United Fire Group (NASDAQ:UFCS) Rating Increased to Strong-Buy at StockNews.com

StockNews.com upgraded shares of United Fire Group (NASDAQ:UFCS) from a buy rating to a strong-buy rating in a research report released on Wednesday morning.

Separately, Piper Sandler upgraded shares of United Fire Group from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $19.00 to $26.00 in a report on Monday, November 18th.

United Fire Group Price Performance

Shares of United Fire Group stock opened at $25.62 on Wednesday. The business has a 50-day simple moving average of $27.53 and a 200 day simple moving average of $23.91. United Fire Group has a one year low of $18.04 and a one year high of $31.70. The firm has a market capitalization of $649.21 million, a price-to-earnings ratio of 13.21 and a beta of 0.53.

United Fire Group (NASDAQ:UFCS) last issued its earnings results on Tuesday, February 11th. The insurance provider reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.64. United Fire Group had a return on equity of 6.75% and a net margin of 4.15%. On average, sell-side analysts expect that United Fire Group will post 1.84 EPS for the current year.

United Fire Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 2.50%. The ex-dividend date was Friday, November 29th. United Fire Group’s payout ratio is 32.99%.

Insiders Place Their Bets

In other United Fire Group news, VP Corey Lynn Ruehle sold 2,664 shares of the company’s stock in a transaction on Thursday, December 19th. The stock was sold at an average price of $29.60, for a total value of $78,854.40. Following the completion of the transaction, the vice president now owns 12,523 shares in the company, valued at $370,680.80. This represents a 17.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 5.99% of the company’s stock.

Hedge Funds Weigh In On United Fire Group

Hedge funds and other institutional investors have recently made changes to their positions in the stock. R Squared Ltd bought a new stake in United Fire Group in the fourth quarter worth about $27,000. Point72 Asset Management L.P. raised its holdings in shares of United Fire Group by 576.4% in the 3rd quarter. Point72 Asset Management L.P. now owns 5,411 shares of the insurance provider’s stock worth $113,000 after purchasing an additional 4,611 shares during the period. Globeflex Capital L P purchased a new position in United Fire Group in the fourth quarter valued at approximately $119,000. KLP Kapitalforvaltning AS bought a new position in United Fire Group during the fourth quarter valued at $131,000. Finally, Point72 Asia Singapore Pte. Ltd. increased its position in United Fire Group by 82.3% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 6,864 shares of the insurance provider’s stock worth $144,000 after buying an additional 3,098 shares during the last quarter. 62.68% of the stock is owned by hedge funds and other institutional investors.

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.