United Fire Group (NASDAQ:UFCS) Upgraded at Zacks Research

Key Points

• Zacks Research upgraded United Fire Group from “hold” to “strong buy.” Analysts’ consensus is also “Strong Buy,” with an average price target of $52.50.
• United Fire Group reported quarterly EPS of $1.30, well above the $0.69 consensus estimate, while revenue of $383.73 million surpassed expectations of $347.76 million.
• The stock opened at $54.39 and is up significantly from its 52-week low of $29.74; insiders own 6.06% of shares, while institutional investors hold 62.68%.

United Fire Group (NASDAQ:UFCS - Get Free Report) was upgraded by investment analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued on Thursday, Zacks reports.

A number of other equities research analysts also recently weighed in on the stock. Weiss Ratings upgraded shares of United Fire Group from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Wednesday, August 19th. Piper Sandler upped their price objective on shares of United Fire Group from $57.00 to $60.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 5th. Finally, Wall Street Zen downgraded shares of United Fire Group from a "strong-buy" rating to a "buy" rating in a research note on Sunday, August 2nd. Two investment analysts have rated the stock with a Strong Buy rating and two have issued a Buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Strong Buy" and an average target price of $52.50.

United Fire Group Trading Up 0.2%

Shares of United Fire Group stock opened at $54.39 on Thursday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.34 and a current ratio of 0.34. The firm has a 50-day moving average of $53.29 and a 200-day moving average of $46.96. United Fire Group has a 52-week low of $29.74 and a 52-week high of $56.74. The stock has a market cap of $1.40 billion, a PE ratio of 10.11 and a beta of 0.52.

United Fire Group (NASDAQ:UFCS - Get Free Report) last issued its quarterly earnings data on Monday, August 3rd. The insurance provider reported $1.30 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $383.73 million during the quarter, compared to analysts' expectations of $347.76 million. As a group, sell-side analysts forecast that United Fire Group will post 5 EPS for the current year.

Insider Transactions at United Fire Group

In related news, Director Scott Carlton sold 9,777 shares of the 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 of the company's stock, valued at $11,134,647.04. This represents a 4.65% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 6.06% of the stock is currently owned by corporate insiders.

Institutional Trading of United Fire Group

Several hedge funds and other institutional investors have recently made changes to their positions in UFCS. Basepoint Wealth LLC bought a new position in United Fire Group in the 4th quarter valued at approximately $26,000. Allworth Financial LP bought a new stake in United Fire Group during the 2nd quarter worth approximately $34,000. EverSource Wealth Advisors LLC grew its holdings in United Fire Group by 23.6% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,726 shares of the insurance provider's stock worth $63,000 after acquiring an additional 329 shares during the last quarter. C M Bidwell & Associates Ltd. bought a new stake in United Fire Group during the 2nd quarter worth approximately $66,000. Finally, Integrated Wealth Concepts LLC acquired a new position in United Fire Group in the 2nd quarter valued at approximately $69,000. 62.68% of the stock is currently owned by institutional investors.

About United Fire Group

United Fire Group, Inc NASDAQ: UFCS is an insurance holding company headquartered in Cedar Rapids, Iowa. Founded in 1946, the company provides property and casualty insurance products through its insurance subsidiaries, including United Fire & Casualty Company.

United Fire Group primarily serves businesses, individuals and organizations through a network of independent insurance agencies. Its offerings include commercial property and casualty coverage, commercial auto insurance, workers' compensation, general liability, professional liability, surety bonds and other specialty insurance products.

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