United Fire Group (NASDAQ:UFCS) Reaches New 52-Week High – Time to Buy?

United Fire Group, Inc. (NASDAQ:UFCS) shares reached a new 52-week high during trading on Monday . The stock traded as high as $31.14 and last traded at $30.52, with a volume of 22076 shares changing hands. The stock had previously closed at $29.89.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. StockNews.com upgraded shares of United Fire Group from a “hold” rating to a “buy” rating in a research report on Friday, October 4th. Piper Sandler upgraded United Fire Group from an “underweight” rating to a “neutral” rating and raised their price objective for the stock from $19.00 to $26.00 in a research note on Monday, November 18th.

United Fire Group Trading Up 3.2 %

The business has a fifty day simple moving average of $21.79 and a two-hundred day simple moving average of $21.42. The company has a market cap of $781.80 million, a PE ratio of 15.71 and a beta of 0.37.

United Fire Group (NASDAQ:UFCS) last announced its quarterly earnings data on Tuesday, November 5th. The insurance provider reported $0.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.21 by $0.60. United Fire Group had a net margin of 4.15% and a return on equity of 6.75%. The firm had revenue of $322.96 million during the quarter, compared to analyst estimates of $306.80 million. During the same quarter in the prior year, the firm posted $0.31 earnings per share. Equities analysts expect that United Fire Group, Inc. will post 1.84 EPS for the current year.

United Fire Group Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date of this dividend is Friday, November 29th. United Fire Group’s dividend payout ratio is presently 32.99%.

Hedge Funds Weigh In On United Fire Group

Hedge funds and other institutional investors have recently bought and sold shares of the company. Innealta Capital LLC acquired a new position in shares of United Fire Group in the second quarter worth $65,000. Point72 Asset Management L.P. increased its holdings in shares of United Fire Group by 576.4% in the 3rd quarter. Point72 Asset Management L.P. now owns 5,411 shares of the insurance provider’s stock valued at $113,000 after acquiring an additional 4,611 shares during the period. Point72 Asia Singapore Pte. Ltd. boosted its stake in shares of United Fire Group by 82.3% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 6,864 shares of the insurance provider’s stock worth $144,000 after buying an additional 3,098 shares during the period. Janus Henderson Group PLC purchased a new position in shares of United Fire Group in the 1st quarter valued at approximately $202,000. Finally, Lion Street Advisors LLC acquired a new position in United Fire Group in the 2nd quarter valued at $201,000. 62.68% of the stock is currently owned by hedge funds and other institutional investors.

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.