United Fire Group (NASDAQ:UFCS) Downgraded by StockNews.com to Hold

StockNews.com cut shares of United Fire Group (NASDAQ:UFCSGet Rating) from a buy rating to a hold rating in a report issued on Friday morning.

Other equities analysts have also recently issued research reports about the company. TheStreet cut United Fire Group from a b- rating to a c rating in a report on Thursday, May 5th. Piper Sandler raised United Fire Group from a neutral rating to an overweight rating and set a $37.00 price objective for the company in a research note on Friday. They noted that the move was a valuation call.

United Fire Group Stock Performance

UFCS stock opened at $27.81 on Friday. United Fire Group has a fifty-two week low of $19.85 and a fifty-two week high of $37.26. The business’s 50-day moving average is $32.85 and its two-hundred day moving average is $29.97. The company has a market cap of $698.87 million, a price-to-earnings ratio of 10.70 and a beta of 0.01.

United Fire Group (NASDAQ:UFCSGet Rating) last released its earnings results on Thursday, May 5th. The insurance provider reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.47. The firm had revenue of $245.01 million during the quarter, compared to analysts’ expectations of $246.30 million. United Fire Group had a return on equity of 8.26% and a net margin of 6.70%. During the same quarter last year, the business posted ($0.03) earnings per share. Equities analysts predict that United Fire Group will post 2.47 earnings per share for the current year.

United Fire Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 17th. Investors of record on Friday, June 3rd were paid a dividend of $0.16 per share. This is a positive change from United Fire Group’s previous quarterly dividend of $0.15. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date of this dividend was Thursday, June 2nd. United Fire Group’s dividend payout ratio (DPR) is currently 24.62%.

Insider Buying and Selling

In other United Fire Group news, CFO Eric J. Martin purchased 1,000 shares of the firm’s stock in a transaction that occurred on Monday, May 9th. The stock was purchased at an average cost of $30.33 per share, with a total value of $30,330.00. Following the purchase, the chief financial officer now owns 1,000 shares of the company’s stock, valued at $30,330. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Eric J. Martin purchased 1,000 shares of the business’s stock in a transaction dated Monday, May 9th. The shares were acquired at an average cost of $30.33 per share, for a total transaction of $30,330.00. Following the acquisition, the chief financial officer now owns 1,000 shares of the company’s stock, valued at approximately $30,330. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director James Noyce sold 2,145 shares of the business’s stock in a transaction on Monday, May 9th. The stock was sold at an average price of $30.42, for a total value of $65,250.90. Following the transaction, the director now owns 17,054 shares in the company, valued at $518,782.68. The disclosure for this sale can be found here. 5.71% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On United Fire Group

Large investors have recently bought and sold shares of the company. Envestnet Asset Management Inc. lifted its stake in United Fire Group by 3.2% during the second quarter. Envestnet Asset Management Inc. now owns 73,998 shares of the insurance provider’s stock worth $2,533,000 after purchasing an additional 2,276 shares in the last quarter. First Horizon Advisors Inc. acquired a new stake in United Fire Group in the second quarter valued at $89,000. Victory Capital Management Inc. acquired a new stake in United Fire Group in the second quarter valued at $562,000. Cornerstone Investment Partners LLC acquired a new stake in United Fire Group in the second quarter valued at $209,000. Finally, Venture Visionary Partners LLC acquired a new stake in United Fire Group in the second quarter valued at $101,000. 60.65% of the stock is currently owned by hedge funds and other institutional investors.

About United Fire Group

(Get Rating)

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 commercial multiple peril and inland marine insurance, as well as assumed reinsurance products.

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