New York State Teachers Retirement System Has $823,000 Position in United Fire Group, Inc $UFCS

New York State Teachers Retirement System reduced its holdings in shares of United Fire Group, Inc (NASDAQ:UFCS) by 42.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 22,195 shares of the insurance provider’s stock after selling 16,605 shares during the quarter. New York State Teachers Retirement System owned approximately 0.09% of United Fire Group worth $823,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Smartleaf Asset Management LLC grew its holdings in shares of United Fire Group by 129.4% during 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 stake in United Fire Group during the 4th quarter worth approximately $26,000. Federated Hermes Inc. raised its stake in shares of United Fire Group by 109.5% in the fourth quarter. Federated Hermes Inc. now owns 1,190 shares of the insurance provider’s stock valued at $43,000 after acquiring an additional 622 shares in the last quarter. Kemnay Advisory Services Inc. acquired a new stake in shares of United Fire Group in the fourth quarter valued at $48,000. Finally, Meeder Asset Management Inc. purchased a new position in United Fire Group in the fourth quarter valued at $53,000. Institutional investors and hedge funds own 62.68% of the company’s stock.

Insider Buying and Selling

In related news, Director George D. Milligan purchased 4,500 shares of the business’s 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 acquisition, the director owned 90,034 shares in the company, valued at $4,072,237.82. The trade was a 5.26% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 6.06% of the company’s stock.

United Fire Group Stock Up 1.5%

NASDAQ:UFCS opened at $52.45 on Tuesday. United Fire Group, Inc has a fifty-two week low of $25.79 and a fifty-two week high of $54.42. The firm has a market cap of $1.35 billion, a P/E ratio of 10.57 and a beta of 0.50. The firm has a 50-day simple moving average of $48.36 and a two-hundred day simple moving average of $41.29. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.34 and a current ratio of 0.34.

United Fire Group (NASDAQ:UFCS) last issued its earnings results on Tuesday, May 5th. The insurance provider reported $1.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.87 by $0.29. The company had revenue of $369.44 million for the quarter, compared to analysts’ expectations of $340.15 million. United Fire Group had a net margin of 9.16% and a return on equity of 14.65%. Analysts predict that United Fire Group, Inc will post 4.69 earnings per share for the current fiscal year.

United Fire Group announced that its board has authorized 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 buy shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

United Fire Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 19th. Investors of record on Friday, June 5th were 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 of this dividend was Friday, June 5th. United Fire Group’s dividend payout ratio (DPR) is 16.13%.

Wall Street Analyst Weigh In

Several equities analysts recently commented on UFCS shares. Piper Sandler upped their price target on shares of United Fire Group from $45.00 to $57.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. JonesTrading boosted their price target on United Fire Group from $40.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Wall Street Zen raised shares of United Fire Group from a “hold” rating to a “buy” rating in a research report on Saturday, May 9th. Weiss Ratings reissued a “buy (b)” rating on shares of United Fire Group in a research report on Wednesday, May 13th. Finally, Zacks Research lowered United Fire Group from a “strong-buy” rating to a “hold” rating in a report on Monday, July 6th. Three research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $51.00.

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.