R Squared Ltd Takes Position in United Fire Group, Inc $UFCS

R Squared Ltd bought a new stake in United Fire Group, Inc (NASDAQ:UFCS) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 9,557 shares of the insurance provider’s stock, valued at approximately $354,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Smartleaf Asset Management LLC increased its holdings in United Fire Group by 129.4% in 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 acquired a new position in shares of United Fire Group during the fourth quarter worth about $26,000. Federated Hermes Inc. lifted its stake in shares of 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 purchasing an additional 622 shares in the last quarter. Kemnay Advisory Services Inc. purchased a new stake in shares of United Fire Group in the fourth quarter worth about $48,000. Finally, Meeder Asset Management Inc. purchased a new stake in shares of United Fire Group in the fourth quarter worth about $53,000. Institutional investors and hedge funds own 62.68% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Piper Sandler increased their target price 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. JonesTrading upped their price target on United Fire Group from $40.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Wall Street Zen upgraded United Fire Group from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Weiss Ratings reiterated a “buy (b)” rating on shares of United Fire Group in a research note on Wednesday, May 13th. Finally, Zacks Research upgraded shares of United Fire Group from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $51.00.

United Fire Group Stock Down 0.5%

Shares of United Fire Group stock opened at $52.52 on Wednesday. United Fire Group, Inc has a 1-year low of $25.79 and a 1-year high of $54.42. The company has a market capitalization of $1.35 billion, a PE ratio of 10.59 and a beta of 0.50. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.34 and a quick ratio of 0.34. The business has a 50-day moving average of $47.44 and a 200-day moving average of $40.87.

United Fire Group (NASDAQ:UFCS) last released its quarterly earnings results on Tuesday, May 5th. The insurance provider reported $1.16 EPS for the quarter, topping the consensus estimate of $0.87 by $0.29. The business had revenue of $369.44 million for the quarter, compared to analysts’ expectations of $340.15 million. United Fire Group had a return on equity of 14.65% and a net margin of 9.16%. As a group, equities analysts forecast that United Fire Group, Inc will post 4.69 EPS for the current fiscal year.

United Fire Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 19th. Shareholders of record on Friday, June 5th were issued a dividend of $0.20 per share. The ex-dividend date was Friday, June 5th. This represents a $0.80 annualized dividend and a yield of 1.5%. United Fire Group’s payout ratio is currently 16.13%.

United Fire Group announced that its board has initiated a stock repurchase plan on Wednesday, May 20th that authorizes the company to repurchase 2,000,000 outstanding shares. This repurchase authorization authorizes the insurance provider to purchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other United Fire Group news, Director George D. Milligan bought 4,500 shares of the business’s stock in a transaction on Friday, June 5th. The shares were bought at an average cost of $45.23 per share, with a total value of $203,535.00. Following the transaction, the director directly owned 90,034 shares in the company, valued at approximately $4,072,237.82. This trade represents a 5.26% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 6.06% of the stock is currently owned by insiders.

United Fire Group Profile

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.