United Fire Group (NASDAQ:UFCS – Get Free Report) had its target price dropped by investment analysts at Piper Sandler from $60.00 to $58.00 in a research note issued on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the insurance provider’s stock. Piper Sandler‘s price target suggests a potential upside of 21.39% from the stock’s previous close.
UFCS has been the subject of several other research reports. Zacks Research upgraded United Fire Group from a “hold” rating to a “strong-buy” rating in a research report on Thursday, September 17th. Weiss Ratings raised shares of United Fire Group from a “buy (a-)” rating to a “buy (a)” rating in a report on Thursday, October 8th. Finally, Wall Street Zen lowered shares of United Fire Group from a “strong-buy” rating to a “buy” rating in a report on Sunday, August 2nd. Two investment analysts have rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Strong Buy” and an average target price of $51.50.
View Our Latest Report on UFCS
United Fire Group Stock Performance
Shares of UFCS stock traded down $1.54 during trading hours on Thursday, reaching $47.78. The company had a trading volume of 65,302 shares, compared to its average volume of 133,024. United Fire Group has a one year low of $33.53 and a one year high of $58.19. The business has a fifty day moving average price of $55.07 and a 200-day moving average price of $46.85. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.34 and a current ratio of 0.34. The firm has a market cap of $1.23 billion, a PE ratio of 9.13 and a beta of 0.55.
United Fire Group (NASDAQ:UFCS – Get Free Report) last issued its quarterly earnings results on Tuesday, November 3rd. The insurance provider reported $1.34 earnings per share for the quarter, topping the consensus estimate of $1.23 by $0.11. The business had revenue of $391.63 million for the quarter, compared to analysts’ expectations of $384.18 million. United Fire Group had a net margin of 9.06% and a return on equity of 14.50%. Sell-side analysts predict that United Fire Group will post 4.97 earnings per share for the current fiscal year.
Insiders Place Their Bets
In related news, Director Scott Carlton sold 9,777 shares of United Fire Group stock in a transaction 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 transaction, the director directly owned 200,552 shares in the company, valued at approximately $11,134,647.04. This trade represents a 4.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 6.06% of the stock is currently owned by insiders.
Institutional Investors Weigh In On United Fire Group
A number of hedge funds and other institutional investors have recently modified their holdings of the company. GAMMA Investing LLC increased its stake in United Fire Group by 9.1% in the third quarter. GAMMA Investing LLC now owns 2,293 shares of the insurance provider’s stock valued at $121,000 after purchasing an additional 192 shares during the last quarter. IFP Advisors Inc grew its position in United Fire Group by 25.1% in the 2nd quarter. IFP Advisors Inc now owns 1,400 shares of the insurance provider’s stock valued at $73,000 after buying an additional 281 shares during the last quarter. Allworth Financial LP acquired a new stake in United Fire Group in the second quarter valued at about $34,000. First Trust Advisors LP raised its position in United Fire Group by 1.0% in the first quarter. First Trust Advisors LP now owns 70,452 shares of the insurance provider’s stock worth $2,611,000 after acquiring an additional 731 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its holdings in United Fire Group by 4.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 23,184 shares of the insurance provider’s stock worth $1,251,000 after buying an additional 909 shares in the last quarter. 62.68% of the stock is currently owned by institutional investors and hedge funds.
About United Fire Group
United Fire Group, Inc (NASDAQ: UFCS) is an insurance holding company headquartered in Cedar Rapids, Iowa. Through its insurance subsidiaries, the company provides property and casualty insurance products to businesses, individuals, and organizations, primarily through a network of independent insurance agents.
Its product portfolio includes commercial property and liability coverage, commercial automobile insurance, workers’ compensation, surety bonds, and specialty insurance products.
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