United Fire Group (NASDAQ:UFCS) Trading 18.3% Higher – Should You Buy?

Shares of United Fire Group, Inc. (NASDAQ:UFCS) shot up 18.3% during trading on Wednesday . The stock traded as high as $23.98 and last traded at $23.58. 11,045 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 103,789 shares. The stock had previously closed at $19.93.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on UFCS. StockNews.com raised United Fire Group from a “hold” rating to a “buy” rating in a research report on Friday, October 4th. Piper Sandler reduced their price target on shares of United Fire Group from $21.00 to $19.00 and set an “underweight” rating for the company in a report on Thursday, August 8th.

United Fire Group Trading Up 24.1 %

The firm’s fifty day moving average price is $20.26 and its two-hundred day moving average price is $21.10. The stock has a market capitalization of $626.91 million, a PE ratio of 17.30 and a beta of 0.37.

United Fire Group (NASDAQ:UFCS) last posted its quarterly earnings data on Tuesday, August 6th. The insurance provider reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.03). The company had revenue of $301.17 million for the quarter, compared to analyst estimates of $300.80 million. United Fire Group had a return on equity of 5.23% and a net margin of 3.17%. During the same quarter in the prior year, the company posted ($2.27) earnings per share. As a group, sell-side analysts anticipate that United Fire Group, Inc. will post 1.1 earnings per share for the current fiscal year.

United Fire Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Friday, August 30th were issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 2.59%. The ex-dividend date was Friday, August 30th. United Fire Group’s payout ratio is currently 44.76%.

Institutional Trading of United Fire Group

Several hedge funds have recently made changes to their positions in the company. Innealta Capital LLC purchased a new position in shares of United Fire Group during the 2nd quarter worth $65,000. Lion Street Advisors LLC acquired a new position in United Fire Group during the second quarter worth $201,000. Janus Henderson Group PLC purchased a new position in shares of United Fire Group during the first quarter worth $202,000. XTX Topco Ltd acquired a new stake in shares of United Fire Group in the second quarter valued at $213,000. Finally, Commonwealth Equity Services LLC purchased a new stake in shares of United Fire Group in the 2nd quarter valued at $223,000. Hedge funds and other institutional investors own 62.68% of the company’s stock.

About United Fire Group

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.