Scott Carlton Sells 9,777 Shares of United Fire Group (NASDAQ:UFCS) 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 stock was sold at an average price of $55.52, for a total value of $542,819.04. Following the completion of the sale, the director owned 200,552 shares of the company’s stock, valued at $11,134,647.04. The trade was a 4.65% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

United Fire Group Stock Down 2.4%

Shares of NASDAQ UFCS opened at $53.67 on Thursday. The stock has a market capitalization of $1.38 billion, a P/E ratio of 9.98 and a beta of 0.52. United Fire Group, Inc has a one year low of $29.74 and a one year high of $56.74. The firm’s 50 day simple moving average is $52.99 and its two-hundred day simple moving average is $46.21. 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 data on Monday, August 3rd. The insurance provider reported $1.30 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.61. United Fire Group had a net margin of 9.57% and a return on equity of 15.19%. The firm had revenue of $383.73 million during the quarter, compared to analyst estimates of $347.76 million. As a group, analysts expect that United Fire Group, Inc will post 4.75 EPS for the current fiscal year.

United Fire Group announced that its board has authorized a stock repurchase program on Wednesday, May 20th that allows the company to repurchase 2,000,000 shares. This repurchase authorization allows the insurance provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

United Fire Group Dividend Announcement

The firm 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 $0.20 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $0.80 annualized dividend and a yield of 1.5%. United Fire Group’s payout ratio is currently 14.87%.

Hedge Funds Weigh In On United Fire Group

A number of hedge funds have recently modified their holdings of UFCS. Allworth Financial LP purchased a new stake in shares of United Fire Group during the second quarter worth about $34,000. Smartleaf Asset Management LLC increased its holdings in 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 period. Basepoint Wealth LLC purchased a new position in United Fire Group during the 4th quarter valued at about $26,000. Federated Hermes Inc. raised its position in 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. Finally, C M Bidwell & Associates Ltd. bought a new position in United Fire Group during the 2nd quarter valued at approximately $66,000. Hedge funds and other institutional investors own 62.68% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.