United Fire Group (NASDAQ:UFCS) Stock Rating Lowered by Zacks Research

United Fire Group (NASDAQ:UFCS) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

UFCS has been the topic of several other reports. Weiss Ratings restated a “buy (b)” rating on shares of United Fire Group in a research report on Wednesday, May 13th. Piper Sandler increased their target price on United Fire Group from $45.00 to $57.00 and gave the stock an “overweight” rating in a research report on Thursday, May 7th. Wall Street Zen raised United Fire Group from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Finally, JonesTrading upped their price target 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. Three equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, United Fire Group presently has an average rating of “Moderate Buy” and a consensus target price of $51.00.

United Fire Group Stock Performance

Shares of NASDAQ UFCS opened at $52.52 on Monday. The stock has a market cap of $1.35 billion, a PE ratio of 10.59 and a beta of 0.50. United Fire Group has a 1 year low of $25.79 and a 1 year high of $54.42. The firm has a fifty day moving average price of $47.44 and a 200-day moving average price of $40.87. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.34 and a quick ratio of 0.34.

United Fire Group (NASDAQ:UFCS) last released its earnings results 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. The company had revenue of $369.44 million for the quarter, compared to analysts’ expectations of $340.15 million. United Fire Group had a net margin of 9.16% and a return on equity of 14.65%. Equities analysts anticipate that United Fire Group will post 4.69 earnings per share for the current fiscal year.

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

Insider Activity at United Fire Group

In other news, Director George D. Milligan purchased 4,500 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The stock was bought at an average cost of $45.23 per share, with a total value of $203,535.00. Following the completion of the purchase, the director owned 90,034 shares in the company, valued at approximately $4,072,237.82. This represents a 5.26% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 6.06% of the company’s stock.

Institutional Trading of United Fire Group

Several hedge funds have recently modified their holdings of UFCS. GAMMA Investing LLC grew its holdings in shares of United Fire Group by 19.8% in the fourth quarter. GAMMA Investing LLC now owns 1,743 shares of the insurance provider’s stock valued at $63,000 after purchasing an additional 288 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in United Fire Group by 23.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,726 shares of the insurance provider’s stock valued at $63,000 after purchasing an additional 329 shares in the last quarter. NewEdge Advisors LLC lifted its position in United Fire Group by 17.7% during the first quarter. NewEdge Advisors LLC now owns 2,499 shares of the insurance provider’s stock valued at $74,000 after purchasing an additional 375 shares during the last quarter. Smartleaf Asset Management LLC lifted its position in United Fire Group by 129.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 686 shares of the insurance provider’s stock valued at $25,000 after purchasing an additional 387 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in shares of United Fire Group by 5.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 7,883 shares of the insurance provider’s stock worth $226,000 after buying an additional 391 shares in the last quarter. 62.68% of the stock is owned by hedge funds and other institutional investors.

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.