United Fire Group (NASDAQ:UFCS – Get Free Report) was downgraded by stock analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a note issued to investors on Sunday.
Several other equities research analysts have also commented on UFCS. Piper Sandler boosted their price target on shares of United Fire Group from $45.00 to $57.00 and gave the company an “overweight” rating in a report on Thursday, May 7th. JonesTrading increased their price objective on shares of United Fire Group from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Weiss Ratings reissued a “buy (b)” rating on shares of United Fire Group in a report on Wednesday, May 13th. Finally, Zacks Research lowered shares of United Fire Group from a “strong-buy” rating to a “hold” rating in a report on Monday, July 6th. Three analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, United Fire Group has a consensus rating of “Moderate Buy” and a consensus price target of $51.00.
View Our Latest Stock Analysis on UFCS
United Fire Group Stock Performance
United Fire Group (NASDAQ:UFCS – Get Free Report) last released its quarterly earnings data on Monday, August 3rd. The insurance provider reported $1.30 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.61. United Fire Group had a net margin of 9.16% and a return on equity of 14.65%. The company had revenue of $354.13 million during the quarter, compared to analyst estimates of $347.76 million. On average, equities research analysts expect that United Fire Group will post 4.69 earnings per share for the current fiscal year.
United Fire Group declared that its board has initiated a stock repurchase plan on Wednesday, May 20th that authorizes the company to repurchase 2,000,000 outstanding shares. This repurchase authorization authorizes the insurance provider to buy shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
Insider Buying and Selling
In other news, Director George D. Milligan bought 4,500 shares of United Fire Group stock in a transaction on Friday, June 5th. The stock was acquired at an average cost of $45.23 per share, for a total transaction of $203,535.00. Following the completion of the acquisition, the director owned 90,034 shares of the company’s stock, valued at $4,072,237.82. This trade represents a 5.26% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 6.06% of the company’s stock.
Institutional Trading of United Fire Group
Institutional investors have recently modified their holdings of the company. Smartleaf Asset Management LLC grew its position in shares of United Fire Group by 129.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 686 shares of the insurance provider’s stock worth $25,000 after buying an additional 387 shares during the last quarter. Basepoint Wealth LLC acquired a new stake in United Fire Group in the fourth quarter valued at approximately $26,000. Federated Hermes Inc. boosted its stake in United Fire Group by 109.5% in the fourth quarter. Federated Hermes Inc. now owns 1,190 shares of the insurance provider’s stock valued at $43,000 after acquiring an additional 622 shares in the last quarter. EverSource Wealth Advisors LLC grew its holdings in United Fire Group by 812.8% in the second quarter. EverSource Wealth Advisors LLC now owns 1,570 shares of the insurance provider’s stock worth $45,000 after purchasing an additional 1,398 shares during the last quarter. Finally, Kemnay Advisory Services Inc. purchased a new position in United Fire Group in the fourth quarter worth $48,000. 62.68% of the stock is currently owned by institutional investors.
United Fire Group Company 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.
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