Hsbc Holdings PLC Sells 22,296 Shares of United Fire Group, Inc $UFCS

Hsbc Holdings PLC lessened its position in shares of United Fire Group, Inc (NASDAQ:UFCS) by 69.0% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 10,003 shares of the insurance provider’s stock after selling 22,296 shares during the quarter. Hsbc Holdings PLC’s holdings in United Fire Group were worth $364,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Smartleaf Asset Management LLC increased its position in shares of United Fire Group by 129.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 686 shares of the insurance provider’s stock worth $25,000 after buying an additional 387 shares during the period. Basepoint Wealth LLC bought a new position in United Fire Group during the fourth quarter worth $26,000. Federated Hermes Inc. lifted its holdings in United Fire Group by 109.5% in the fourth quarter. Federated Hermes Inc. now owns 1,190 shares of the insurance provider’s stock valued at $43,000 after buying an additional 622 shares during the period. Kemnay Advisory Services Inc. acquired a new position in United Fire Group in the fourth quarter valued at $48,000. Finally, Meeder Asset Management Inc. acquired a new position in United Fire Group in the fourth quarter valued at $53,000. Institutional investors and hedge funds own 62.68% of the company’s stock.

United Fire Group Trading Up 2.2%

NASDAQ:UFCS opened at $51.09 on Friday. 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, Inc has a one year low of $25.79 and a one year high of $54.42. The company has a market cap of $1.31 billion, a PE ratio of 10.30 and a beta of 0.50. The firm has a 50-day moving average of $48.84 and a 200-day moving average of $41.65.

United Fire Group (NASDAQ:UFCS) last posted 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. United Fire Group had a return on equity of 14.65% and a net margin of 9.16%.The company had revenue of $369.44 million for the quarter, compared to analyst estimates of $340.15 million. As a group, equities research analysts expect that United Fire Group, Inc will post 4.69 EPS for the current fiscal year.

United Fire Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 19th. Shareholders of record on Friday, June 5th were paid a $0.20 dividend. The ex-dividend date was Friday, June 5th. This represents a $0.80 annualized dividend and a yield of 1.6%. United Fire Group’s dividend payout ratio (DPR) is 16.13%.

United Fire Group declared that its board has approved a stock repurchase plan on Wednesday, May 20th that permits the company to repurchase 2,000,000 outstanding shares. This repurchase authorization permits the insurance provider to buy shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

A number of brokerages have weighed in on UFCS. Piper Sandler increased their price target on United Fire Group from $45.00 to $57.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. JonesTrading boosted their price objective on United Fire Group from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Weiss Ratings restated a “buy (b)” rating on shares of United Fire Group in a research report on Wednesday, May 13th. Wall Street Zen raised United Fire Group from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Finally, Zacks Research downgraded United Fire Group from a “strong-buy” rating to a “hold” rating in a report on Monday, July 6th. Three investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, United Fire Group currently has a consensus rating of “Moderate Buy” and an average price target of $51.00.

Insider Buying and Selling

In other news, Director George D. Milligan bought 4,500 shares of the company’s stock in a transaction on Friday, June 5th. The shares were purchased at an average price of $45.23 per share, with a total value of $203,535.00. Following the transaction, the director directly owned 90,034 shares in the company, valued at $4,072,237.82. This represents a 5.26% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 6.06% 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.