United Fire Group (NASDAQ:UFCS) Upgraded at StockNews.com

StockNews.com upgraded shares of United Fire Group (NASDAQ:UFCS) from a hold rating to a buy rating in a report issued on Friday.

Separately, Piper Sandler cut their target price on United Fire Group from $21.00 to $19.00 and set an underweight rating on the stock in a report on Thursday, August 8th.

United Fire Group Trading Down 4.0 %

Shares of United Fire Group stock opened at $19.29 on Friday. The company has a market cap of $487.96 million, a PE ratio of -27.96 and a beta of 0.36. The company has a 50 day moving average of $20.33 and a 200-day moving average of $21.36. United Fire Group has a 1-year low of $18.04 and a 1-year high of $25.55.

United Fire Group (NASDAQ:UFCS) last released its quarterly earnings data on Tuesday, August 6th. The insurance provider reported ($0.07) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.03). United Fire Group had a net margin of 3.17% and a return on equity of 5.23%. The business had revenue of $301.17 million during the quarter, compared to analyst estimates of $300.80 million. During the same period last year, the business earned ($2.27) earnings per share. Research analysts forecast that United Fire Group will post 1.1 earnings per share for the current year.

United Fire Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.32%. The ex-dividend date was Friday, August 30th. United Fire Group’s dividend payout ratio is -92.75%.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC increased its position in United Fire Group by 93.0% in the 3rd quarter. SG Americas Securities LLC now owns 13,758 shares of the insurance provider’s stock valued at $288,000 after buying an additional 6,631 shares in the last quarter. Systematic Financial Management LP lifted its stake in shares of United Fire Group by 11.6% in the second quarter. Systematic Financial Management LP now owns 437,584 shares of the insurance provider’s stock valued at $9,404,000 after buying an additional 45,405 shares in the last quarter. Millennium Management LLC increased its position in shares of United Fire Group by 40.8% during the second quarter. Millennium Management LLC now owns 234,214 shares of the insurance provider’s stock worth $5,033,000 after acquiring an additional 67,838 shares in the last quarter. Earnest Partners LLC raised its stake in shares of United Fire Group by 2.2% in the second quarter. Earnest Partners LLC now owns 1,293,367 shares of the insurance provider’s stock worth $27,794,000 after purchasing an additional 27,376 shares during the last quarter. Finally, AQR Capital Management LLC grew its holdings in United Fire Group by 24.3% during the second quarter. AQR Capital Management LLC now owns 84,253 shares of the insurance provider’s stock worth $1,811,000 after buying an additional 16,495 shares in the last quarter. Institutional investors and hedge funds own 62.68% of the company’s stock.

About United Fire Group

United Fire Group, Inc, together with its subsidiaries, provides property and casualty insurance for individuals and businesses in the United States. The company offers commercial and personal lines of property and casualty insurance; and reinsurance coverage for property and casualty insurance. Its commercial lines include fire and allied lines, other liability, automobile, workers’ compensation, fidelity and surety coverage, and other insurance products; and personal lines comprise automobile, and fire and allied lines coverage, including homeowners, as well as provides assumed reinsurance products.