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

StockNews.com lowered shares of United Fire Group (NASDAQ:UFCSGet Rating) from a buy rating to a hold rating in a research report report published on Friday morning.

Several other analysts also recently commented on UFCS. TheStreet downgraded shares of United Fire Group from a b- rating to a c rating in a report on Thursday, May 5th. Piper Sandler upgraded shares of United Fire Group from a neutral rating to an overweight rating and set a $37.00 price objective on the stock in a report on Friday. They noted that the move was a valuation call.

United Fire Group Price Performance

Shares of NASDAQ:UFCS opened at $27.81 on Friday. The company has a market capitalization of $698.87 million, a price-to-earnings ratio of 10.70 and a beta of 0.01. The firm’s 50 day simple moving average is $32.85 and its 200 day simple moving average is $29.97. United Fire Group has a fifty-two week low of $19.85 and a fifty-two week high of $37.26.

United Fire Group (NASDAQ:UFCSGet Rating) last announced its quarterly earnings results on Thursday, May 5th. The insurance provider reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.47. The business had revenue of $245.01 million for the quarter, compared to the consensus estimate of $246.30 million. United Fire Group had a net margin of 6.70% and a return on equity of 8.26%. During the same period last year, the company posted ($0.03) EPS. Equities research analysts expect that United Fire Group will post 2.47 earnings per share for the current year.

United Fire Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 17th. Investors of record on Friday, June 3rd were paid a $0.16 dividend. The ex-dividend date of this dividend was Thursday, June 2nd. This is a boost from United Fire Group’s previous quarterly dividend of $0.15. This represents a $0.64 annualized dividend and a dividend yield of 2.30%. United Fire Group’s dividend payout ratio (DPR) is currently 24.62%.

Insiders Place Their Bets

In other news, Director James Noyce sold 2,145 shares of United Fire Group stock in a transaction on Monday, May 9th. The stock was sold at an average price of $30.42, for a total transaction of $65,250.90. Following the completion of the sale, the director now owns 17,054 shares of the company’s stock, valued at $518,782.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Eric J. Martin purchased 1,000 shares of the company’s stock in a transaction that occurred on Monday, May 9th. The stock was acquired at an average price of $30.33 per share, with a total value of $30,330.00. Following the completion of the purchase, the chief financial officer now directly owns 1,000 shares in the company, valued at $30,330. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James Noyce sold 2,145 shares of the business’s stock in a transaction dated Monday, May 9th. The shares were sold at an average price of $30.42, for a total value of $65,250.90. Following the completion of the transaction, the director now directly owns 17,054 shares of the company’s stock, valued at approximately $518,782.68. The disclosure for this sale can be found here. Company insiders own 5.71% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC bought a new stake in shares of United Fire Group during the fourth quarter worth about $4,374,000. Systematic Financial Management LP grew its holdings in shares of United Fire Group by 443.0% during the first quarter. Systematic Financial Management LP now owns 190,417 shares of the insurance provider’s stock worth $5,916,000 after purchasing an additional 155,351 shares during the last quarter. Assenagon Asset Management S.A. bought a new stake in shares of United Fire Group during the fourth quarter worth about $3,182,000. Bank of America Corp DE grew its holdings in shares of United Fire Group by 36.9% during the first quarter. Bank of America Corp DE now owns 498,987 shares of the insurance provider’s stock worth $15,503,000 after purchasing an additional 134,553 shares during the last quarter. Finally, Monarch Partners Asset Management LLC bought a new stake in shares of United Fire Group during the second quarter worth about $3,071,000. Institutional investors and hedge funds own 60.65% of the company’s stock.

About United Fire Group

(Get Rating)

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 commercial multiple peril and inland marine insurance, as well as assumed reinsurance products.

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