United Fire Group (NASDAQ:UFCS) Cut to Hold at Wall Street Zen

Wall Street Zen cut shares of United Fire Group (NASDAQ:UFCS) from a buy rating to a hold rating in a research note released on Saturday.

Other research analysts have also recently issued research reports about the company. Piper Sandler upped their price target on United Fire Group from $37.00 to $41.00 and gave the company a “neutral” rating in a research report on Thursday, February 12th. JonesTrading lifted their target price on shares of United Fire Group from $38.00 to $40.00 and gave the stock a “buy” rating in a research note on Monday, March 2nd. Zacks Research downgraded shares of United Fire Group from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of United Fire Group in a research note on Monday, December 29th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, United Fire Group has an average rating of “Moderate Buy” and a consensus price target of $40.50.

United Fire Group Stock Performance

NASDAQ UFCS opened at $36.90 on Friday. The company has a market capitalization of $941.69 million, a PE ratio of 8.24 and a beta of 0.44. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.33 and a current ratio of 0.33. United Fire Group has a 52-week low of $25.01 and a 52-week high of $40.63. The company has a 50-day simple moving average of $36.86 and a 200 day simple moving average of $34.53.

United Fire Group (NASDAQ:UFCS) last released its earnings results on Wednesday, February 11th. The insurance provider reported $1.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.90 by $0.60. The firm had revenue of $365.81 million during the quarter, compared to the consensus estimate 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 year.

United Fire Group Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 10th. Shareholders of record on Tuesday, February 24th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 2.2%. The ex-dividend date of this dividend is Tuesday, February 24th. This is a positive change from United Fire Group’s previous quarterly dividend of $0.16. United Fire Group’s payout ratio is 17.86%.

Insider Buying and Selling at United Fire Group

In other news, Director Christopher R. Drahozal sold 4,250 shares of the company’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $38.49, for a total value of $163,582.50. Following the transaction, the director owned 429,113 shares of the company’s stock, valued at approximately $16,516,559.37. This represents a 0.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Dee Ann Mcintyre sold 4,250 shares of United Fire Group stock in a transaction on Monday, March 2nd. The shares were sold at an average price of $38.84, for a total value of $165,070.00. Following the sale, the insider directly owned 437,613 shares of the company’s stock, valued at $16,996,888.92. This represents a 0.96% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 12,750 shares of company stock worth $493,723. Insiders own 6.12% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Mercer Global Advisors Inc. ADV bought a new stake in United Fire Group during the fourth quarter valued at approximately $371,000. State of Tennessee Department of Treasury raised its position in shares of United Fire Group by 4.8% during the 4th quarter. State of Tennessee Department of Treasury now owns 15,983 shares of the insurance provider’s stock valued at $574,000 after buying an additional 727 shares in the last quarter. Mackenzie Financial Corp bought a new stake in shares of United Fire Group during the 4th quarter worth $228,000. XTX Topco Ltd purchased a new position in United Fire Group in the fourth quarter worth $218,000. Finally, Zacks Investment Management increased its stake in United Fire Group by 36.0% in the fourth quarter. Zacks Investment Management now owns 87,973 shares of the insurance provider’s stock valued at $3,198,000 after acquiring an additional 23,273 shares during the last quarter. 62.68% of the stock is currently 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.