United Fire Group (NASDAQ:UFCS) Sets New 12-Month High – Here’s What Happened

Shares of United Fire Group, Inc (NASDAQ:UFCS) reached a new 52-week high on Thursday . The company traded as high as $39.25 and last traded at $38.72, with a volume of 265058 shares. The stock had previously closed at $36.13.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on UFCS. Piper Sandler increased their price objective on shares of United Fire Group from $37.00 to $41.00 and gave the company a “neutral” rating in a research report on Thursday. Wall Street Zen downgraded shares of United Fire Group from a “buy” rating to a “hold” rating in a research report on Saturday, January 31st. Jones Trading boosted their price objective on United Fire Group from $33.00 to $38.00 and gave the stock a “buy” rating in a report on Wednesday, November 12th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of United Fire Group in a research report on Monday, December 29th. Finally, Zacks Research cut United Fire Group from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $39.50.

United Fire Group Trading Down 0.7%

The company has a debt-to-equity ratio of 0.16, a current ratio of 0.37 and a quick ratio of 0.37. The company has a market capitalization of $1.00 billion, a price-to-earnings ratio of 8.78 and a beta of 0.46. The business’s 50-day moving average price is $36.25 and its two-hundred day moving average price is $33.41.

United Fire Group (NASDAQ:UFCS) last posted its quarterly earnings data on Tuesday, February 10th. The insurance provider reported $1.50 EPS for the quarter, topping analysts’ consensus estimates of $0.90 by $0.60. The firm had revenue of $365.81 million for the quarter, compared to analyst estimates of $332.34 million. United Fire Group had a return on equity of 14.19% and a net margin of 8.52%. Research analysts predict that United Fire Group, Inc will post 2.42 earnings per share for the current year.

United Fire Group Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 10th. Investors of record on Tuesday, February 24th will be given a dividend of $0.20 per share. This is a positive change from United Fire Group’s previous quarterly dividend of $0.16. This represents a $0.80 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend is Tuesday, February 24th. United Fire Group’s dividend payout ratio (DPR) is currently 17.86%.

Hedge Funds Weigh In On United Fire Group

Several hedge funds have recently bought and sold shares of UFCS. Smartleaf Asset Management LLC boosted its position 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 worth $25,000 after acquiring an additional 387 shares in the last quarter. Basepoint Wealth LLC bought a new stake in United Fire Group during the fourth quarter worth $26,000. Federated Hermes Inc. lifted its stake 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 purchasing an additional 622 shares during the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of United Fire Group by 812.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,570 shares of the insurance provider’s stock valued at $45,000 after purchasing an additional 1,398 shares in the last quarter. Finally, Covestor Ltd boosted its holdings in shares of United Fire Group by 3,351.1% in the 3rd quarter. Covestor Ltd now owns 1,622 shares of the insurance provider’s stock valued at $49,000 after purchasing an additional 1,575 shares in the last quarter. 62.68% of the stock is owned by institutional investors.

United Fire Group Company 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.