United Fire Group (NASDAQ:UFCS) Sets New 1-Year High – Here’s What Happened

United Fire Group, Inc (NASDAQ:UFCS) shares reached a new 52-week high during trading on Thursday . The company traded as high as $56.74 and last traded at $56.7080, with a volume of 10829 shares changing hands. The stock had previously closed at $54.85.

Analyst Ratings Changes

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

United Fire Group Stock Down 0.2%

The firm has a market cap of $1.44 billion, a PE ratio of 10.41 and a beta of 0.52. 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 firm’s 50 day moving average is $52.87 and its 200-day moving average is $45.82.

United Fire Group (NASDAQ:UFCS) last issued its quarterly earnings results on Monday, August 3rd. The insurance provider reported $1.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.61. United Fire Group had a return on equity of 15.19% and a net margin of 9.57%.The firm had revenue of $383.73 million for the quarter, compared to analyst estimates of $347.76 million. As a group, equities research analysts expect that United Fire Group, Inc will post 4.75 earnings per share for the current fiscal year.

United Fire Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be paid a dividend of $0.20 per share. The ex-dividend date is Friday, September 4th. This represents a $0.80 annualized dividend and a yield of 1.4%. United Fire Group’s dividend payout ratio is currently 14.87%.

United Fire Group announced that its board has initiated a share buyback program on Wednesday, May 20th that allows the company to buyback 2,000,000 shares. This buyback authorization allows the insurance provider to buy shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On United Fire Group

A number of institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in United Fire Group in the second quarter worth about $183,136,000. California State Teachers Retirement System boosted its holdings in shares of United Fire Group by 10,933.3% during the 2nd quarter. California State Teachers Retirement System now owns 2,255,759 shares of the insurance provider’s stock worth $118,292,000 after buying an additional 2,235,314 shares during the period. Bank of America Corp DE acquired a new position in shares of United Fire Group during the second quarter worth approximately $24,936,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in United Fire Group during the second quarter worth $9,720,000. Finally, Bank of New York Mellon Corp acquired a new position in United Fire Group during the 2nd quarter valued at $9,689,000. Institutional investors and hedge funds 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.