United Fire Group (NASDAQ:UFCS) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of United Fire Group (NASDAQ:UFCS) from a buy rating to a strong-buy rating in a report issued on Saturday.

A number of other equities research analysts have also recently commented on the stock. JonesTrading increased their price target on shares of United Fire Group from $40.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Weiss Ratings restated a “buy (b)” rating on shares of United Fire Group in a report on Wednesday, May 13th. Zacks Research cut United Fire Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Finally, Piper Sandler upped their price objective 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. Three equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, United Fire Group currently has an average rating of “Moderate Buy” and a consensus target price of $51.00.

United Fire Group Stock Performance

Shares of United Fire Group stock opened at $51.45 on Friday. United Fire Group has a 1 year low of $25.79 and a 1 year high of $54.42. The firm’s 50-day moving average is $49.09 and its 200 day moving average is $42.30. The stock has a market cap of $1.32 billion, a price-to-earnings ratio of 10.37 and a beta of 0.50. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.34 and a quick ratio of 0.34.

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

United Fire Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 19th. Shareholders of record on Friday, June 5th were paid a dividend of $0.20 per share. The ex-dividend date was Friday, June 5th. This represents a $0.80 annualized dividend and a yield of 1.6%. United Fire Group’s dividend payout ratio is currently 16.13%.

United Fire Group declared that its board has initiated a stock buyback plan on Wednesday, May 20th that authorizes the company to buyback 2,000,000 outstanding shares. This buyback authorization authorizes the insurance provider to reacquire shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

Insider Activity

In related news, Director George D. Milligan purchased 4,500 shares of the company’s stock in a transaction dated Friday, June 5th. The shares were purchased at an average price of $45.23 per share, with a total value of $203,535.00. Following the acquisition, the director directly owned 90,034 shares in the company, valued at $4,072,237.82. The trade was a 5.26% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 6.06% of the stock is currently owned by insiders.

Institutional Investors Weigh In On United Fire Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Smartleaf Asset Management LLC grew its position in United Fire Group by 129.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 686 shares of the insurance provider’s stock worth $25,000 after purchasing an additional 387 shares during the period. Basepoint Wealth LLC purchased a new position in shares of United Fire Group in the 4th quarter worth $26,000. Federated Hermes Inc. boosted its stake in shares of United Fire Group by 109.5% in the 4th quarter. Federated Hermes Inc. now owns 1,190 shares of the insurance provider’s stock worth $43,000 after buying an additional 622 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of 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 worth $45,000 after acquiring an additional 1,398 shares during the period. Finally, Kemnay Advisory Services Inc. bought a new stake in shares of United Fire Group in the fourth quarter worth $48,000. Hedge funds and other institutional investors own 62.68% of the company’s stock.

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.