United Fire Group (NASDAQ:UFCS) Stock Rating Upgraded by Wall Street Zen

United Fire Group (NASDAQ:UFCS) was upgraded by Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research note issued on Saturday.

A number of other equities analysts have also recently weighed in on UFCS. JonesTrading raised their price objective on United Fire Group from $40.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Piper Sandler upped their target price on United Fire Group from $45.00 to $57.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. Zacks Research cut shares of United Fire Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Finally, Weiss Ratings restated a “buy (b)” rating on shares of United Fire Group in a report on Wednesday, May 13th. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, United Fire Group has an average rating of “Moderate Buy” and a consensus price target of $51.00.

United Fire Group Price Performance

Shares of NASDAQ:UFCS opened at $51.33 on Friday. The firm has a market capitalization of $1.32 billion, a PE ratio of 10.35 and a beta of 0.50. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.34 and a current ratio of 0.34. United Fire Group has a 52-week low of $25.79 and a 52-week high of $54.42. The firm has a fifty day moving average of $49.05 and a 200 day moving average of $42.19.

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

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

Insider Buying and Selling

In related news, Director George D. Milligan purchased 4,500 shares of the firm’s stock in a transaction on Friday, June 5th. The shares were acquired at an average cost of $45.23 per share, with a total value of $203,535.00. Following the purchase, the director directly owned 90,034 shares of the company’s stock, valued at approximately $4,072,237.82. This trade represents a 5.26% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 6.06% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in UFCS. Smartleaf Asset Management LLC increased its stake in shares of United Fire Group by 129.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 686 shares of the insurance provider’s stock worth $25,000 after buying an additional 387 shares during the period. Basepoint Wealth LLC purchased a new stake in United Fire Group during the 4th quarter valued at $26,000. Federated Hermes Inc. boosted its position in United Fire Group by 109.5% during the 4th quarter. Federated Hermes Inc. now owns 1,190 shares of the insurance provider’s stock valued at $43,000 after buying an additional 622 shares during the period. EverSource Wealth Advisors LLC grew its holdings in 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 worth $45,000 after acquiring an additional 1,398 shares during the last quarter. Finally, Kemnay Advisory Services Inc. bought a new stake in United Fire Group in the 4th quarter worth $48,000. Institutional investors own 62.68% of the company’s stock.

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.