United Fire Group (NASDAQ:UFCS) Hits New 1-Year High – Time to Buy?

United Fire Group, Inc (NASDAQ:UFCS)’s stock price reached a new 52-week high during trading on Monday . The company traded as high as $49.94 and last traded at $49.3240, with a volume of 39184 shares trading hands. The stock had previously closed at $48.06.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on UFCS shares. Piper Sandler raised their price objective on shares of United Fire Group from $45.00 to $57.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Weiss Ratings reissued a “buy (b)” rating on shares of United Fire Group in a report on Wednesday. JonesTrading increased 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. Zacks Research upgraded United Fire Group from a “hold” rating to a “strong-buy” rating in a research report on Friday, May 8th. Finally, Wall Street Zen raised United Fire Group from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. One analyst has rated the stock with a Strong Buy rating and three have assigned a Buy rating to the stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $51.00.

United Fire Group Stock Performance

The company has a market capitalization of $1.27 billion, a P/E ratio of 9.98 and a beta of 0.50. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.34 and a quick ratio of 0.34. The stock’s 50 day simple moving average is $39.78 and its two-hundred day simple moving average is $37.49.

United Fire Group (NASDAQ:UFCS) last released its quarterly earnings results on Tuesday, May 5th. The insurance provider reported $1.16 EPS for the quarter, beating the consensus estimate of $0.87 by $0.29. The business had revenue of $369.44 million for the quarter, compared to analysts’ expectations of $340.16 million. United Fire Group had a net margin of 9.16% and a return on equity of 14.65%. As a group, research analysts expect that United Fire Group, Inc will post 4.88 earnings per share for the current year.

Insider Buying and Selling at United Fire Group

In other news, major shareholder Dee Ann Mcintyre sold 4,250 shares of the business’s stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $38.84, for a total transaction of $165,070.00. Following the completion of the sale, the insider owned 437,613 shares in the company, valued at $16,996,888.92. The trade was a 0.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Christopher R. Drahozal sold 4,250 shares of the company’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $38.49, for a total value of $163,582.50. Following the transaction, the director directly owned 429,113 shares in the company, valued at $16,516,559.37. This trade represents a 0.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 12,750 shares of company stock worth $493,723. Company insiders own 6.06% of the company’s stock.

Institutional Trading of United Fire Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its position in United Fire Group by 19.8% during the 4th quarter. GAMMA Investing LLC now owns 1,743 shares of the insurance provider’s stock valued at $63,000 after purchasing an additional 288 shares during the period. EverSource Wealth Advisors LLC raised its stake in shares of United Fire Group by 23.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,726 shares of the insurance provider’s stock worth $63,000 after buying an additional 329 shares during the last quarter. NewEdge Advisors LLC raised its stake in shares of United Fire Group by 17.7% during the first quarter. NewEdge Advisors LLC now owns 2,499 shares of the insurance provider’s stock worth $74,000 after buying an additional 375 shares during the last quarter. Smartleaf Asset Management LLC lifted its holdings in United Fire Group by 129.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 686 shares of the insurance provider’s stock valued at $25,000 after buying an additional 387 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its stake in United Fire Group by 5.2% in the second quarter. The Manufacturers Life Insurance Company now owns 7,883 shares of the insurance provider’s stock valued at $226,000 after acquiring an additional 391 shares during the last quarter. 62.68% of the stock is owned by institutional investors.

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.