United Fire Group (NASDAQ:UFCS) Hits New 52-Week High – What’s Next?

United Fire Group, Inc (NASDAQ:UFCS)’s share price hit a new 52-week high on Monday . The company traded as high as $54.42 and last traded at $53.64, with a volume of 130470 shares. The stock had previously closed at $53.93.

Analyst Upgrades and Downgrades

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

United Fire Group Trading Up 0.7%

The company has a market capitalization of $1.39 billion, a PE ratio of 10.90 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. The business has a fifty day moving average price of $46.94 and a 200 day moving average price of $40.65.

United Fire Group (NASDAQ:UFCS) last issued its earnings results on Tuesday, May 5th. The insurance provider reported $1.16 earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analysts’ expectations of $340.15 million. Analysts expect that United Fire Group, Inc will post 4.69 EPS for the current fiscal year.

United Fire Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 19th. Stockholders of record on Friday, June 5th were given a $0.20 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $0.80 annualized dividend and a dividend yield of 1.5%. United Fire Group’s dividend payout ratio is presently 16.13%.

United Fire Group declared that its Board of Directors has approved a share buyback plan 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. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling at United Fire Group

In other United Fire Group news, Director George D. Milligan purchased 4,500 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The stock was purchased at an average cost of $45.23 per share, with a total value of $203,535.00. Following the transaction, the director owned 90,034 shares in the company, valued at approximately $4,072,237.82. This trade represents a 5.26% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 6.06% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Quantinno Capital Management LP raised its holdings in shares of United Fire Group by 168.7% during the 1st quarter. Quantinno Capital Management LP now owns 43,842 shares of the insurance provider’s stock valued at $1,625,000 after buying an additional 27,526 shares during the period. First Trust Advisors LP boosted its holdings in United Fire Group by 1.0% in the 1st quarter. First Trust Advisors LP now owns 70,452 shares of the insurance provider’s stock worth $2,611,000 after acquiring an additional 731 shares during the period. Dimensional Fund Advisors LP boosted its holdings in United Fire Group by 0.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,489,968 shares of the insurance provider’s stock worth $55,219,000 after acquiring an additional 12,329 shares during the period. Gallacher Capital Management LLC acquired a new stake in United Fire Group in the first quarter valued at approximately $237,000. Finally, Allspring Global Investments Holdings LLC grew its position in United Fire Group by 11.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 21,573 shares of the insurance provider’s stock valued at $792,000 after acquiring an additional 2,206 shares in the last quarter. Institutional investors and hedge funds 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.