Man Group plc Makes New $1.94 Million Investment in United Fire Group, Inc $UFCS

Man Group plc bought a new stake in shares of United Fire Group, Inc (NASDAQ:UFCS) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 37,048 shares of the insurance provider’s stock, valued at approximately $1,943,000.

Other large investors also recently made changes to their positions in the company. Globeflex Capital L P acquired a new stake in shares of United Fire Group during the second quarter worth $2,301,000. Vanguard Group Inc. lifted its stake in United Fire Group by 2.4% in the fourth quarter. Vanguard Group Inc. now owns 1,511,541 shares of the insurance provider’s stock valued at $54,945,000 after buying an additional 35,338 shares during the period. Los Angeles Capital Management LLC boosted its holdings in United Fire Group by 111.0% during the fourth quarter. Los Angeles Capital Management LLC now owns 57,647 shares of the insurance provider’s stock worth $2,095,000 after buying an additional 30,328 shares during the last quarter. Intech Investment Management LLC boosted its holdings in United Fire Group by 320.9% during the fourth quarter. Intech Investment Management LLC now owns 50,925 shares of the insurance provider’s stock worth $1,851,000 after buying an additional 38,825 shares during the last quarter. Finally, GSA Capital Partners LLP acquired a new position in shares of United Fire Group during the 2nd quarter worth about $1,677,000. Institutional investors and hedge funds own 62.68% of the company’s stock.

Insiders Place Their Bets

In related news, Director George D. Milligan purchased 4,500 shares of the business’s stock in a transaction on 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 completion of the purchase, the director owned 90,034 shares in the company, valued at $4,072,237.82. This represents a 5.26% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 6.06% of the company’s stock.

United Fire Group Stock Up 0.5%

Shares of United Fire Group stock opened at $54.15 on Wednesday. The company has a market capitalization of $1.39 billion, a P/E ratio of 10.07 and a beta of 0.52. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.34 and a quick ratio of 0.34. The business has a 50-day moving average of $52.60 and a two-hundred day moving average of $45.53. United Fire Group, Inc has a 1 year low of $29.74 and a 1 year high of $55.82.

United Fire Group (NASDAQ:UFCS) last released its quarterly earnings data on Monday, August 3rd. The insurance provider reported $1.30 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.61. United Fire Group had a return on equity of 15.19% and a net margin of 9.57%.The business had revenue of $383.73 million for the quarter, compared to analysts’ expectations of $347.76 million. As a group, equities analysts predict that United Fire Group, Inc will post 4.75 EPS for the current year.

United Fire Group announced that its Board of Directors has approved a share repurchase program on Wednesday, May 20th that authorizes the company to buyback 2,000,000 outstanding shares. This buyback authorization authorizes the insurance provider to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

United Fire Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.5%. The ex-dividend date is Friday, September 4th. United Fire Group’s dividend payout ratio (DPR) is 14.87%.

Analyst Ratings Changes

UFCS has been the subject of a number of recent analyst reports. Zacks Research downgraded shares of United Fire Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. JonesTrading boosted their price objective 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 raised shares of United Fire Group from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday, August 19th. Wall Street Zen lowered shares of United Fire Group from a “strong-buy” rating to a “buy” rating in a report on Sunday, August 2nd. Finally, Piper Sandler increased their target price on shares of United Fire Group from $57.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, August 5th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $52.50.

United Fire Group 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.