Piper Sandler Has Lowered Expectations for United Fire Group (NASDAQ:UFCS) Stock Price

Key Points

• Piper Sandler cut its price target on United Fire Group from $60 to $58 but maintained an “overweight” rating, implying 21.39% upside from the stock’s current price.
• Analyst sentiment remains broadly positive: MarketBeat reports an average “Strong Buy” rating and an average price target of $51.50. UFCS recently traded at $47.78.
• United Fire Group beat quarterly expectations, reporting EPS of $1.34 versus $1.23 expected and revenue of $391.63 million versus $384.18 million forecast.

United Fire Group (NASDAQ:UFCS - Get Free Report) had its target price cut by equities researchers at Piper Sandler from $60.00 to $58.00 in a report issued on Thursday, Benzinga reports. The firm presently has an "overweight" rating on the insurance provider's stock. Piper Sandler's price target suggests a potential upside of 21.39% from the stock's current price.

Several other analysts also recently commented on the stock. 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 report on Thursday, October 8th. Finally, Zacks Research upgraded shares of United Fire Group from a "hold" rating to a "strong-buy" rating in a research report on Thursday, September 17th. Two equities research analysts have rated the stock with a Strong Buy rating and two have given a Buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Strong Buy" and an average price target of $51.50.

United Fire Group Price Performance

NASDAQ:UFCS traded down $1.54 during mid-day trading on Thursday, reaching $47.78. 65,302 shares of the company were exchanged, compared to its average volume of 133,024. The stock has a market cap of $1.23 billion, a PE ratio of 9.13 and a beta of 0.55. 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 company has a fifty day moving average of $55.07 and a 200 day moving average of $46.85. United Fire Group has a 12 month low of $33.53 and a 12 month high of $58.19.

United Fire Group (NASDAQ:UFCS - Get Free Report) last released its earnings results on Tuesday, November 3rd. The insurance provider reported $1.34 EPS for the quarter, beating the consensus estimate of $1.23 by $0.11. United Fire Group had a return on equity of 14.50% and a net margin of 9.06%. The company had revenue of $391.63 million during the quarter, compared to analysts' expectations of $384.18 million. On average, research analysts anticipate that United Fire Group will post 4.97 EPS for the current fiscal year.

Insider Buying and Selling at United Fire Group

In related news, Director Scott Carlton sold 9,777 shares of the business's stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $55.52, for a total transaction of $542,819.04. Following the transaction, the director directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 6.06% of the stock is owned by insiders.

Hedge Funds Weigh In On United Fire Group

A number of hedge funds and other institutional investors have recently made changes to their positions in UFCS. BlackRock Inc. bought a new position in United Fire Group during the second quarter valued at $183,136,000. Bank of America Corp DE bought a new position in shares of United Fire Group in the second quarter valued at approximately $24,936,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of United Fire Group in the second quarter worth $9,720,000. Bank of New York Mellon Corp bought a new stake in shares of United Fire Group during the 2nd quarter valued at about $9,689,000. Finally, Empowered Funds LLC bought a new position in shares of United Fire Group in the 2nd quarter worth $5,935,000. 62.68% of the stock is owned by hedge funds and other institutional investors.

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.

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