United Fire Group (NASDAQ:UFCS) Rating Increased to Buy at Wall Street Zen

Wall Street Zen upgraded shares of United Fire Group (NASDAQ:UFCS) from a hold rating to a buy rating in a research note published on Saturday morning.

Several other equities research analysts have also issued reports on UFCS. Piper Sandler lifted their price target on United Fire Group from $37.00 to $41.00 and gave the company a “neutral” rating in a report on Thursday, February 12th. Weiss Ratings reiterated a “buy (b-)” rating on shares of United Fire Group in a research note on Monday, December 29th. JonesTrading boosted their target price on shares of United Fire Group from $33.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, November 12th. Finally, Zacks Research downgraded shares of United Fire Group from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, United Fire Group has a consensus rating of “Moderate Buy” and an average price target of $39.50.

United Fire Group Trading Up 1.2%

Shares of NASDAQ:UFCS opened at $38.53 on Friday. The firm has a fifty day moving average of $36.56 and a two-hundred day moving average of $33.89. The company has a quick ratio of 0.37, a current ratio of 0.37 and a debt-to-equity ratio of 0.16. United Fire Group has a 12-month low of $25.01 and a 12-month high of $40.63. The firm has a market capitalization of $982.90 million, a P/E ratio of 8.60 and a beta of 0.46.

United Fire Group (NASDAQ:UFCS) last announced its quarterly earnings data on Tuesday, February 10th. The insurance provider reported $1.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.90 by $0.60. The business had revenue of $365.81 million during the quarter, compared to analyst estimates of $332.34 million. United Fire Group had a return on equity of 14.19% and a net margin of 8.52%. On average, equities analysts expect that United Fire Group will post 2.42 EPS for the current fiscal year.

United Fire Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 10th. Stockholders of record on Tuesday, February 24th will be given a $0.20 dividend. This is an increase from United Fire Group’s previous quarterly dividend of $0.16. This represents a $0.80 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Tuesday, February 24th. United Fire Group’s dividend payout ratio (DPR) is 14.29%.

Hedge Funds Weigh In On United Fire Group

Large investors have recently made changes to their positions in the business. Royal Bank of Canada grew its holdings in United Fire Group by 9.7% in the 1st quarter. Royal Bank of Canada now owns 117,441 shares of the insurance provider’s stock valued at $3,459,000 after buying an additional 10,346 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of United Fire Group by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,482 shares of the insurance provider’s stock valued at $368,000 after acquiring an additional 546 shares during the period. Millennium Management LLC boosted its position in shares of United Fire Group by 5.5% in the first quarter. Millennium Management LLC now owns 138,540 shares of the insurance provider’s stock valued at $4,081,000 after acquiring an additional 7,234 shares during the period. NewEdge Advisors LLC grew its stake in shares of United Fire Group by 17.7% in the first quarter. NewEdge Advisors LLC now owns 2,499 shares of the insurance provider’s stock worth $74,000 after acquiring an additional 375 shares during the last quarter. Finally, Empowered Funds LLC increased its position in United Fire Group by 29.5% during the first quarter. Empowered Funds LLC now owns 96,663 shares of the insurance provider’s stock worth $2,848,000 after acquiring an additional 21,999 shares during the period. 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.