United Fire Group (NASDAQ:UFCS) Reaches New 12-Month High – Time to Buy?

Shares of United Fire Group, Inc (NASDAQ:UFCS) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $49.87 and last traded at $48.56, with a volume of 179822 shares changing hands. The stock had previously closed at $48.22.

Analysts Set New Price Targets

Several research firms have recently issued reports on UFCS. Wall Street Zen upgraded shares of United Fire Group from a “hold” rating to a “buy” rating in a report on Saturday. Piper Sandler lifted their price target on United Fire Group from $45.00 to $57.00 and gave the stock an “overweight” rating in a research report on Thursday. Finally, JonesTrading lifted their price target on United Fire Group from $40.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.00.

United Fire Group Price Performance

The business’s 50 day moving average price is $39.01 and its 200 day moving average price is $36.99. The stock has a market capitalization of $1.25 billion, a P/E ratio of 9.79 and a beta of 0.50. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.34 and a quick ratio of 0.34.

United Fire Group (NASDAQ:UFCS) last announced its quarterly earnings results on Tuesday, May 5th. The insurance provider reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $0.87 by $0.29. United Fire Group had a net margin of 9.16% and a return on equity of 14.65%. The firm had revenue of $369.44 million during the quarter, compared to analyst estimates of $340.16 million. Sell-side analysts forecast that United Fire Group, Inc will post 4.88 EPS for the current year.

Insider Buying and Selling

In other news, Director Christopher R. Drahozal sold 4,250 shares of United Fire Group stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $38.49, for a total value of $163,582.50. Following the completion of the sale, the director directly owned 429,113 shares in the company, valued at $16,516,559.37. The trade was a 0.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Dee Ann Mcintyre sold 4,250 shares of United Fire Group stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $38.84, for a total transaction of $165,070.00. Following the completion of the sale, the insider owned 437,613 shares of the company’s stock, valued at $16,996,888.92. This represents a 0.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 12,750 shares of company stock valued at $493,723 over the last quarter. Company insiders own 6.06% of the company’s stock.

Institutional Investors Weigh In On United Fire Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. Smartleaf Asset Management LLC increased its position in shares of United Fire Group by 129.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 686 shares of the insurance provider’s stock valued at $25,000 after purchasing an additional 387 shares during the last quarter. Basepoint Wealth LLC purchased a new stake in shares of United Fire Group during the 4th quarter valued at about $26,000. Federated Hermes Inc. increased its position in shares of United Fire Group by 109.5% during the 4th quarter. Federated Hermes Inc. now owns 1,190 shares of the insurance provider’s stock valued at $43,000 after purchasing an additional 622 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in shares of United Fire Group by 812.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,570 shares of the insurance provider’s stock valued at $45,000 after purchasing an additional 1,398 shares during the last quarter. Finally, Kemnay Advisory Services Inc. purchased a new stake in shares of United Fire Group during the 4th quarter valued at about $48,000. Hedge funds and other institutional investors own 62.68% of the company’s stock.

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.