United Fire Group (NASDAQ:UFCS) Announces Quarterly Earnings Results, Beats Estimates By $0.60 EPS

United Fire Group (NASDAQ:UFCS) released its quarterly earnings data on Tuesday. The insurance provider reported $1.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.90 by $0.60, Zacks reports. United Fire Group had a net margin of 8.22% and a return on equity of 13.64%.

United Fire Group Trading Up 0.2%

Shares of UFCS stock traded up $0.07 during mid-day trading on Tuesday, hitting $36.13. 109,968 shares of the company’s stock were exchanged, compared to its average volume of 107,369. United Fire Group has a fifty-two week low of $24.57 and a fifty-two week high of $38.10. The stock has a 50-day simple moving average of $36.04 and a two-hundred day simple moving average of $33.18. The company has a quick ratio of 0.37, a current ratio of 0.37 and a debt-to-equity ratio of 0.16. The stock has a market cap of $921.68 million, a price-to-earnings ratio of 8.52 and a beta of 0.46.

United Fire Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 19th. Investors of record on Friday, December 5th were paid a dividend of $0.16 per share. The ex-dividend date of this dividend was Friday, December 5th. This represents a $0.64 annualized dividend and a dividend yield of 1.8%. United Fire Group’s dividend payout ratio is presently 15.09%.

Hedge Funds Weigh In On United Fire Group

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC grew its holdings in United Fire Group by 5.1% in the 4th quarter. Geode Capital Management LLC now owns 615,052 shares of the insurance provider’s stock worth $22,361,000 after buying an additional 29,679 shares in the last quarter. Virtus Advisers LLC purchased a new position in United Fire Group in the 3rd quarter worth about $184,000. Qube Research & Technologies Ltd increased its position in shares of United Fire Group by 24.3% in the third quarter. Qube Research & Technologies Ltd now owns 142,138 shares of the insurance provider’s stock worth $4,324,000 after acquiring an additional 27,795 shares in the last quarter. Millennium Management LLC grew its position in United Fire Group by 7.8% during the 3rd quarter. Millennium Management LLC now owns 37,536 shares of the insurance provider’s stock worth $1,142,000 after purchasing an additional 2,714 shares in the last quarter. Finally, Lighthouse Investment Partners LLC purchased a new position in shares of United Fire Group during the third quarter valued at $1,086,000. Institutional investors and hedge funds own 62.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the company. Wall Street Zen cut United Fire Group from a “buy” rating to a “hold” rating in a report on Saturday, January 31st. Piper Sandler upped their price target on United Fire Group from $35.00 to $37.00 and gave the stock a “neutral” rating in a research note on Monday, December 22nd. Zacks Research cut United Fire Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 5th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of United Fire Group in a report on Monday, December 29th. Finally, Jones Trading boosted their target price on United Fire Group from $33.00 to $38.00 and gave the company a “buy” rating in a report on Wednesday, November 12th. Two investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $37.50.

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.