United Fire Group, Inc. (NASDAQ:UFCS) Sees Significant Increase in Short Interest

United Fire Group, Inc. (NASDAQ:UFCS) saw a large growth in short interest in April. As of April 15th, there was short interest totalling 188,800 shares, a growth of 51.5% from the March 31st total of 124,600 shares. Approximately 0.9% of the shares of the stock are sold short. Based on an average daily trading volume, of 86,500 shares, the days-to-cover ratio is presently 2.2 days.

United Fire Group Stock Down 0.8 %

Shares of UFCS opened at $22.23 on Friday. The stock has a market cap of $561.97 million, a PE ratio of -18.84 and a beta of 0.35. United Fire Group has a 12-month low of $18.41 and a 12-month high of $27.72. The business has a 50-day simple moving average of $22.36 and a two-hundred day simple moving average of $21.43.

United Fire Group (NASDAQ:UFCS) last released its quarterly earnings results on Tuesday, February 13th. The insurance provider reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.53 by $0.12. The company had revenue of $287.32 million for the quarter, compared to analysts’ expectations of $278.70 million. United Fire Group had a negative return on equity of 4.38% and a negative net margin of 2.71%. On average, equities research analysts expect that United Fire Group will post 1.1 EPS for the current year.

United Fire Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 22nd. Shareholders of record on Friday, March 8th were given a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 2.88%. The ex-dividend date was Thursday, March 7th. United Fire Group’s dividend payout ratio (DPR) is currently -54.24%.

Insider Activity

In other news, VP Micah G. Woolstenhulme purchased 1,500 shares of the business’s stock in a transaction dated Wednesday, March 13th. The stock was bought at an average price of $21.76 per share, with a total value of $32,640.00. Following the acquisition, the vice president now owns 32,763 shares in the company, valued at approximately $712,922.88. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other United Fire Group news, VP Micah G. Woolstenhulme purchased 1,500 shares of the firm’s stock in a transaction dated Wednesday, March 13th. The shares were bought at an average price of $21.76 per share, for a total transaction of $32,640.00. Following the purchase, the vice president now owns 32,763 shares in the company, valued at approximately $712,922.88. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Christopher R. Drahozal sold 2,500 shares of the business’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $22.15, for a total value of $55,375.00. Following the transaction, the director now directly owns 454,363 shares of the company’s stock, valued at approximately $10,064,140.45. The disclosure for this sale can be found here. Corporate insiders own 5.99% of the company’s stock.

Hedge Funds Weigh In On United Fire Group

Large investors have recently modified their holdings of the business. Quantbot Technologies LP acquired a new stake in United Fire Group in the third quarter valued at $67,000. Tower Research Capital LLC TRC grew its position in shares of United Fire Group by 127.6% in the 4th quarter. Tower Research Capital LLC TRC now owns 4,761 shares of the insurance provider’s stock valued at $96,000 after buying an additional 2,669 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of United Fire Group by 22.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,190 shares of the insurance provider’s stock valued at $104,000 after buying an additional 957 shares during the period. Quest Partners LLC bought a new position in shares of United Fire Group during the fourth quarter worth about $113,000. Finally, New York State Common Retirement Fund lifted its stake in shares of United Fire Group by 17.8% in the fourth quarter. New York State Common Retirement Fund now owns 7,976 shares of the insurance provider’s stock worth $160,000 after acquiring an additional 1,203 shares during the period. Institutional investors own 62.68% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on UFCS shares. Piper Sandler reaffirmed an “underweight” rating and set a $21.00 price target on shares of United Fire Group in a report on Monday, April 1st. StockNews.com raised shares of United Fire Group from a “hold” rating to a “buy” rating in a research note on Wednesday, February 14th.

United Fire Group Company Profile

United Fire Group, Inc, together with its subsidiaries, provides property and casualty insurance for individuals and businesses in the United States. The company offers commercial and personal lines of property and casualty insurance; and reinsurance coverage for property and casualty insurance. Its commercial lines include fire and allied lines, other liability, automobile, workers' compensation, fidelity and surety coverage, and other insurance products; and personal lines comprise automobile, and fire and allied lines coverage, including homeowners, as well as provides assumed reinsurance products.