United Fire Group (NASDAQ:UFCS) Shares Pass Above Two Hundred Day Moving Average – Here’s What Happened

United Fire Group, Inc (NASDAQ:UFCS) shares passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $34.73 and traded as high as $37.72. United Fire Group shares last traded at $37.28, with a volume of 105,195 shares.

Analyst Upgrades and Downgrades

A number of research firms have commented on UFCS. Zacks Research lowered shares of United Fire Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 5th. Piper Sandler boosted their price target on shares of United Fire Group from $37.00 to $41.00 and gave the company a “neutral” rating in a report on Thursday, February 12th. Wall Street Zen downgraded shares of United Fire Group from a “buy” rating to a “hold” rating in a research report on Saturday, March 7th. JonesTrading raised their price objective on shares of United Fire Group from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Monday, March 2nd. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of United Fire Group in a research report on Monday, December 29th. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $40.50.

United Fire Group Stock Down 2.1%

The company has a market cap of $938.63 million, a price-to-earnings ratio of 8.21 and a beta of 0.44. 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 business has a fifty day moving average price of $36.99 and a two-hundred day moving average price of $34.80.

United Fire Group (NASDAQ:UFCS) last posted 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 during the quarter, compared to analysts’ expectations of $332.34 million. United Fire Group had a net margin of 8.52% and a return on equity of 13.84%. On average, equities analysts predict that United Fire Group, Inc will post 2.42 earnings per share for the current year.

United Fire Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 10th. Stockholders of record on Tuesday, February 24th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.2%. This is a boost from United Fire Group’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend was Tuesday, February 24th. United Fire Group’s dividend payout ratio (DPR) is currently 17.86%.

Insider Buying and Selling at United Fire Group

In related news, major shareholder Dee Ann Mcintyre sold 4,250 shares of United Fire Group stock in a transaction 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 owned 437,613 shares of the company’s stock, valued at approximately $16,996,888.92. This trade represents a 0.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Christopher R. Drahozal sold 4,250 shares of the company’s stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $38.49, for a total value of $163,582.50. Following the completion of the transaction, the director directly owned 429,113 shares in the company, valued at approximately $16,516,559.37. The trade was a 0.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 12,750 shares of company stock valued at $493,723. 6.12% of the stock is owned by corporate insiders.

Institutional Trading of United Fire Group

Large investors have recently added to or reduced their stakes in the business. Smartleaf Asset Management LLC raised its holdings in shares of United Fire Group by 129.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 686 shares of the insurance provider’s stock valued at $25,000 after purchasing an additional 387 shares in the last quarter. Basepoint Wealth LLC bought a new stake in United Fire Group in the fourth quarter worth $26,000. Federated Hermes Inc. increased its position in United Fire Group by 109.5% during the fourth quarter. Federated Hermes Inc. now owns 1,190 shares of the insurance provider’s stock worth $43,000 after buying an additional 622 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in United Fire Group by 812.8% during the second quarter. EverSource Wealth Advisors LLC now owns 1,570 shares of the insurance provider’s stock worth $45,000 after buying an additional 1,398 shares during the last quarter. Finally, Kemnay Advisory Services Inc. bought a new position in United Fire Group during the fourth quarter valued at about $48,000. 62.68% of the stock is owned by institutional investors.

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.