Royal Bank of Canada Decreases Stake in United Fire Group, Inc $UFCS

Royal Bank of Canada cut its position in shares of United Fire Group, Inc (NASDAQ:UFCS) by 22.5% in the first quarter, Holdings Channel.com reports. The institutional investor owned 113,426 shares of the insurance provider’s stock after selling 32,980 shares during the period. Royal Bank of Canada’s holdings in United Fire Group were worth $4,203,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Invesco Ltd. increased its stake in United Fire Group by 108.8% in the 2nd quarter. Invesco Ltd. now owns 347,008 shares of the insurance provider’s stock worth $9,959,000 after acquiring an additional 180,836 shares during the last quarter. Royce & Associates LP grew its holdings in shares of United Fire Group by 236.4% in the fourth quarter. Royce & Associates LP now owns 235,925 shares of the insurance provider’s stock valued at $8,576,000 after purchasing an additional 165,789 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of United Fire Group by 59.5% in the second quarter. AQR Capital Management LLC now owns 301,076 shares of the insurance provider’s stock valued at $8,641,000 after purchasing an additional 112,318 shares in the last quarter. UBS Group AG increased its position in United Fire Group by 79.4% in the third quarter. UBS Group AG now owns 211,339 shares of the insurance provider’s stock worth $6,429,000 after purchasing an additional 93,525 shares during the last quarter. Finally, First Trust Advisors LP bought a new stake in United Fire Group in the third quarter worth $2,080,000. Hedge funds and other institutional investors own 62.68% of the company’s stock.

United Fire Group Price Performance

United Fire Group stock opened at $53.72 on Friday. United Fire Group, Inc has a 12-month low of $29.74 and a 12-month high of $55.82. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 0.15. The firm has a 50-day moving average price of $51.05 and a 200-day moving average price of $43.93. The firm has a market capitalization of $1.38 billion, a PE ratio of 9.99 and a beta of 0.51.

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

United Fire Group Announces Dividend

The firm also recently disclosed 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. The ex-dividend date was Friday, June 5th. This represents a $0.80 dividend on an annualized basis and a yield of 1.5%. United Fire Group’s payout ratio is presently 14.87%.

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

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Weiss Ratings upgraded shares of United Fire Group from a “buy (b)” rating to a “buy (b+)” rating in a research report on Wednesday, August 5th. Zacks Research cut shares of United Fire Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Piper Sandler increased their price target on shares of United Fire Group from $57.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, August 5th. Wall Street Zen lowered United Fire Group from a “strong-buy” rating to a “buy” rating in a research report on Sunday, August 2nd. Finally, JonesTrading boosted their price objective on United Fire Group from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.50.

Insider Transactions at United Fire Group

In other United Fire Group news, Director George D. Milligan acquired 4,500 shares of the business’s stock in a transaction on Friday, June 5th. The shares were bought at an average price of $45.23 per share, with a total value of $203,535.00. Following the transaction, the director directly owned 90,034 shares of the company’s stock, valued at $4,072,237.82. The trade was a 5.26% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link. 6.06% of the stock is currently owned by insiders.

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.