United Fire Group (NASDAQ:UFCS) Sets New 52-Week High – What’s Next?

Shares of United Fire Group, Inc (NASDAQ:UFCS) reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $40.79 and last traded at $40.6450, with a volume of 28943 shares trading hands. The stock had previously closed at $39.34.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on UFCS shares. Piper Sandler boosted their price objective on United Fire Group from $37.00 to $41.00 and gave the company a “neutral” rating in a report on Thursday, February 12th. Weiss Ratings restated a “buy (b-)” rating on shares of United Fire Group in a report on Monday, December 29th. Zacks Research downgraded United Fire Group from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. Wall Street Zen downgraded United Fire Group from a “buy” rating to a “hold” rating in a report on Saturday, March 7th. Finally, JonesTrading upped their price target on United Fire Group from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Monday, March 2nd. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $40.50.

United Fire Group Trading Up 2.6%

The company has a fifty day simple moving average of $37.93 and a two-hundred day simple moving average of $35.75. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.16. The company has a market cap of $1.03 billion, a PE ratio of 9.01 and a beta of 0.41.

United Fire Group (NASDAQ:UFCS) last issued its quarterly earnings results on Wednesday, February 11th. The insurance provider reported $1.50 earnings per share for the quarter, topping the consensus estimate of $0.90 by $0.60. United Fire Group had a return on equity of 13.84% and a net margin of 8.52%.The company had revenue of $365.81 million for the quarter, compared to the consensus estimate of $332.34 million. Analysts anticipate that United Fire Group, Inc will post 2.42 EPS for the current year.

United Fire Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 10th. Stockholders of record on Tuesday, February 24th were issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date was Tuesday, February 24th. This is an increase from United Fire Group’s previous quarterly dividend of $0.16. United Fire Group’s dividend payout ratio (DPR) is currently 17.86%.

Insider Transactions at United Fire Group

In other news, major shareholder Dee Ann Mcintyre sold 4,250 shares of the stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $38.84, for a total value of $165,070.00. Following the transaction, the insider owned 437,613 shares in the company, valued at approximately $16,996,888.92. This represents a 0.96% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Christopher R. Drahozal sold 4,250 shares of the stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $38.49, for a total value of $163,582.50. Following the completion of the transaction, the director owned 429,113 shares in the company, valued at approximately $16,516,559.37. The trade was a 0.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 12,750 shares of company stock worth $493,723. Company insiders own 6.12% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in UFCS. Allianz Asset Management GmbH purchased a new position in shares of United Fire Group in the 3rd quarter valued at about $5,940,000. Invesco Ltd. increased its holdings in shares of United Fire Group by 108.8% in the 2nd quarter. Invesco Ltd. now owns 347,008 shares of the insurance provider’s stock valued at $9,959,000 after acquiring an additional 180,836 shares during the last quarter. Royce & Associates LP increased its holdings in shares of United Fire Group by 236.4% in the 4th quarter. Royce & Associates LP now owns 235,925 shares of the insurance provider’s stock valued at $8,576,000 after acquiring an additional 165,789 shares during the last quarter. AQR Capital Management LLC increased its holdings in shares of United Fire Group by 59.5% in the 2nd quarter. AQR Capital Management LLC now owns 301,076 shares of the insurance provider’s stock valued at $8,641,000 after acquiring an additional 112,318 shares during the last quarter. Finally, UBS Group AG increased its holdings in shares of United Fire Group by 79.4% in the 3rd quarter. UBS Group AG now owns 211,339 shares of the insurance provider’s stock valued at $6,429,000 after acquiring an additional 93,525 shares during the last quarter. Hedge funds and other institutional investors own 62.68% of the company’s stock.

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.