United Fire Group, Inc (NASDAQ:UFCS – Get Free Report) Director Scott Carlton sold 9,777 shares of the company’s stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $55.52, for a total value of $542,819.04. Following the completion of the sale, the director owned 200,552 shares in the company, valued at approximately $11,134,647.04. This represents a 4.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.
United Fire Group Stock Performance
NASDAQ UFCS opened at $54.98 on Wednesday. The business has a 50 day moving average price of $52.99 and a 200 day moving average price of $46.10. The company has a market capitalization of $1.41 billion, a P/E ratio of 10.22 and a beta of 0.52. United Fire Group, Inc has a 1-year low of $29.74 and a 1-year high of $56.74. 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 (NASDAQ:UFCS – Get Free Report) last posted its earnings results on Monday, August 3rd. The insurance provider reported $1.30 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.61. The company had revenue of $383.73 million for the quarter, compared to the consensus estimate of $347.76 million. United Fire Group had a return on equity of 15.19% and a net margin of 9.57%. Sell-side analysts expect that United Fire Group, Inc will post 4.75 EPS for the current fiscal year.
United Fire Group Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, September 4th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend is Friday, September 4th. United Fire Group’s payout ratio is 14.87%.
Analyst Upgrades and Downgrades
Several equities analysts have weighed in on UFCS shares. Piper Sandler raised their target price on shares of United Fire Group from $57.00 to $60.00 and gave the company an “overweight” rating in a report on Wednesday, August 5th. Wall Street Zen downgraded shares of United Fire Group from a “strong-buy” rating to a “buy” rating in a report on Sunday, August 2nd. Zacks Research lowered shares of United Fire Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Finally, Weiss Ratings raised shares of United Fire Group from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $52.50.
Read Our Latest Analysis on UFCS
Institutional Trading of United Fire Group
A number of large investors have recently made changes to their positions in UFCS. BlackRock Inc. purchased a new position in United Fire Group in the 2nd quarter valued at about $183,136,000. California State Teachers Retirement System grew its holdings in shares of United Fire Group by 10,933.3% during the second quarter. California State Teachers Retirement System now owns 2,255,759 shares of the insurance provider’s stock worth $118,292,000 after buying an additional 2,235,314 shares in the last quarter. Bank of America Corp DE purchased a new stake in shares of United Fire Group during the second quarter worth about $24,936,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of United Fire Group in the second quarter valued at approximately $9,720,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of United Fire Group in the second quarter valued at approximately $9,689,000. Institutional investors and hedge funds own 62.68% of the company’s stock.
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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