Insider Buying: 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 stock was bought at an average price of $45.23 per share, for a total transaction of $203,535.00. Following the completion of the purchase, the director directly owned 90,034 shares of the company’s stock, valued at $4,072,237.82. The trade was a 5.26% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

United Fire Group Stock Performance

UFCS stock opened at $47.72 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.34 and a current ratio of 0.34. The stock has a market capitalization of $1.22 billion, a price-to-earnings ratio of 9.62 and a beta of 0.52. United Fire Group, Inc has a 1 year low of $25.79 and a 1 year high of $49.94. The stock’s fifty day moving average is $43.22 and its two-hundred day moving average is $39.04.

United Fire Group (NASDAQ:UFCS) last issued its quarterly earnings data on Tuesday, May 5th. The insurance provider reported $1.16 earnings per share for the quarter, beating analysts’ consensus estimates of $0.87 by $0.29. United Fire Group had a net margin of 9.16% and a return on equity of 14.65%. The business had revenue of $369.44 million for the quarter, compared to analysts’ expectations of $340.16 million. On average, research analysts predict that United Fire Group, Inc will post 4.69 EPS for the current year.

United Fire Group announced that its Board of Directors has authorized a share repurchase plan on Wednesday, May 20th that authorizes the company to buyback 2,000,000 outstanding shares. This buyback authorization authorizes the insurance provider to purchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

United Fire Group Announces Dividend

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

Institutional Investors Weigh In On United Fire Group

Several hedge funds and other institutional investors have recently bought and sold shares of UFCS. Allianz Asset Management GmbH bought a new stake in United Fire Group in the third quarter worth about $5,940,000. Invesco Ltd. raised 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 worth $9,959,000 after acquiring an additional 180,836 shares in the last quarter. Royce & Associates LP raised its position in United Fire Group by 236.4% in the fourth 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 in the last quarter. AQR Capital Management LLC raised 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 worth $8,641,000 after acquiring an additional 112,318 shares in the last quarter. Finally, UBS Group AG raised 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 worth $6,429,000 after acquiring an additional 93,525 shares in the last quarter. 62.68% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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