25,171 Shares in United Fire Group, Inc $UFCS Acquired by Sierra Summit Advisors LLC

Sierra Summit Advisors LLC bought a new stake in United Fire Group, Inc (NASDAQ:UFCS) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 25,171 shares of the insurance provider’s stock, valued at approximately $933,000. Sierra Summit Advisors LLC owned 0.10% of United Fire Group as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Invesco Ltd. boosted its holdings in shares of United Fire Group by 108.8% in the 2nd quarter. Invesco Ltd. now owns 347,008 shares of the insurance provider’s stock valued at $9,959,000 after purchasing an additional 180,836 shares during the last quarter. Royce & Associates LP grew its stake in shares of United Fire Group by 236.4% during the 4th quarter. Royce & Associates LP now owns 235,925 shares of the insurance provider’s stock valued at $8,576,000 after buying an additional 165,789 shares during the period. AQR Capital Management LLC increased its holdings in shares of United Fire Group by 59.5% during the 2nd quarter. AQR Capital Management LLC now owns 301,076 shares of the insurance provider’s stock worth $8,641,000 after buying an additional 112,318 shares during the last quarter. UBS Group AG increased its holdings in shares of United Fire Group by 79.4% during the 3rd quarter. UBS Group AG now owns 211,339 shares of the insurance provider’s stock worth $6,429,000 after buying an additional 93,525 shares during the last quarter. Finally, First Trust Advisors LP purchased a new position in shares of United Fire Group in the 3rd quarter worth $2,080,000. Institutional investors and hedge funds own 62.68% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on UFCS shares. Weiss Ratings reiterated a “buy (b)” rating on shares of United Fire Group in a report on Wednesday, May 13th. JonesTrading upped their price target on United Fire Group from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Piper Sandler raised their price objective on United Fire Group from $45.00 to $57.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Wall Street Zen raised United Fire Group from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Finally, Zacks Research upgraded United Fire Group from a “hold” rating to a “strong-buy” rating in a report on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $51.00.

Insider Buying and Selling

In other news, Director George D. Milligan acquired 4,500 shares of the firm’s stock in a transaction on Friday, June 5th. The stock was bought at an average cost of $45.23 per share, with a total value of $203,535.00. Following the transaction, the director directly owned 90,034 shares in the company, valued at approximately $4,072,237.82. This represents a 5.26% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 6.06% of the stock is owned by corporate insiders.

United Fire Group Stock Up 1.0%

Shares of NASDAQ:UFCS opened at $53.93 on Friday. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 0.15. United Fire Group, Inc has a 52-week low of $25.79 and a 52-week high of $54.42. The company has a 50 day moving average of $46.65 and a two-hundred day moving average of $40.53. The company has a market capitalization of $1.38 billion, a price-to-earnings ratio of 10.87 and a beta of 0.50.

United Fire Group (NASDAQ:UFCS) last posted its earnings results on Tuesday, May 5th. The insurance provider reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $0.29. The business had revenue of $369.44 million for the quarter, compared to analysts’ expectations of $340.15 million. United Fire Group had a net margin of 9.16% and a return on equity of 14.65%. As a group, analysts forecast that United Fire Group, Inc will post 4.69 earnings per share for the current fiscal year.

United Fire Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 19th. Shareholders of record on Friday, June 5th were issued a $0.20 dividend. The ex-dividend date was Friday, June 5th. This represents a $0.80 dividend on an annualized basis and a yield of 1.5%. United Fire Group’s payout ratio is currently 16.13%.

United Fire Group declared that its board has approved a stock buyback program on Wednesday, May 20th that allows the company to repurchase 2,000,000 outstanding shares. This repurchase authorization allows the insurance provider to reacquire shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

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.