United Fire Group (NASDAQ:UFCS) Director Buys $203,535.00 in Stock

United Fire Group, Inc (NASDAQ:UFCS) Director George Milligan bought 4,500 shares of the business’s stock in a transaction on Friday, June 5th. The shares were purchased at an average cost of $45.23 per share, with a total value of $203,535.00. Following the transaction, the director owned 90,034 shares in the company, valued at approximately $4,072,237.82. The trade was a 5.26% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website.

United Fire Group Stock Performance

Shares of UFCS stock traded up $1.20 during trading hours on Tuesday, reaching $46.44. 36,693 shares of the company’s stock were exchanged, compared to its average volume of 119,226. United Fire Group, Inc has a fifty-two week low of $25.79 and a fifty-two week high of $49.94. The stock has a market capitalization of $1.19 billion, a P/E ratio of 9.36 and a beta of 0.52. The business has a fifty day moving average price of $42.60 and a 200-day moving average price of $38.82. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 0.15.

United Fire Group (NASDAQ:UFCS) last issued 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 return on equity of 14.65% and a net margin of 9.16%.The company had revenue of $369.44 million during the quarter, compared to analyst estimates of $340.16 million. Analysts predict that United Fire Group, Inc will post 4.69 EPS for the current fiscal year.

United Fire Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 19th. Stockholders of record on Friday, June 5th will be given a dividend of $0.20 per share. The ex-dividend date is Friday, June 5th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.7%. United Fire Group’s payout ratio is currently 16.13%.

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

Institutional Trading of United Fire Group

Large investors have recently modified their holdings of the stock. Smartleaf Asset Management LLC grew its holdings 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 worth $25,000 after purchasing an additional 387 shares in the last quarter. Basepoint Wealth LLC bought a new position in United Fire Group in the 4th quarter valued at about $26,000. Federated Hermes Inc. increased its holdings in United Fire Group by 109.5% in the 4th quarter. Federated Hermes Inc. now owns 1,190 shares of the insurance provider’s stock valued at $43,000 after buying an additional 622 shares during the period. EverSource Wealth Advisors LLC increased its holdings in United Fire Group by 812.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,570 shares of the insurance provider’s stock valued at $45,000 after buying an additional 1,398 shares during the period. Finally, Kemnay Advisory Services Inc. bought a new position in United Fire Group in the 4th quarter valued at about $48,000. 62.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Zacks Research upgraded United Fire Group from a “hold” rating to a “strong-buy” rating in a report on Friday, May 8th. Weiss Ratings reiterated a “buy (b)” rating on shares of United Fire Group in a research note on Wednesday, May 13th. JonesTrading boosted their target price on United Fire Group from $40.00 to $45.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Piper Sandler raised their target price on shares of United Fire Group from $45.00 to $57.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. Finally, Wall Street Zen raised United Fire Group from a “hold” rating to a “buy” rating in a report on Saturday, May 9th. One analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $51.00.

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.