United Fire Group (NASDAQ:UFCS) Hits New 52-Week High – What’s Next?

Shares of United Fire Group, Inc (NASDAQ:UFCS) reached a new 52-week high during trading on Thursday . The stock traded as high as $56.74 and last traded at $56.7080, with a volume of 10829 shares. The stock had previously closed at $54.85.

Analysts Set New Price Targets

A number of analysts recently issued reports on UFCS shares. Wall Street Zen lowered United Fire Group from a “strong-buy” rating to a “buy” rating in a report on Sunday, August 2nd. Piper Sandler upped their target price on United Fire Group from $57.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, August 5th. JonesTrading lifted their price objective on 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 downgraded shares of United Fire Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Finally, Weiss Ratings raised shares of United Fire Group from a “buy (b+)” rating to a “buy (a-)” rating in a report on Wednesday, August 19th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, United Fire Group currently has an average rating of “Buy” and an average target price of $52.50.

United Fire Group Price Performance

The firm has a market cap of $1.44 billion, a price-to-earnings ratio of 10.44 and a beta of 0.52. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.34 and a current ratio of 0.34. The stock’s 50 day simple moving average is $52.68 and its 200-day simple moving average is $45.63.

United Fire Group (NASDAQ:UFCS) last announced its quarterly earnings data on Monday, August 3rd. The insurance provider reported $1.30 earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $383.73 million for the quarter, compared to analyst estimates of $347.76 million. Equities research analysts anticipate that United Fire Group, Inc will post 4.75 EPS for the current fiscal year.

United Fire Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Friday, September 4th. This represents a $0.80 dividend on an annualized basis and a yield of 1.4%. United Fire Group’s dividend payout ratio is 14.87%.

United Fire Group declared that its board has authorized a share repurchase plan on Wednesday, May 20th that permits the company to repurchase 2,000,000 shares. This repurchase authorization permits the insurance provider to buy shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other United Fire Group news, Director George D. Milligan acquired 4,500 shares of the company’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 completion of the acquisition, the director owned 90,034 shares in the company, 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 document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 6.06% of the company’s stock.

Institutional Investors Weigh In On United Fire Group

Several large investors have recently bought and sold shares of UFCS. HighTower Advisors LLC acquired a new stake in United Fire Group during the 2nd quarter worth $229,000. California State Teachers Retirement System boosted its stake in United Fire Group by 10,933.3% during the second quarter. California State Teachers Retirement System now owns 2,255,759 shares of the insurance provider’s stock worth $118,292,000 after buying an additional 2,235,314 shares during the last quarter. Susquehanna Fundamental Investments LLC raised its holdings in shares of United Fire Group by 47.8% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 12,850 shares of the insurance provider’s stock worth $674,000 after acquiring an additional 4,155 shares during the period. Empowered Funds LLC acquired a new position in shares of United Fire Group during the 2nd quarter valued at about $5,935,000. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of United Fire Group during the 2nd quarter valued at about $531,000. 62.68% of the stock is currently owned by hedge funds and other 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.