United Fire Group, Inc $UFCS Shares Sold by UBS Group AG

UBS Group AG decreased its position in United Fire Group, Inc (NASDAQ:UFCS) by 45.4% during the 4th quarter, Holdings Channel reports. The firm owned 115,438 shares of the insurance provider’s stock after selling 95,901 shares during the quarter. UBS Group AG’s holdings in United Fire Group were worth $4,196,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of UFCS. Royal Bank of Canada grew its holdings in United Fire Group by 9.7% in the first quarter. Royal Bank of Canada now owns 117,441 shares of the insurance provider’s stock valued at $3,459,000 after purchasing an additional 10,346 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in United Fire Group by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,482 shares of the insurance provider’s stock valued at $368,000 after purchasing an additional 546 shares during the last quarter. Millennium Management LLC grew its holdings in United Fire Group by 5.5% in the first quarter. Millennium Management LLC now owns 138,540 shares of the insurance provider’s stock valued at $4,081,000 after purchasing an additional 7,234 shares during the last quarter. NewEdge Advisors LLC grew its holdings in United Fire Group by 17.7% in the first quarter. NewEdge Advisors LLC now owns 2,499 shares of the insurance provider’s stock valued at $74,000 after purchasing an additional 375 shares during the last quarter. Finally, Empowered Funds LLC grew its holdings in United Fire Group by 29.5% in the first quarter. Empowered Funds LLC now owns 96,663 shares of the insurance provider’s stock valued at $2,848,000 after purchasing an additional 21,999 shares during the last quarter. Institutional investors and hedge funds own 62.68% of the company’s stock.

Insider Activity

In related news, Director Christopher R. Drahozal sold 4,250 shares of the stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $38.49, for a total transaction of $163,582.50. Following the transaction, the director directly owned 429,113 shares in the company, valued at approximately $16,516,559.37. This represents a 0.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Dee Ann Mcintyre sold 4,250 shares of the stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $38.84, for a total value of $165,070.00. Following the transaction, the insider owned 437,613 shares in the company, valued at $16,996,888.92. This trade represents a 0.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 12,750 shares of company stock worth $493,723 over the last quarter. 6.06% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Weiss Ratings reissued a “buy (b)” rating on shares of United Fire Group in a report on Wednesday, May 13th. Zacks Research raised United Fire Group from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 8th. Piper Sandler increased their price objective on United Fire Group from $45.00 to $57.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Wall Street Zen raised United Fire Group from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Finally, JonesTrading increased their price objective on United Fire Group from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $51.00.

United Fire Group Stock Down 2.0%

UFCS opened at $47.17 on Friday. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 0.15. The firm has a market cap of $1.21 billion, a P/E ratio of 9.51 and a beta of 0.50. United Fire Group, Inc has a 52 week low of $25.79 and a 52 week high of $49.94. The business’s fifty day simple moving average is $40.87 and its 200 day simple moving average is $38.06.

United Fire Group (NASDAQ:UFCS) last posted its quarterly earnings data on Tuesday, May 5th. The insurance provider reported $1.16 EPS for the quarter, beating analysts’ consensus estimates of $0.87 by $0.29. The business had revenue of $369.44 million for the quarter, compared to analyst estimates of $340.16 million. United Fire Group had a return on equity of 14.65% and a net margin of 9.16%. As a group, equities research analysts anticipate that United Fire Group, Inc will post 4.88 EPS for the current fiscal year.

United Fire Group declared that its board has authorized a stock buyback program on Wednesday, May 20th that allows the company to buyback 2,000,000 outstanding shares. This buyback authorization allows the insurance provider to purchase shares of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

United Fire Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 19th. Investors of record on Friday, June 5th will be given a dividend of $0.20 per share. The ex-dividend date is Friday, June 5th. This represents a $0.80 annualized dividend and a yield of 1.7%. United Fire Group’s dividend payout ratio is 16.13%.

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.