Short Interest in United Fire Group, Inc. (NASDAQ:UFCS) Rises By 44.2%

United Fire Group, Inc. (NASDAQ:UFCS) saw a significant increase in short interest in the month of June. As of June 15th, there was short interest totalling 364,500 shares, an increase of 44.2% from the May 31st total of 252,700 shares. Based on an average trading volume of 105,100 shares, the short-interest ratio is presently 3.5 days. Approximately 1.8% of the shares of the company are short sold.

Analyst Ratings Changes

UFCS has been the topic of several analyst reports. Piper Sandler restated an “underweight” rating and issued a $21.00 price target on shares of United Fire Group in a research note on Monday, April 1st. StockNews.com cut United Fire Group from a “strong-buy” rating to a “buy” rating in a research report on Thursday.

Insider Buying and Selling at United Fire Group

In related news, Director Christopher R. Drahozal sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $21.06, for a total transaction of $52,650.00. Following the completion of the transaction, the director now owns 449,363 shares in the company, valued at approximately $9,463,584.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 5.99% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its position in shares of United Fire Group by 7.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 336,377 shares of the insurance provider’s stock valued at $6,643,000 after purchasing an additional 23,922 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in shares of United Fire Group by 111.4% during the 3rd quarter. Envestnet Asset Management Inc. now owns 178,041 shares of the insurance provider’s stock valued at $3,516,000 after acquiring an additional 93,810 shares during the last quarter. Invesco Ltd. boosted its stake in shares of United Fire Group by 4.5% during the 3rd quarter. Invesco Ltd. now owns 373,607 shares of the insurance provider’s stock worth $7,379,000 after acquiring an additional 16,134 shares in the last quarter. Trexquant Investment LP acquired a new position in shares of United Fire Group in the 3rd quarter worth $422,000. Finally, GSA Capital Partners LLP raised its position in shares of United Fire Group by 106.8% during the third quarter. GSA Capital Partners LLP now owns 35,048 shares of the insurance provider’s stock worth $692,000 after purchasing an additional 18,097 shares during the period. Institutional investors own 62.68% of the company’s stock.

United Fire Group Stock Performance

UFCS stock traded up $0.48 during trading on Friday, hitting $21.49. The company had a trading volume of 478,927 shares, compared to its average volume of 158,247. The business has a 50 day moving average of $22.22 and a 200 day moving average of $21.98. 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 issued its quarterly earnings results on Tuesday, May 7th. The insurance provider reported $0.56 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.01. United Fire Group had a negative net margin of 1.50% and a negative return on equity of 2.63%. The company had revenue of $296.00 million during the quarter, compared to analyst estimates of $282.30 million. Sell-side analysts predict that United Fire Group will post 1.1 earnings per share for the current fiscal year.

United Fire Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Friday, May 31st were paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date was Friday, May 31st. United Fire Group’s dividend payout ratio is presently -92.75%.

About United Fire Group

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.