United Fire Group (NASDAQ:UFCS) Hits New 52-Week High – Here’s What Happened

United Fire Group, Inc (NASDAQ:UFCS)’s stock price reached a new 52-week high on Thursday . The stock traded as high as $56.74 and last traded at $56.7080, with a volume of 10829 shares trading hands. The stock had previously closed at $54.85.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. 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 research note on Wednesday, August 5th. Zacks Research lowered shares of United Fire Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. JonesTrading upped their price objective on United Fire Group from $40.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, May 7th. 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, Weiss Ratings raised United Fire Group from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday, August 19th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $52.50.

United Fire Group Price Performance

The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.34 and a current ratio of 0.34. The stock’s 50-day moving average is $52.68 and its two-hundred day moving average is $45.63. The stock has a market cap of $1.44 billion, a PE ratio of 10.44 and a beta of 0.52.

United Fire Group (NASDAQ:UFCS) last released its earnings results on Monday, August 3rd. The insurance provider reported $1.30 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.61. The company had revenue of $383.73 million during the quarter, compared to the consensus estimate of $347.76 million. United Fire Group had a return on equity of 15.19% and a net margin of 9.57%. On average, equities analysts predict that United Fire Group, Inc will post 4.75 earnings per share for the current year.

United Fire Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be paid a $0.20 dividend. The ex-dividend date is Friday, September 4th. This represents a $0.80 annualized dividend and a dividend yield of 1.4%. United Fire Group’s payout ratio is 14.87%.

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

Insider Activity

In related news, Director George D. Milligan bought 4,500 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The stock was purchased at an average cost of $45.23 per share, for a total transaction of $203,535.00. Following the completion of the acquisition, the director owned 90,034 shares in the company, valued at approximately $4,072,237.82. This trade represents a 5.26% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 6.06% of the company’s stock.

Hedge Funds Weigh In On United Fire Group

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in United Fire Group in the second quarter valued at approximately $183,136,000. California State Teachers Retirement System raised its holdings in shares of United Fire Group by 10,933.3% in the 2nd quarter. California State Teachers Retirement System now owns 2,255,759 shares of the insurance provider’s stock valued at $118,292,000 after purchasing an additional 2,235,314 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of United Fire Group by 2.4% during the 4th quarter. Vanguard Group Inc. now owns 1,511,541 shares of the insurance provider’s stock worth $54,945,000 after purchasing an additional 35,338 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of United Fire Group by 0.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,489,968 shares of the insurance provider’s stock worth $55,219,000 after purchasing an additional 12,329 shares in the last quarter. Finally, State Street Corp increased its holdings in United Fire Group by 0.4% in the fourth quarter. State Street Corp now owns 809,086 shares of the insurance provider’s stock valued at $29,410,000 after buying an additional 3,289 shares during the last quarter. Hedge funds and other institutional investors own 62.68% of the company’s stock.

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.