United Fire Group (NASDAQ:UFCS) Director George Milligan Acquires 4,500 Shares

United Fire Group, Inc (NASDAQ:UFCS) Director George Milligan bought 4,500 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was bought 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 directly owned 90,034 shares in the company, valued at $4,072,237.82. This represents a 5.26% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website.

United Fire Group Stock Up 2.4%

UFCS stock opened at $46.32 on Wednesday. The firm has a 50 day moving average of $42.79 and a 200 day moving average of $38.89. The stock has a market capitalization of $1.19 billion, a PE ratio of 9.34 and a beta of 0.52. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 0.15. United Fire Group, Inc has a 52 week low of $25.79 and a 52 week high of $49.94.

United Fire Group (NASDAQ:UFCS) last released its earnings results on Tuesday, May 5th. The insurance provider reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $0.29. The company had revenue of $369.44 million during the quarter, compared to analysts’ expectations of $340.16 million. United Fire Group had a net margin of 9.16% and a return on equity of 14.65%. Sell-side analysts forecast that United Fire Group, Inc will post 4.69 earnings per share for the current year.

United Fire Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 19th. Investors of record on Friday, June 5th will be paid a $0.20 dividend. The ex-dividend date is Friday, June 5th. This represents a $0.80 dividend on an annualized basis and a yield of 1.7%. United Fire Group’s dividend payout ratio (DPR) is 16.13%.

United Fire Group announced that its board has approved a share repurchase program on Wednesday, May 20th that authorizes the company to repurchase 2,000,000 shares. This repurchase authorization authorizes the insurance provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of analysts recently commented on UFCS shares. JonesTrading lifted their target price on shares of United Fire Group from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Zacks Research upgraded shares of United Fire Group from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 8th. Piper Sandler lifted their price objective on shares of United Fire Group from $45.00 to $57.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Wall Street Zen upgraded shares of United Fire Group from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of United Fire Group in a research note on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $51.00.

Institutional Trading of United Fire Group

Several institutional investors and hedge funds have recently bought and sold shares of UFCS. Royal Bank of Canada lifted its stake in United Fire Group by 9.7% during the 1st quarter. Royal Bank of Canada now owns 117,441 shares of the insurance provider’s stock valued at $3,459,000 after acquiring an additional 10,346 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of United Fire Group by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,482 shares of the insurance provider’s stock valued at $368,000 after purchasing an additional 546 shares in the last quarter. Millennium Management LLC increased its holdings in shares of United Fire Group by 5.5% during the 1st quarter. Millennium Management LLC now owns 138,540 shares of the insurance provider’s stock valued at $4,081,000 after purchasing an additional 7,234 shares in the last quarter. NewEdge Advisors LLC increased its holdings in shares of United Fire Group by 17.7% during the 1st quarter. NewEdge Advisors LLC now owns 2,499 shares of the insurance provider’s stock valued at $74,000 after purchasing an additional 375 shares in the last quarter. Finally, Empowered Funds LLC increased its holdings in shares of United Fire Group by 29.5% during the 1st quarter. Empowered Funds LLC now owns 96,663 shares of the insurance provider’s stock valued at $2,848,000 after purchasing an additional 21,999 shares in the last quarter. 62.68% of the stock is currently owned by institutional investors and hedge funds.

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.