United Fire Group (NASDAQ:UFCS) Sets New 52-Week High – Time to Buy?

United Fire Group, Inc (NASDAQ:UFCS) shares reached a new 52-week high during trading on Monday . The company traded as high as $49.94 and last traded at $49.3240, with a volume of 39184 shares traded. The stock had previously closed at $48.06.

Wall Street Analyst Weigh In

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

United Fire Group Stock Up 1.4%

The firm’s 50 day moving average price is $40.22 and its two-hundred day moving average price is $37.75. The company has a market capitalization of $1.26 billion, a price-to-earnings ratio of 9.88 and a beta of 0.50. The company has a current ratio of 0.34, a quick 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 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.87 by $0.29. The firm had revenue of $369.44 million for the quarter, compared to the consensus estimate of $340.16 million. United Fire Group had a net margin of 9.16% and a return on equity of 14.65%. Sell-side analysts anticipate that United Fire Group, Inc will post 4.88 earnings per share for the current fiscal year.

Insider Buying and Selling

In other United Fire Group news, Director Christopher R. Drahozal sold 4,250 shares of United Fire Group stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $38.49, for a total value of $163,582.50. Following the completion of the sale, the director directly owned 429,113 shares of the company’s stock, valued at approximately $16,516,559.37. The trade was a 0.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, major shareholder Dee Ann Mcintyre sold 4,250 shares of the business’s stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $38.84, for a total value of $165,070.00. Following the completion of the sale, the insider directly owned 437,613 shares of the company’s stock, valued at $16,996,888.92. The trade was a 0.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 12,750 shares of company stock valued at $493,723. 6.06% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On United Fire Group

Several hedge funds and other institutional investors have recently made changes to their positions in UFCS. Allianz Asset Management GmbH purchased a new stake in United Fire Group in the 3rd quarter valued at $5,940,000. Invesco Ltd. lifted its stake 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 purchasing an additional 180,836 shares during the last quarter. Royce & Associates LP increased its holdings in United Fire Group by 236.4% in the 4th quarter. Royce & Associates LP now owns 235,925 shares of the insurance provider’s stock worth $8,576,000 after acquiring an additional 165,789 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of 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 worth $8,641,000 after purchasing an additional 112,318 shares in the last quarter. Finally, UBS Group AG grew its stake in United Fire Group by 79.4% in the 3rd 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. 62.68% of the stock is owned by institutional investors.

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.