United Fire Group (NASDAQ:UFCS) Price Target Raised to $40.00 at JonesTrading

United Fire Group (NASDAQ:UFCS) had its price target upped by equities researchers at JonesTrading from $38.00 to $40.00 in a research report issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the insurance provider’s stock. JonesTrading’s price target suggests a potential upside of 1.83% from the company’s current price.

Several other analysts have also issued reports on the company. Wall Street Zen upgraded United Fire Group from a “hold” rating to a “buy” rating in a research note on Saturday, February 21st. Weiss Ratings reissued a “buy (b-)” rating on shares of United Fire Group in a report on Monday, December 29th. Piper Sandler raised their price target on United Fire Group from $37.00 to $41.00 and gave the company a “neutral” rating in a report on Thursday, February 12th. Finally, Zacks Research downgraded shares of 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 assigned a Hold rating to the company. Based on data from MarketBeat.com, United Fire Group currently has an average rating of “Moderate Buy” and an average price target of $40.50.

United Fire Group Trading Up 1.1%

Shares of NASDAQ:UFCS traded up $0.42 during mid-day trading on Monday, reaching $39.28. The stock had a trading volume of 100,367 shares, compared to its average volume of 124,887. The firm has a 50 day simple moving average of $36.70 and a two-hundred day simple moving average of $34.22. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.16. The firm has a market cap of $1.00 billion, a PE ratio of 8.77 and a beta of 0.44. United Fire Group has a twelve month low of $25.01 and a twelve month high of $40.63.

United Fire Group (NASDAQ:UFCS) last announced its earnings results on Wednesday, February 11th. The insurance provider reported $1.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.90 by $0.60. The firm had revenue of $365.81 million during the quarter, compared to analyst estimates of $332.34 million. United Fire Group had a net margin of 8.52% and a return on equity of 13.84%. On average, research analysts predict that United Fire Group will post 2.42 EPS for the current fiscal year.

Hedge Funds Weigh In On United Fire Group

Several hedge funds have recently bought and sold shares of the company. Royal Bank of Canada increased its holdings in United Fire Group by 9.7% in the 1st quarter. Royal Bank of Canada now owns 117,441 shares of the insurance provider’s stock worth $3,459,000 after purchasing an additional 10,346 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of United Fire Group by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,482 shares of the insurance provider’s stock valued at $368,000 after buying an additional 546 shares during the period. Millennium Management LLC raised its holdings in United Fire Group by 5.5% in the 1st quarter. Millennium Management LLC now owns 138,540 shares of the insurance provider’s stock valued at $4,081,000 after buying an additional 7,234 shares during the last quarter. NewEdge Advisors LLC boosted its position in United Fire Group by 17.7% during the 1st quarter. NewEdge Advisors LLC now owns 2,499 shares of the insurance provider’s stock worth $74,000 after buying an additional 375 shares during the period. Finally, Empowered Funds LLC grew its holdings in United Fire Group by 29.5% during the 1st quarter. Empowered Funds LLC now owns 96,663 shares of the insurance provider’s stock worth $2,848,000 after acquiring an additional 21,999 shares during 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.