United Fire Group (NASDAQ:UFCS) Downgraded to Hold Rating by Zacks Research

United Fire Group (NASDAQ:UFCS) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Monday,Zacks.com reports.

Other equities analysts have also issued reports about the stock. Piper Sandler boosted their price target on shares of United Fire Group from $45.00 to $57.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Weiss Ratings reissued a “buy (b)” rating on shares of United Fire Group in a research note on Wednesday, May 13th. Wall Street Zen upgraded United Fire Group from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. Finally, JonesTrading increased their price target on United Fire Group from $40.00 to $45.00 and gave the company a “buy” rating in a report on Thursday, May 7th. Three research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $51.00.

United Fire Group Stock Performance

Shares of NASDAQ:UFCS opened at $52.52 on Monday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.34 and a quick ratio of 0.34. The business’s 50 day moving average price is $47.44 and its 200-day moving average price is $40.87. The firm has a market capitalization of $1.35 billion, a PE ratio of 10.59 and a beta of 0.50. United Fire Group has a 1 year low of $25.79 and a 1 year high of $54.42.

United Fire Group (NASDAQ:UFCS) last announced its quarterly earnings data 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 company had revenue of $369.44 million for the quarter, compared to analyst estimates of $340.15 million. As a group, equities research analysts expect that United Fire Group will post 4.69 earnings per share for the current fiscal year.

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

Insider Activity at United Fire Group

In other United Fire Group news, Director George D. Milligan acquired 4,500 shares of the firm’s stock in a transaction that occurred on Friday, June 5th. The shares were purchased at an average cost of $45.23 per share, for a total transaction of $203,535.00. Following the completion of the acquisition, the director owned 90,034 shares of the company’s stock, valued at approximately $4,072,237.82. The trade was a 5.26% increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 6.06% of the company’s stock.

Institutional Investors Weigh In On United Fire Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of United Fire Group by 2.4% in the 4th quarter. Vanguard Group Inc. now owns 1,511,541 shares of the insurance provider’s stock valued at $54,945,000 after purchasing an additional 35,338 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of United Fire Group by 0.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,489,968 shares of the insurance provider’s stock worth $55,219,000 after purchasing an additional 12,329 shares during the last quarter. State Street Corp increased its position in shares of United Fire Group by 0.4% during the 4th quarter. State Street Corp now owns 809,086 shares of the insurance provider’s stock worth $29,410,000 after purchasing an additional 3,289 shares during the last quarter. Geode Capital Management LLC lifted its position in United Fire Group by 5.1% in the fourth quarter. Geode Capital Management LLC now owns 615,052 shares of the insurance provider’s stock valued at $22,361,000 after buying an additional 29,679 shares during the last quarter. Finally, Invesco Ltd. lifted its position in United Fire Group by 20.8% in the third quarter. Invesco Ltd. now owns 419,177 shares of the insurance provider’s stock valued at $12,751,000 after buying an additional 72,169 shares during the last quarter. Hedge funds and other 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.