United Fire Group (NASDAQ:UFCS) Sets New 1-Year High – Should You Buy?

Shares of United Fire Group, Inc (NASDAQ:UFCS) hit a new 52-week high during trading on Tuesday. The stock traded as high as $57.50 and last traded at $57.3610, with a volume of 9,649 shares. The stock had previously closed at $56.44.

Analyst Ratings Changes

UFCS has been the subject of several research reports. Wall Street Zen downgraded shares of United Fire Group from a “strong-buy” rating to a “buy” rating in a report on Sunday, August 2nd. Weiss Ratings raised United Fire Group from a “buy (a-)” rating to a “buy (a)” rating in a research report on Thursday, October 8th. Zacks Research upgraded United Fire Group from a “hold” rating to a “strong-buy” rating in a research note on Thursday, September 17th. Finally, Piper Sandler upped their price target on United Fire Group from $57.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 5th. Two equities research analysts have rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Strong Buy” and an average price target of $52.50.

United Fire Group Stock Up 1.1%

The company has a market capitalization of $1.47 billion, a PE ratio of 10.65 and a beta of 0.47. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 0.15. The business has a fifty day moving average of $54.56 and a 200 day moving average of $49.87.

United Fire Group (NASDAQ:UFCS) last issued 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. The company had revenue of $383.73 million for the quarter, compared to analyst estimates of $347.76 million. United Fire Group had a net margin of 9.57% and a return on equity of 15.19%. Equities research analysts anticipate that United Fire Group, Inc will post 4.97 EPS for the current year.

United Fire Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 18th. Stockholders of record on Friday, September 4th were paid a $0.20 dividend. The ex-dividend date of this dividend was Friday, September 4th. This represents a $0.80 annualized dividend and a dividend yield of 1.4%. United Fire Group’s dividend payout ratio (DPR) is presently 14.87%.

Insider Buying and Selling at United Fire Group

In related news, Director Scott Carlton sold 9,777 shares of United Fire Group stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $55.52, for a total value of $542,819.04. Following the completion of the transaction, the director owned 200,552 shares in the company, valued at approximately $11,134,647.04. The trade was a 4.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 6.06% of the company’s stock.

Institutional Investors Weigh In On United Fire Group

Hedge funds have recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC boosted its holdings in United Fire Group by 47.5% in the third quarter. Nisa Investment Advisors LLC now owns 4,806 shares of the insurance provider’s stock valued at $253,000 after purchasing an additional 1,548 shares during the period. USA Financial Formulas acquired a new position in United Fire Group during the 3rd quarter worth $73,000. GAMMA Investing LLC grew its stake in United Fire Group by 9.1% during the 3rd quarter. GAMMA Investing LLC now owns 2,293 shares of the insurance provider’s stock worth $121,000 after purchasing an additional 192 shares in the last quarter. Artemis Investment Management LLP acquired a new position in United Fire Group during the 3rd quarter worth $634,000. Finally, Integrated Wealth Concepts LLC purchased a new stake in United Fire Group during the 2nd quarter worth about $69,000. 62.68% of the stock is currently owned by institutional investors and hedge funds.

About United Fire Group

United Fire Group, Inc (NASDAQ: UFCS) is an insurance holding company headquartered in Cedar Rapids, Iowa. Through its insurance subsidiaries, the company provides property and casualty insurance products to businesses, individuals, and organizations, primarily through a network of independent insurance agents.

Its product portfolio includes commercial property and liability coverage, commercial automobile insurance, workers’ compensation, surety bonds, and specialty insurance products.