51,088 Shares in United Fire Group, Inc $UFCS Bought by Legal & General Group Plc

Legal & General Group Plc acquired a new stake in United Fire Group, Inc (NASDAQ:UFCS) during the second quarter, according to its most recent filing with the SEC. The firm acquired 51,088 shares of the insurance provider’s stock, valued at approximately $2,679,000.

Several other institutional investors also recently bought and sold shares of UFCS. BlackRock Inc. acquired a new stake in shares of United Fire Group in the 2nd quarter worth $183,136,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of United Fire Group during the second quarter worth about $9,720,000. Bank of New York Mellon Corp purchased a new position in United Fire Group during the second quarter worth about $9,689,000. Invesco Ltd. lifted 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 valued at $9,959,000 after purchasing an additional 180,836 shares during the period. Finally, Royce & Associates LP lifted 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 valued at $8,576,000 after purchasing an additional 165,789 shares during the period. 62.68% of the stock is owned by institutional investors and hedge funds.

United Fire Group Trading Down 0.2%

NASDAQ:UFCS opened at $55.98 on Friday. United Fire Group, Inc has a 52-week low of $29.74 and a 52-week high of $56.74. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 0.15. The stock has a fifty day simple moving average of $52.87 and a 200-day simple moving average of $45.82. The company has a market capitalization of $1.44 billion, a PE ratio of 10.41 and a beta of 0.52.

United Fire Group (NASDAQ:UFCS) last issued its quarterly earnings data on Monday, August 3rd. The insurance provider reported $1.30 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.61. United Fire Group had a net margin of 9.57% and a return on equity of 15.19%. The firm had revenue of $383.73 million for the quarter, compared to analysts’ expectations of $347.76 million. On average, equities research analysts expect that United Fire Group, Inc will post 4.75 earnings per share for the current fiscal year.

United Fire Group declared that its Board of Directors has initiated a stock buyback program on Wednesday, May 20th that authorizes the company to buyback 2,000,000 shares. This buyback authorization authorizes the insurance provider to purchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

United Fire Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Friday, September 4th will be given a $0.20 dividend. The ex-dividend date is Friday, September 4th. This represents a $0.80 annualized dividend and a dividend yield of 1.4%. United Fire Group’s dividend payout ratio is currently 14.87%.

Wall Street Analyst Weigh In

Several research firms have issued reports on UFCS. Wall Street Zen cut United Fire Group from a “strong-buy” rating to a “buy” rating in a research report on Sunday, August 2nd. Weiss Ratings raised United Fire Group from a “buy (b+)” rating to a “buy (a-)” rating in a report on Wednesday, August 19th. Zacks Research downgraded United Fire Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 6th. Finally, Piper Sandler upped their price objective on United Fire Group from $57.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $52.50.

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.