United Fire Group (NASDAQ:UFCS) Stock Price Expected to Rise, Jones Trading Analyst Says

United Fire Group (NASDAQ:UFCS) had its price objective hoisted by research analysts at Jones Trading from $33.00 to $38.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the insurance provider’s stock. Jones Trading’s price objective points to a potential upside of 3.74% from the company’s previous close.

UFCS has been the topic of several other reports. Zacks Research lowered United Fire Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 3rd. Weiss Ratings upgraded shares of United Fire Group from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday. Finally, Wall Street Zen lowered United Fire Group from a “buy” rating to a “hold” rating in a research report on Saturday. Two research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $33.00.

United Fire Group Stock Performance

United Fire Group stock opened at $36.63 on Wednesday. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.37 and a current ratio of 0.37. The company has a market capitalization of $934.58 million, a price-to-earnings ratio of 10.44 and a beta of 0.49. The stock has a fifty day moving average of $31.40 and a two-hundred day moving average of $29.51. United Fire Group has a fifty-two week low of $24.11 and a fifty-two week high of $37.11.

United Fire Group (NASDAQ:UFCS) last released its earnings results on Tuesday, November 4th. The insurance provider reported $1.50 EPS for the quarter, topping the consensus estimate of $0.69 by $0.81. The firm had revenue of $328.43 million during the quarter, compared to analysts’ expectations of $354.46 million. United Fire Group had a net margin of 6.94% and a return on equity of 11.84%. On average, analysts anticipate that United Fire Group will post 2.42 EPS for the current fiscal year.

Insider Activity

In related news, Director John Paul E. Besong sold 2,450 shares of the company’s stock in a transaction on Thursday, September 18th. The stock was sold at an average price of $32.26, for a total value of $79,037.00. Following the completion of the transaction, the director directly owned 24,494 shares in the company, valued at approximately $790,176.44. This represents a 9.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 6.12% of the company’s stock.

Hedge Funds Weigh In On United Fire Group

A number of hedge funds have recently modified their holdings of UFCS. Vanguard Group Inc. boosted its stake in United Fire Group by 2.6% in the 3rd quarter. Vanguard Group Inc. now owns 1,476,203 shares of the insurance provider’s stock valued at $44,906,000 after buying an additional 36,952 shares in the last quarter. Systematic Financial Management LP boosted its stake in shares of United Fire Group by 3.5% in the 2nd quarter. Systematic Financial Management LP now owns 603,747 shares of the insurance provider’s stock valued at $17,328,000 after purchasing an additional 20,413 shares in the last quarter. Invesco Ltd. boosted its stake in shares of United Fire Group by 108.8% in the 2nd quarter. Invesco Ltd. now owns 347,008 shares of the insurance provider’s stock valued at $9,959,000 after purchasing an additional 180,836 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of United Fire Group by 28.3% in the 2nd quarter. American Century Companies Inc. now owns 323,885 shares of the insurance provider’s stock worth $9,296,000 after purchasing an additional 71,436 shares during the last quarter. Finally, AQR Capital Management LLC increased its position in shares of United Fire Group by 59.5% during the 2nd quarter. AQR Capital Management LLC now owns 301,076 shares of the insurance provider’s stock worth $8,641,000 after purchasing an additional 112,318 shares in the last quarter. 62.68% of the stock is owned by institutional investors and hedge funds.

About United Fire Group

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 reinsurance coverage for property and casualty insurance. Its commercial lines include fire and allied lines, other liability, automobile, workers’ compensation, fidelity and surety coverage, and other insurance products; and personal lines comprise automobile, and fire and allied lines coverage, including homeowners, as well as provides assumed reinsurance products.