United Fire Group, Inc. (NASDAQ:UFCS) Sees Large Growth in Short Interest

United Fire Group, Inc. (NASDAQ:UFCS) saw a significant growth in short interest in the month of October. As of October 15th, there was short interest totalling 555,700 shares, a growth of 30.1% from the September 30th total of 427,000 shares. Based on an average daily trading volume, of 115,800 shares, the days-to-cover ratio is presently 4.8 days. Currently, 2.7% of the company’s shares are sold short.

Hedge Funds Weigh In On United Fire Group

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Earnest Partners LLC raised its stake in United Fire Group by 2.2% in the second quarter. Earnest Partners LLC now owns 1,293,367 shares of the insurance provider’s stock worth $27,794,000 after buying an additional 27,376 shares in the last quarter. Systematic Financial Management LP raised its position in shares of United Fire Group by 11.6% in the 2nd quarter. Systematic Financial Management LP now owns 437,584 shares of the insurance provider’s stock worth $9,404,000 after acquiring an additional 45,405 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of United Fire Group by 42.3% during the 3rd quarter. Assenagon Asset Management S.A. now owns 315,779 shares of the insurance provider’s stock worth $6,609,000 after purchasing an additional 93,836 shares during the last quarter. Millennium Management LLC boosted its position in United Fire Group by 40.8% during the second quarter. Millennium Management LLC now owns 234,214 shares of the insurance provider’s stock valued at $5,033,000 after purchasing an additional 67,838 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in United Fire Group by 0.5% in the second quarter. Bank of New York Mellon Corp now owns 193,283 shares of the insurance provider’s stock worth $4,154,000 after purchasing an additional 1,023 shares in the last quarter. 62.68% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Piper Sandler reduced their target price on shares of United Fire Group from $21.00 to $19.00 and set an “underweight” rating on the stock in a research note on Thursday, August 8th. StockNews.com raised shares of United Fire Group from a “hold” rating to a “buy” rating in a research note on Friday, October 4th.

United Fire Group Stock Performance

United Fire Group stock traded down $0.23 during mid-day trading on Tuesday, hitting $19.86. The company’s stock had a trading volume of 72,623 shares, compared to its average volume of 105,010. The company has a 50 day moving average of $20.31 and a 200-day moving average of $21.19. United Fire Group has a one year low of $18.04 and a one year high of $25.55. The stock has a market cap of $503.25 million, a PE ratio of 13.89 and a beta of 0.36.

United Fire Group (NASDAQ:UFCS) last posted its quarterly earnings results on Tuesday, August 6th. The insurance provider reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.03). The company had revenue of $301.17 million during the quarter, compared to analysts’ expectations of $300.80 million. United Fire Group had a return on equity of 5.23% and a net margin of 3.17%. During the same period in the prior year, the business earned ($2.27) EPS. On average, equities research analysts forecast that United Fire Group will post 1.1 EPS for the current fiscal year.

United Fire Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were issued a $0.16 dividend. The ex-dividend date was Friday, August 30th. This represents a $0.64 annualized dividend and a dividend yield of 3.22%. United Fire Group’s dividend payout ratio is currently 44.76%.

United Fire Group Company Profile

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.