United Fire Group (NASDAQ:UFCS) Releases Earnings Results, Beats Estimates By $0.61 EPS

United Fire Group (NASDAQ:UFCSGet Free Report) issued its quarterly earnings data on Monday. The insurance provider reported $1.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.61, FiscalAI reports. United Fire Group had a net margin of 9.16% and a return on equity of 14.65%.

United Fire Group Stock Performance

United Fire Group stock traded up $0.73 during mid-day trading on Monday, reaching $52.09. 202,732 shares of the company traded hands, compared to its average volume of 131,636. The firm’s fifty day moving average is $49.43 and its two-hundred day moving average is $42.76. The company has a market capitalization of $1.34 billion, a price-to-earnings ratio of 10.50 and a beta of 0.51. United Fire Group has a fifty-two week low of $26.10 and a fifty-two week high of $54.42. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.34 and a quick ratio of 0.34.

United Fire Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 19th. Shareholders of record on Friday, June 5th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend was Friday, June 5th. United Fire Group’s payout ratio is currently 16.13%.

Analysts Set New Price Targets

Several brokerages have weighed in on UFCS. Zacks Research downgraded shares of United Fire Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 6th. Wall Street Zen downgraded United Fire Group from a “strong-buy” rating to a “buy” rating in a research report on Sunday. Weiss Ratings reissued a “buy (b)” rating on shares of United Fire Group in a research report on Wednesday, May 13th. JonesTrading boosted their target price on United Fire Group from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Finally, Piper Sandler upped their target price 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. Three analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, United Fire Group presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.00.

Read Our Latest Stock Report on United Fire Group

Insider Activity at United Fire Group

In related news, Director George D. Milligan acquired 4,500 shares of the stock in a transaction dated 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 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 position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 6.06% of the company’s stock.

Hedge Funds Weigh In On United Fire Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in UFCS. Smartleaf Asset Management LLC grew its stake in United Fire Group by 129.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 686 shares of the insurance provider’s stock valued at $25,000 after purchasing an additional 387 shares during the last quarter. Federated Hermes Inc. raised its stake in shares of United Fire Group by 109.5% in the fourth quarter. Federated Hermes Inc. now owns 1,190 shares of the insurance provider’s stock worth $43,000 after purchasing an additional 622 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of 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. Kemnay Advisory Services Inc. acquired a new stake in shares of United Fire Group during the fourth quarter worth about $48,000. Finally, Meeder Asset Management Inc. purchased a new stake in United Fire Group in the fourth quarter valued at approximately $53,000. Hedge funds and other institutional investors own 62.68% of the company’s stock.

United Fire Group declared that its Board of Directors has initiated a share buyback plan on Wednesday, May 20th that authorizes the company to buyback 2,000,000 outstanding shares. This buyback authorization authorizes the insurance provider to buy shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

About United Fire Group

(Get Free Report)

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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Earnings History for United Fire Group (NASDAQ:UFCS)

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