United Fire Group (NASDAQ:UFCS) Lowered to Hold Rating by Wall Street Zen

Wall Street Zen downgraded shares of United Fire Group (NASDAQ:UFCS) from a buy rating to a hold rating in a research note published on Saturday.

A number of other analysts also recently commented on the company. Zacks Research downgraded United Fire Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 5th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of United Fire Group in a research note on Monday, December 29th. Piper Sandler increased their target price on United Fire Group from $37.00 to $41.00 and gave the company a “neutral” rating in a report on Thursday, February 12th. Finally, JonesTrading raised their price target on United Fire Group from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Monday, March 2nd. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $40.50.

United Fire Group Trading Up 0.1%

Shares of United Fire Group stock opened at $37.79 on Friday. The company has a 50-day moving average of $36.85 and a two-hundred day moving average of $34.47. United Fire Group has a 12-month low of $25.01 and a 12-month high of $40.63. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.16. The stock has a market cap of $964.40 million, a PE ratio of 8.44 and a beta of 0.44.

United Fire Group (NASDAQ:UFCS) last announced its quarterly earnings results on Wednesday, February 11th. The insurance provider reported $1.50 EPS for the quarter, topping the consensus estimate of $0.90 by $0.60. The business had revenue of $365.81 million for the quarter, compared to analyst estimates of $332.34 million. United Fire Group had a return on equity of 13.84% and a net margin of 8.52%. On average, research analysts anticipate that United Fire Group will post 2.42 EPS for the current fiscal year.

United Fire Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 10th. Shareholders of record on Tuesday, February 24th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Tuesday, February 24th. This is a positive change from United Fire Group’s previous quarterly dividend of $0.16. United Fire Group’s dividend payout ratio is 17.86%.

Insider Activity

In related news, Director Christopher R. Drahozal sold 4,250 shares of the firm’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $38.49, for a total value of $163,582.50. Following the sale, the director directly owned 429,113 shares of the company’s stock, valued at approximately $16,516,559.37. This trade represents a 0.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Dee Ann Mcintyre sold 4,250 shares of the firm’s stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $38.84, for a total transaction of $165,070.00. Following the completion of the sale, the insider directly owned 437,613 shares in the company, valued at $16,996,888.92. This represents a 0.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 12,750 shares of company stock valued at $493,723 in the last 90 days. 6.12% of the stock is owned by company insiders.

Hedge Funds Weigh In On United Fire Group

Large investors have recently bought and sold shares of the stock. Allianz Asset Management GmbH acquired a new position in shares of United Fire Group in the 3rd quarter valued at $5,940,000. Invesco Ltd. increased its holdings in shares of United Fire Group by 108.8% during the 2nd quarter. Invesco Ltd. now owns 347,008 shares of the insurance provider’s stock worth $9,959,000 after buying an additional 180,836 shares during the last quarter. Royce & Associates LP raised its position in shares of United Fire Group by 236.4% in the 4th quarter. Royce & Associates LP now owns 235,925 shares of the insurance provider’s stock worth $8,576,000 after buying an additional 165,789 shares during the period. CSM Advisors LLC purchased a new position in shares of United Fire Group in the 2nd quarter worth $4,154,000. Finally, AQR Capital Management LLC boosted its holdings in United Fire Group by 59.5% in the second quarter. AQR Capital Management LLC now owns 301,076 shares of the insurance provider’s stock valued at $8,641,000 after acquiring an additional 112,318 shares during 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 (NASDAQ: UFCS) is an insurance holding company based in Cedar Rapids, Iowa, that specializes in property and casualty coverage for commercial and personal lines. The company underwrites business through three primary segments: commercial, personal and specialty insurance. Within the commercial segment, United Fire Group offers tailored policies for small- and medium-sized enterprises, including general liability, commercial property and workers’ compensation. Its personal lines cover homeowners, auto, farm and umbrella policies.

United Fire Group distributes its products primarily through a national network of independent insurance agents and brokers.