Short Interest in United Fire Group, Inc. (NASDAQ:UFCS) Expands By 37.4%

United Fire Group, Inc. (NASDAQ:UFCS) was the target of a significant growth in short interest during the month of April. As of April 30th, there was short interest totalling 259,500 shares, a growth of 37.4% from the April 15th total of 188,800 shares. Based on an average daily volume of 88,400 shares, the days-to-cover ratio is currently 2.9 days. Approximately 1.2% of the company’s stock are short sold.

Insider Buying and Selling

In other United Fire Group news, VP Micah G. Woolstenhulme purchased 1,500 shares of the business’s stock in a transaction on Wednesday, March 13th. The shares were purchased at an average cost of $21.76 per share, with a total value of $32,640.00. Following the transaction, the vice president now directly owns 32,763 shares of the company’s stock, valued at approximately $712,922.88. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, VP Micah G. Woolstenhulme bought 1,500 shares of the stock in a transaction that occurred on Wednesday, March 13th. The shares were acquired at an average cost of $21.76 per share, for a total transaction of $32,640.00. Following the completion of the acquisition, the vice president now owns 32,763 shares in the company, valued at $712,922.88. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Christopher R. Drahozal sold 2,500 shares of the stock in a transaction on Monday, March 18th. The shares were sold at an average price of $21.90, for a total transaction of $54,750.00. Following the completion of the sale, the director now owns 451,863 shares of the company’s stock, valued at approximately $9,895,799.70. The disclosure for this sale can be found here. 5.99% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Quantbot Technologies LP acquired a new stake in shares of United Fire Group in the 3rd quarter worth about $67,000. Tower Research Capital LLC TRC raised its stake in shares of United Fire Group by 127.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 4,761 shares of the insurance provider’s stock worth $96,000 after purchasing an additional 2,669 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of United Fire Group by 22.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,190 shares of the insurance provider’s stock valued at $104,000 after purchasing an additional 957 shares in the last quarter. Quest Partners LLC purchased a new position in shares of United Fire Group during the fourth quarter valued at approximately $113,000. Finally, New York State Common Retirement Fund grew its holdings in United Fire Group by 17.8% during the fourth quarter. New York State Common Retirement Fund now owns 7,976 shares of the insurance provider’s stock worth $160,000 after buying an additional 1,203 shares in the last quarter. Institutional investors and hedge funds own 62.68% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on UFCS shares. Piper Sandler reiterated an “underweight” rating and set a $21.00 price objective on shares of United Fire Group in a research report on Monday, April 1st. StockNews.com cut shares of United Fire Group from a “buy” rating to a “hold” rating in a research note on Wednesday, May 8th.

United Fire Group Stock Down 1.4 %

NASDAQ UFCS traded down $0.33 during trading on Tuesday, hitting $23.32. 11,551 shares of the company’s stock were exchanged, compared to its average volume of 85,564. The stock’s 50 day moving average price is $22.23 and its two-hundred day moving average price is $21.65. United Fire Group has a fifty-two week low of $18.41 and a fifty-two week high of $25.55.

United Fire Group (NASDAQ:UFCS) last posted its earnings results on Tuesday, February 13th. The insurance provider reported $0.65 EPS for the quarter, topping the consensus estimate of $0.53 by $0.12. The business had revenue of $287.32 million for the quarter, compared to the consensus estimate of $278.70 million. United Fire Group had a negative net margin of 1.50% and a negative return on equity of 2.63%. As a group, analysts forecast that United Fire Group will post 1.1 earnings per share for the current fiscal year.

United Fire Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 22nd. Investors of record on Friday, March 8th were given a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 2.74%. The ex-dividend date of this dividend was Thursday, March 7th. United Fire Group’s payout ratio is currently -92.75%.

United Fire Group Company Profile

United Fire Group, Inc, together with its subsidiaries, provides property and casualty insurance for individuals and businesses in the United States. The company offers commercial and personal lines of property and casualty insurance; and reinsurance coverage for property and casualty insurance. Its commercial lines include fire and allied lines, other liability, automobile, workers' compensation, fidelity and surety coverage, and other insurance products; and personal lines comprise automobile, and fire and allied lines coverage, including homeowners, as well as provides assumed reinsurance products.