inc. (NASDAQ:UFCS) Grows By 26.8%

United Fire Group, Inc. (NASDAQ:UFCS) saw a large increase in short interest during the month of December. As of December 15th, there was short interest totalling 344,900 shares, an increase of 26.8% from the November 30th total of 272,100 shares. Based on an average daily volume of 124,900 shares, the days-to-cover ratio is currently 2.8 days. Currently, 1.7% of the company’s shares are sold short.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. StockNews.com raised shares of United Fire Group from a “hold” rating to a “buy” rating in a research report on Friday, October 4th. Piper Sandler raised shares of United Fire Group from an “underweight” rating to a “neutral” rating and raised their price target for the company from $19.00 to $26.00 in a report on Monday, November 18th.

United Fire Group Trading Down 0.4 %

UFCS stock traded down $0.11 during midday trading on Monday, hitting $28.37. 70,139 shares of the company’s stock were exchanged, compared to its average volume of 111,415. The firm has a 50 day moving average price of $26.72 and a 200-day moving average price of $22.78. United Fire Group has a 12-month low of $18.04 and a 12-month high of $31.70. The stock has a market capitalization of $718.95 million, a price-to-earnings ratio of 14.62 and a beta of 0.53.

United Fire Group (NASDAQ:UFCS) last posted its quarterly earnings results on Tuesday, November 5th. The insurance provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.60. The firm had revenue of $322.96 million for the quarter, compared to analysts’ expectations of $306.80 million. United Fire Group had a net margin of 4.15% and a return on equity of 6.75%. During the same period in the prior year, the company posted $0.31 earnings per share. On average, sell-side analysts forecast that United Fire Group will post 1.84 EPS for the current fiscal year.

United Fire Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 29th were issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 2.26%. The ex-dividend date was Friday, November 29th. United Fire Group’s dividend payout ratio (DPR) is presently 32.99%.

Insider Activity

In related news, VP Corey Lynn Ruehle sold 2,664 shares of the stock in a transaction that occurred on Thursday, December 19th. The shares were sold at an average price of $29.60, for a total transaction of $78,854.40. Following the completion of the sale, the vice president now owns 12,523 shares of the company’s stock, valued at approximately $370,680.80. This represents a 17.54 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 5.99% of the company’s stock.

Institutional Trading of United Fire Group

Hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. increased its position in United Fire Group by 27.3% in the third quarter. JPMorgan Chase & Co. now owns 99,623 shares of the insurance provider’s stock worth $2,085,000 after buying an additional 21,352 shares during the period. Wilmington Savings Fund Society FSB bought a new position in shares of United Fire Group during the third quarter worth about $575,000. Barclays PLC lifted its position in United Fire Group by 147.8% in the 3rd quarter. Barclays PLC now owns 44,380 shares of the insurance provider’s stock valued at $928,000 after purchasing an additional 26,469 shares during the last quarter. Geode Capital Management LLC lifted its position in United Fire Group by 0.6% in the 3rd quarter. Geode Capital Management LLC now owns 502,232 shares of the insurance provider’s stock valued at $10,514,000 after purchasing an additional 2,925 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd acquired a new position in United Fire Group during the 3rd quarter valued at about $211,000. Institutional investors own 62.68% of the company’s stock.

About United Fire Group

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.