United Fire Group, Inc $UFCS Position Raised by Royce & Associates LP

Royce & Associates LP raised its stake in United Fire Group, Inc (NASDAQ:UFCS) by 236.4% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 235,925 shares of the insurance provider’s stock after buying an additional 165,789 shares during the quarter. Royce & Associates LP’s holdings in United Fire Group were worth $8,576,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently added to or reduced their stakes in UFCS. Allianz Asset Management GmbH bought a new stake in United Fire Group in the third quarter valued at $5,940,000. Invesco Ltd. lifted its stake in United Fire Group by 108.8% in the second quarter. Invesco Ltd. now owns 347,008 shares of the insurance provider’s stock valued at $9,959,000 after buying an additional 180,836 shares during the last quarter. AQR Capital Management LLC lifted its stake in 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 buying an additional 112,318 shares during the last quarter. UBS Group AG lifted its stake 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 valued at $6,429,000 after buying 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 valued at $2,080,000. 62.68% of the stock is currently owned by institutional investors.

United Fire Group Price Performance

Shares of United Fire Group stock opened at $44.78 on Friday. 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 company’s 50-day moving average price is $41.58 and its two-hundred day moving average price is $38.45. United Fire Group, Inc has a 52 week low of $25.79 and a 52 week high of $49.94. The stock has a market cap of $1.15 billion, a PE ratio of 9.03 and a beta of 0.50.

United Fire Group (NASDAQ:UFCS) last issued its quarterly earnings results on Tuesday, May 5th. The insurance provider reported $1.16 EPS for the quarter, topping the consensus estimate of $0.87 by $0.29. United Fire Group had a net margin of 9.16% and a return on equity of 14.65%. The firm had revenue of $369.44 million for the quarter, compared to analysts’ expectations of $340.16 million. As a group, sell-side analysts anticipate that United Fire Group, Inc will post 4.69 EPS for the current fiscal year.

United Fire Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 19th. Shareholders of record on Friday, June 5th will be given a $0.20 dividend. The ex-dividend date is Friday, June 5th. This represents a $0.80 annualized dividend and a yield of 1.8%. United Fire Group’s payout ratio is 16.13%.

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

Analysts Set New Price Targets

A number of research firms have issued reports on UFCS. Weiss Ratings reiterated a “buy (b)” rating on shares of United Fire Group in a research note on Wednesday, May 13th. Piper Sandler raised their target price on United Fire Group from $45.00 to $57.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. JonesTrading raised their target price on United Fire Group from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Zacks Research upgraded shares of United Fire Group from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 8th. Finally, Wall Street Zen upgraded shares of United Fire Group from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. One investment analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $51.00.

Insider Activity

In other United Fire Group news, Director Christopher R. Drahozal sold 4,250 shares of the business’s 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 sale, the director directly owned 429,113 shares in the company, valued at approximately $16,516,559.37. The trade was a 0.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Dee Ann Mcintyre sold 4,250 shares of the business’s stock in a transaction dated 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 approximately $16,996,888.92. This trade represents a 0.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 12,750 shares of company stock worth $493,723. 6.06% of the stock is owned by company insiders.

United Fire Group 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.