Insider Selling: United Fire Group (NASDAQ:UFCS) Director Sells $542,819.04 in Stock

United Fire Group, Inc (NASDAQ:UFCS) Director Scott Carlton sold 9,777 shares of the business’s stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $55.52, for a total transaction of $542,819.04. Following the transaction, the director directly owned 200,552 shares of the company’s stock, valued at $11,134,647.04. The trade was a 4.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

United Fire Group Stock Up 2.0%

Shares of United Fire Group stock opened at $54.76 on Friday. United Fire Group, Inc has a twelve month low of $29.74 and a twelve month high of $56.74. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 0.15. The company’s 50 day moving average is $53.01 and its 200 day moving average is $46.32. The company has a market cap of $1.41 billion, a price-to-earnings ratio of 10.18 and a beta of 0.52.

United Fire Group (NASDAQ:UFCS) last announced its earnings results on Monday, August 3rd. The insurance provider reported $1.30 earnings per share for the quarter, beating analysts’ consensus estimates of $0.69 by $0.61. The business had revenue of $383.73 million during the quarter, compared to analyst estimates of $347.76 million. United Fire Group had a net margin of 9.57% and a return on equity of 15.19%. Research analysts anticipate that United Fire Group, Inc will post 4.75 EPS for the current year.

United Fire Group announced that its board has approved a share repurchase plan on Wednesday, May 20th that permits the company to buyback 2,000,000 shares. This buyback authorization permits the insurance provider to reacquire shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board believes its shares are undervalued.

United Fire Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date is Friday, September 4th. United Fire Group’s dividend payout ratio is 14.87%.

Analysts Set New Price Targets

A number of research firms have issued reports on UFCS. Piper Sandler boosted their price target on United Fire Group from $57.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, August 5th. Zacks Research cut shares of United Fire Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 6th. Weiss Ratings raised shares of United Fire Group from a “buy (b+)” rating to a “buy (a-)” rating in a report on Wednesday, August 19th. Finally, Wall Street Zen lowered shares of United Fire Group from a “strong-buy” rating to a “buy” rating in a research report on Sunday, August 2nd. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, United Fire Group presently has an average rating of “Buy” and an average price target of $52.50.

Hedge Funds Weigh In On United Fire Group

Several institutional investors and hedge funds have recently bought and sold shares of UFCS. Globeflex Capital L P bought a new stake in United Fire Group during the 2nd quarter worth approximately $2,301,000. Legal & General Group Plc bought a new position in shares of United Fire Group in the second quarter worth approximately $2,679,000. Vanguard Group Inc. increased its stake in shares of United Fire Group by 2.4% in the fourth quarter. Vanguard Group Inc. now owns 1,511,541 shares of the insurance provider’s stock worth $54,945,000 after purchasing an additional 35,338 shares in the last quarter. Los Angeles Capital Management LLC increased its stake in shares of United Fire Group by 111.0% in the fourth quarter. Los Angeles Capital Management LLC now owns 57,647 shares of the insurance provider’s stock worth $2,095,000 after purchasing an additional 30,328 shares in the last quarter. Finally, GSA Capital Partners LLP purchased a new stake in shares of United Fire Group in the second quarter worth $1,677,000. 62.68% of the stock is currently owned by hedge funds and other institutional investors.

About United Fire Group

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.