United Fire Group, Inc. (NASDAQ:UFCS) declared a quarterly dividend on Thursday, May 21st, Wall Street Journal reports. Investors of record on Friday, June 5th will be paid a dividend of 0.33 per share by the insurance provider on Friday, June 19th. This represents a $1.32 dividend on an annualized basis and a dividend yield of 4.81%. The ex-dividend date is Thursday, June 4th.
United Fire Group has raised its dividend payment by an average of 6.6% annually over the last three years and has increased its dividend every year for the last 6 years. United Fire Group has a payout ratio of -1,466.7% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect United Fire Group to earn $0.50 per share next year, which means the company may not be able to cover its $1.32 annual dividend with an expected future payout ratio of 264.0%.
Shares of UFCS stock opened at $27.47 on Friday. The firm has a fifty day moving average price of $28.49 and a 200 day moving average price of $38.70. United Fire Group has a 12 month low of $22.08 and a 12 month high of $53.68.
United Fire Group (NASDAQ:UFCS) last issued its earnings results on Wednesday, May 6th. The insurance provider reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.07). The firm had revenue of $271.21 million for the quarter, compared to analyst estimates of $287.30 million. United Fire Group had a negative return on equity of 5.42% and a negative net margin of 9.52%. On average, sell-side analysts anticipate that United Fire Group will post -0.25 earnings per share for the current year.
Several equities analysts have issued reports on the stock. Sidoti decreased their price objective on shares of United Fire Group from $35.00 to $31.00 and set a “neutral” rating for the company in a research note on Monday, May 4th. Piper Sandler decreased their price objective on shares of United Fire Group from $44.00 to $30.00 and set a “neutral” rating for the company in a research note on Monday, April 6th. TheStreet downgraded shares of United Fire Group from a “c” rating to a “d” rating in a research note on Wednesday, May 6th. BidaskClub downgraded shares of United Fire Group from a “sell” rating to a “strong sell” rating in a research note on Friday, May 15th. Finally, Zacks Investment Research upgraded shares of United Fire Group from a “hold” rating to a “buy” rating and set a $33.00 price objective for the company in a research note on Saturday, April 18th. One analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. United Fire Group currently has an average rating of “Hold” and an average price target of $31.33.
In other news, Director Mary K. Quass sold 2,727 shares of the company’s stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $24.50, for a total value of $66,811.50. Following the completion of the sale, the director now directly owns 20,809 shares of the company’s stock, valued at $509,820.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Randy A. Ramlo sold 1,285 shares of the company’s stock in a transaction dated Thursday, March 19th. The shares were sold at an average price of $30.19, for a total transaction of $38,794.15. Following the completion of the sale, the chief executive officer now directly owns 72,996 shares of the company’s stock, valued at $2,203,749.24. The disclosure for this sale can be found here. 6.66% of the stock is currently owned by corporate insiders.
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, as well as assumed reinsurance products. Its commercial policies include fire and allied lines, other liability, automobile, workers' compensation, and surety coverage; and personal lines comprise automobile, and fire and allied lines coverage, including homeowners.
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