Quantinno Capital Management LP Grows Position in United Fire Group, Inc $UFCS

Quantinno Capital Management LP raised its holdings in shares of United Fire Group, Inc (NASDAQ:UFCS) by 168.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 43,842 shares of the insurance provider’s stock after purchasing an additional 27,526 shares during the quarter. Quantinno Capital Management LP owned 0.17% of United Fire Group worth $1,625,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Smartleaf Asset Management LLC lifted its stake in shares of United Fire Group by 129.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 686 shares of the insurance provider’s stock worth $25,000 after buying an additional 387 shares during the period. Basepoint Wealth LLC acquired a new position in shares of United Fire Group during the 4th quarter worth about $26,000. Federated Hermes Inc. boosted its stake in shares of United Fire Group by 109.5% in the fourth quarter. Federated Hermes Inc. now owns 1,190 shares of the insurance provider’s stock worth $43,000 after acquiring an additional 622 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in United Fire Group by 812.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,570 shares of the insurance provider’s stock valued at $45,000 after acquiring an additional 1,398 shares in the last quarter. Finally, Kemnay Advisory Services Inc. purchased a new stake in United Fire Group in the 4th quarter valued at $48,000. Institutional investors own 62.68% of the company’s stock.

United Fire Group Trading Down 1.4%

NASDAQ UFCS opened at $53.20 on Thursday. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 0.15. The company’s fifty day simple moving average is $50.85 and its 200-day simple moving average is $43.80. The stock has a market cap of $1.37 billion, a P/E ratio of 9.89 and a beta of 0.51. United Fire Group, Inc has a 52 week low of $29.74 and a 52 week high of $55.82.

United Fire Group (NASDAQ:UFCS) last announced its earnings results on Monday, August 3rd. The insurance provider reported $1.30 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.61. United Fire Group had a return on equity of 15.19% and a net margin of 9.57%.The company had revenue of $383.73 million during the quarter, compared to the consensus estimate of $347.76 million. Equities research analysts predict that United Fire Group, Inc will post 4.75 EPS for the current fiscal year.

United Fire Group announced that its Board of Directors has authorized a share repurchase plan on Wednesday, May 20th that allows the company to buyback 2,000,000 shares. This buyback authorization allows the insurance provider to buy shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

United Fire Group Announces Dividend

The business 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. This represents a $0.80 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend was Friday, June 5th. United Fire Group’s dividend payout ratio (DPR) is currently 14.87%.

Insider Buying and Selling

In other news, Director George D. Milligan purchased 4,500 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The stock was acquired at an average cost of $45.23 per share, for a total transaction of $203,535.00. Following the completion of the purchase, the director owned 90,034 shares of the company’s stock, valued at approximately $4,072,237.82. This trade represents a 5.26% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 6.06% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on UFCS shares. JonesTrading lifted their target price on shares of United Fire Group from $40.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Zacks Research cut United Fire Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Weiss Ratings raised United Fire Group from a “buy (b)” rating to a “buy (b+)” rating in a report on Wednesday, August 5th. Wall Street Zen cut United Fire Group from a “strong-buy” rating to a “buy” rating in a research report on Sunday, August 2nd. Finally, Piper Sandler raised their price objective on shares of United Fire Group from $57.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 5th. Three investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, United Fire Group has an average rating of “Moderate Buy” and an average price target of $52.50.

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.