United Fire Group (NASDAQ:UFCS) Stock Passes Above 200 Day Moving Average – Here’s What Happened

United Fire Group, Inc (NASDAQ:UFCS)’s stock price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $39.36 and traded as high as $48.68. United Fire Group shares last traded at $47.98, with a volume of 109,186 shares changing hands.

Wall Street Analysts Forecast Growth

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

United Fire Group Stock Performance

The stock has a fifty day simple moving average of $44.28 and a 200-day simple moving average of $39.44. The stock has a market cap of $1.24 billion, a P/E ratio of 9.74 and a beta of 0.52. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.34 and a current ratio of 0.34.

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, beating analysts’ consensus estimates of $0.87 by $0.29. United Fire Group had a return on equity of 14.65% and a net margin of 9.16%.The company had revenue of $369.44 million for the quarter, compared to analyst estimates of $340.15 million. On average, equities analysts expect that United Fire Group, Inc will post 4.69 earnings per share for the current year.

United Fire Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 19th. Investors of record on Friday, June 5th will be issued a dividend of $0.20 per share. The ex-dividend date is Friday, June 5th. This represents a $0.80 annualized dividend and a yield of 1.7%. United Fire Group’s dividend payout ratio is presently 16.13%.

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

Insiders Place Their Bets

In other United Fire Group news, Director George D. Milligan purchased 4,500 shares of the stock in a transaction on Friday, June 5th. The shares were purchased at an average cost of $45.23 per share, for a total transaction of $203,535.00. Following the purchase, the director owned 90,034 shares of the company’s stock, valued at approximately $4,072,237.82. This represents a 5.26% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 6.06% of the company’s stock.

Hedge Funds Weigh In On United Fire Group

Several hedge funds have recently modified their holdings of the stock. Hillsdale Investment Management Inc. grew its position in shares of United Fire Group by 16.0% in the third quarter. Hillsdale Investment Management Inc. now owns 227,268 shares of the insurance provider’s stock valued at $6,913,000 after purchasing an additional 31,400 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of United Fire Group by 2.4% during the fourth 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 period. Royce & Associates LP acquired a new stake in United Fire Group during the 3rd quarter worth approximately $2,134,000. Jupiter Asset Management Ltd. acquired a new stake in United Fire Group during the 4th quarter worth approximately $1,524,000. Finally, Intech Investment Management LLC boosted its stake in United Fire Group by 320.9% in the 4th quarter. Intech Investment Management LLC now owns 50,925 shares of the insurance provider’s stock valued at $1,851,000 after purchasing an additional 38,825 shares during the period. 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.