United Fire Group (NASDAQ:UFCS) Posts Earnings Results

United Fire Group (NASDAQ:UFCS) announced its earnings results on Tuesday. The insurance provider reported $1.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.87 by $0.29, FiscalAI reports. The firm had revenue of $369.44 million for the quarter, compared to analyst estimates of $340.16 million. United Fire Group had a net margin of 8.52% and a return on equity of 13.84%.

United Fire Group Price Performance

Shares of NASDAQ UFCS traded up $0.62 during trading hours on Tuesday, hitting $39.85. 107,076 shares of the stock were exchanged, compared to its average volume of 113,139. The company has a debt-to-equity ratio of 0.16, a quick ratio of 0.33 and a current ratio of 0.33. The company has a market cap of $1.02 billion, a PE ratio of 8.90 and a beta of 0.50. The company’s fifty day simple moving average is $38.30 and its two-hundred day simple moving average is $36.48. United Fire Group has a 1-year low of $25.79 and a 1-year high of $41.76.

United Fire Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 10th. Investors of record on Tuesday, February 24th were given a dividend of $0.20 per share. The ex-dividend date was Tuesday, February 24th. This represents a $0.80 annualized dividend and a dividend yield of 2.0%. This is a positive change from United Fire Group’s previous quarterly dividend of $0.16. United Fire Group’s dividend payout ratio (DPR) is 17.86%.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Zacks Research lowered shares of United Fire Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 5th. JonesTrading increased their price target on shares of United Fire Group from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Monday, March 2nd. Wall Street Zen lowered shares of United Fire Group from a “buy” rating to a “hold” rating in a research report on Saturday, March 7th. Finally, Piper Sandler increased their price target on shares of United Fire Group from $37.00 to $41.00 and gave the stock a “neutral” rating in a research report on Thursday, February 12th. Two analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $40.50.

Insider Buying and Selling

In other United Fire Group news, major shareholder Dee Ann Mcintyre sold 4,250 shares of the firm’s stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $38.84, for a total value of $165,070.00. Following the sale, the insider owned 437,613 shares in the company, valued at $16,996,888.92. This trade represents a 0.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Christopher R. Drahozal sold 4,250 shares of the firm’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $38.49, for a total transaction of $163,582.50. Following the completion of the sale, the director owned 429,113 shares in the company, valued at $16,516,559.37. This represents a 0.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 12,750 shares of company stock worth $493,723 in the last 90 days. Company insiders own 6.06% of the company’s stock.

Institutional Trading of United Fire Group

A number of hedge funds have recently added to or reduced their stakes in UFCS. Invesco Ltd. boosted its position in United Fire Group by 108.8% in the second quarter. Invesco Ltd. now owns 347,008 shares of the insurance provider’s stock valued at $9,959,000 after buying an additional 180,836 shares in the last quarter. AQR Capital Management LLC boosted its position in United Fire Group by 59.5% in the second quarter. AQR Capital Management LLC now owns 301,076 shares of the insurance provider’s stock valued at $8,641,000 after buying an additional 112,318 shares in the last quarter. UBS Group AG boosted its position in United Fire Group by 79.4% in the third quarter. UBS Group AG now owns 211,339 shares of the insurance provider’s stock valued at $6,429,000 after buying an additional 93,525 shares in the last quarter. First Trust Advisors LP acquired a new stake in United Fire Group in the third quarter valued at approximately $2,080,000. Finally, Renaissance Technologies LLC boosted its position in United Fire Group by 94.4% in the fourth quarter. Renaissance Technologies LLC now owns 140,510 shares of the insurance provider’s stock valued at $5,108,000 after buying an additional 68,227 shares in the last quarter. Institutional investors and hedge funds own 62.68% of the company’s stock.

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.