United Fire Group (NASDAQ:UFCS) Downgraded by StockNews.com to Hold

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

Separately, Piper Sandler reissued an underweight rating and set a $21.00 price target on shares of United Fire Group in a research report on Monday, April 1st.

United Fire Group Trading Up 0.9 %

Shares of NASDAQ:UFCS opened at $23.60 on Wednesday. The stock has a fifty day simple moving average of $22.20 and a two-hundred day simple moving average of $21.57. United Fire Group has a 12-month low of $18.41 and a 12-month high of $27.23. The stock has a market capitalization of $596.61 million, a price-to-earnings ratio of -20.00 and a beta of 0.34.

United Fire Group (NASDAQ:UFCS) last announced its quarterly earnings results on Tuesday, February 13th. The insurance provider reported $0.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.53 by $0.12. The company had revenue of $287.32 million for the quarter, compared to analysts’ expectations of $278.70 million. United Fire Group had a negative net margin of 2.71% and a negative return on equity of 4.38%. As a group, equities research analysts predict that United Fire Group will post 1.1 EPS for the current year.

United Fire Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 22nd. Investors of record on Friday, March 8th were issued a $0.16 dividend. The ex-dividend date was Thursday, March 7th. This represents a $0.64 annualized dividend and a yield of 2.71%. United Fire Group’s payout ratio is -54.24%.

Insiders Place Their Bets

In related news, VP Micah G. Woolstenhulme purchased 1,500 shares of the company’s stock in a transaction dated Wednesday, March 13th. The shares were purchased at an average price of $21.76 per share, with a total value of $32,640.00. Following the acquisition, the vice president now directly owns 32,763 shares in the company, valued at approximately $712,922.88. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, VP Micah G. Woolstenhulme purchased 1,500 shares of the company’s stock in a transaction dated Wednesday, March 13th. The shares were purchased at an average cost of $21.76 per share, for a total transaction of $32,640.00. Following the purchase, the vice president now directly owns 32,763 shares in the company, valued at approximately $712,922.88. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Christopher R. Drahozal sold 2,500 shares of the company’s stock in a transaction on Monday, March 18th. The shares were sold at an average price of $21.90, for a total value of $54,750.00. Following the sale, the director now owns 451,863 shares of the company’s stock, valued at approximately $9,895,799.70. The disclosure for this sale can be found here. 5.99% of the stock is owned by insiders.

Hedge Funds Weigh In On United Fire Group

Institutional investors and hedge funds have recently made changes to their positions in the business. SG Americas Securities LLC increased its position in United Fire Group by 6.7% in the fourth quarter. SG Americas Securities LLC now owns 13,054 shares of the insurance provider’s stock worth $263,000 after buying an additional 825 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of United Fire Group by 22.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,190 shares of the insurance provider’s stock valued at $104,000 after acquiring an additional 957 shares during the period. Barclays PLC increased its holdings in United Fire Group by 8.3% in the 3rd quarter. Barclays PLC now owns 14,478 shares of the insurance provider’s stock worth $287,000 after acquiring an additional 1,112 shares in the last quarter. New York State Common Retirement Fund raised its stake in United Fire Group by 17.8% during the 4th quarter. New York State Common Retirement Fund now owns 7,976 shares of the insurance provider’s stock worth $160,000 after acquiring an additional 1,203 shares during the period. Finally, Trexquant Investment LP lifted its holdings in United Fire Group by 6.8% during the fourth quarter. Trexquant Investment LP now owns 22,838 shares of the insurance provider’s stock valued at $460,000 after purchasing an additional 1,449 shares in the last quarter. Hedge funds and other institutional investors own 62.68% of the company’s stock.

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.