Empowered Funds LLC Makes New Investment in United Fire Group, Inc $UFCS

Empowered Funds LLC bought a new stake in United Fire Group, Inc (NASDAQ:UFCS) in the second quarter, HoldingsChannel.com reports. The fund bought 113,184 shares of the insurance provider’s stock, valued at approximately $5,935,000.

Several other institutional investors also recently made changes to their positions in the stock. Smartleaf Asset Management LLC raised its position in shares of United Fire Group by 129.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 686 shares of the insurance provider’s stock worth $25,000 after purchasing an additional 387 shares during the period. Basepoint Wealth LLC acquired a new position in United Fire Group during the 4th quarter valued at approximately $26,000. Allworth Financial LP acquired a new position in United Fire Group during the 2nd quarter valued at approximately $34,000. Federated Hermes Inc. grew its stake in United Fire Group by 109.5% during the 4th quarter. Federated Hermes Inc. now owns 1,190 shares of the insurance provider’s stock worth $43,000 after buying an additional 622 shares during the last quarter. Finally, EverSource Wealth Advisors LLC grew its stake in United Fire Group by 812.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,570 shares of the insurance provider’s stock worth $45,000 after buying an additional 1,398 shares during the last quarter. 62.68% of the stock is owned by institutional investors.

United Fire Group Price Performance

UFCS opened at $53.98 on Monday. The stock’s 50 day moving average price is $52.42 and its 200 day moving average price is $45.29. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.34 and a quick ratio of 0.34. The stock has a market cap of $1.39 billion, a P/E ratio of 10.03 and a beta of 0.51. United Fire Group, Inc has a 12 month low of $29.74 and a 12 month high of $55.82.

United Fire Group (NASDAQ:UFCS) last announced its quarterly earnings results on Monday, August 3rd. The insurance provider reported $1.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.69 by $0.61. United Fire Group had a return on equity of 15.19% and a net margin of 9.57%.The company had revenue of $383.73 million during the quarter, compared to analyst estimates of $347.76 million. As a group, research analysts predict that United Fire Group, Inc will post 4.75 earnings per share for the current year.

United Fire Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $0.80 annualized dividend and a yield of 1.5%. United Fire Group’s dividend payout ratio is presently 14.87%.

United Fire Group declared that its board has initiated a stock repurchase plan on Wednesday, May 20th that authorizes the company to repurchase 2,000,000 shares. This repurchase authorization authorizes the insurance provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

A number of research firms have issued reports on UFCS. Weiss Ratings upgraded United Fire Group from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday, August 19th. JonesTrading upped their price target on shares of United Fire Group from $40.00 to $45.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Wall Street Zen cut shares of United Fire Group from a “strong-buy” rating to a “buy” rating in a report on Sunday, August 2nd. Piper Sandler lifted their price objective on shares of United Fire Group from $57.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, August 5th. Finally, Zacks Research lowered shares of United Fire Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 6th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, United Fire Group presently has an average rating of “Buy” and a consensus price target of $52.50.

Insider Transactions at United Fire Group

In related news, Director George D. Milligan bought 4,500 shares of the 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 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 document filed with the SEC, which is available through this hyperlink. 6.06% of the stock is owned by corporate insiders.

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.