United Fire Group (NASDAQ:UFCS) Sets New 12-Month High After Strong Earnings

United Fire Group, Inc (NASDAQ:UFCS)’s stock price reached a new 52-week high during mid-day trading on Wednesday following a better than expected earnings announcement. The company traded as high as $34.34 and last traded at $34.9050, with a volume of 54821 shares trading hands. The stock had previously closed at $30.90.

The insurance provider reported $1.50 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.81. The business had revenue of $328.43 million during the quarter, compared to the consensus estimate of $354.46 million. United Fire Group had a net margin of 6.94% and a return on equity of 11.84%.

United Fire Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 12th. Stockholders of record on Friday, August 29th were paid a dividend of $0.16 per share. The ex-dividend date was Friday, August 29th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 1.8%. United Fire Group’s payout ratio is presently 18.23%.

Analyst Ratings Changes

UFCS has been the topic of a number of research analyst reports. Zacks Research lowered United Fire Group from a “strong-buy” rating to a “hold” rating in a research note on Monday. Weiss Ratings restated a “hold (c+)” rating on shares of United Fire Group in a research note on Wednesday, October 8th. Finally, Jones Trading boosted their price target on United Fire Group from $32.00 to $33.00 and gave the stock a “buy” rating in a research note on Monday, August 11th. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $30.50.

Insider Buying and Selling

In related news, Director John Paul E. Besong sold 2,450 shares of the company’s stock in a transaction that occurred on Thursday, September 18th. The stock was sold at an average price of $32.26, for a total value of $79,037.00. Following the sale, the director owned 24,494 shares in the company, valued at $790,176.44. This represents a 9.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 6.12% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On United Fire Group

Hedge funds have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC acquired a new position in shares of United Fire Group during the 1st quarter worth approximately $559,000. Teacher Retirement System of Texas raised its stake in shares of United Fire Group by 7.9% during the 1st quarter. Teacher Retirement System of Texas now owns 56,919 shares of the insurance provider’s stock worth $1,677,000 after buying an additional 4,148 shares during the period. Quantbot Technologies LP raised its stake in shares of United Fire Group by 859.3% during the 1st quarter. Quantbot Technologies LP now owns 8,797 shares of the insurance provider’s stock worth $259,000 after buying an additional 7,880 shares during the period. GAMMA Investing LLC raised its stake in shares of United Fire Group by 270.2% during the 1st quarter. GAMMA Investing LLC now owns 1,329 shares of the insurance provider’s stock worth $39,000 after buying an additional 970 shares during the period. Finally, Vanguard Group Inc. raised its stake in shares of United Fire Group by 3.7% during the 1st quarter. Vanguard Group Inc. now owns 1,399,527 shares of the insurance provider’s stock worth $41,230,000 after buying an additional 49,290 shares during the period. Hedge funds and other institutional investors own 62.68% of the company’s stock.

United Fire Group Trading Up 12.2%

The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.37 and a current ratio of 0.37. The firm has a market capitalization of $883.81 million, a price-to-earnings ratio of 9.94 and a beta of 0.49. The company has a 50 day moving average price of $30.90 and a two-hundred day moving average price of $29.22.

United Fire Group Company Profile

United Fire Group, Inc, together with its subsidiaries, provides property and casualty insurance for individuals and businesses in the United States. The company offers commercial and personal lines of property and casualty insurance; and reinsurance coverage for property and casualty insurance. Its commercial lines include fire and allied lines, other liability, automobile, workers’ compensation, fidelity and surety coverage, and other insurance products; and personal lines comprise automobile, and fire and allied lines coverage, including homeowners, as well as provides assumed reinsurance products.