Insider Buying: United Fire Group (NASDAQ:UFCS) CFO Buys 500 Shares of Stock

Key Points

• Eric J. Martin, CFO of United Fire Group, purchased 500 shares at $29.00 per share, increasing his ownership to 35,155 shares, valued at approximately $1,019,495.
• United Fire Group reported a quarterly EPS of $0.90, exceeding analyst expectations of $0.57, despite revenue falling short of estimates at $314.80 million.
• The company recently announced a quarterly dividend of $0.16 per share, representing an annual yield of 2.1% and maintaining a dividend payout ratio of 18.23%.

United Fire Group, Inc (NASDAQ:UFCS - Get Free Report) CFO Eric J. Martin acquired 500 shares of the business's stock in a transaction dated Monday, August 11th. The stock was purchased at an average price of $29.00 per share, with a total value of $14,500.00. Following the completion of the acquisition, the chief financial officer directly owned 35,155 shares in the company, valued at approximately $1,019,495. This represents a 1.44% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

United Fire Group Price Performance

Shares of UFCS traded up $0.60 during midday trading on Wednesday, reaching $31.16. The stock had a trading volume of 3,678 shares, compared to its average volume of 126,724. The company's 50-day moving average is $28.18 and its 200 day moving average is $27.80. United Fire Group, Inc has a 12-month low of $19.19 and a 12-month high of $31.70. The company has a current ratio of 0.37, a quick ratio of 0.37 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $794.27 million, a price-to-earnings ratio of 8.82 and a beta of 0.53.

United Fire Group (NASDAQ:UFCS - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The insurance provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.57 by $0.33. United Fire Group had a return on equity of 11.84% and a net margin of 6.94%.The firm had revenue of $314.80 million during the quarter, compared to analysts' expectations of $337.99 million. On average, equities analysts predict that United Fire Group, Inc will post 2.42 EPS for the current fiscal year.

United Fire Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Friday, August 29th will be issued a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Friday, August 29th. United Fire Group's dividend payout ratio is presently 18.23%.

Institutional Investors Weigh In On United Fire Group

Several institutional investors and hedge funds have recently bought and sold shares of UFCS. Federated Hermes Inc. lifted its holdings in United Fire Group by 131.3% in the 1st quarter. Federated Hermes Inc. now owns 1,115 shares of the insurance provider's stock worth $33,000 after buying an additional 633 shares during the period. GAMMA Investing LLC lifted its holdings in United Fire Group by 270.2% in the 1st quarter. GAMMA Investing LLC now owns 1,329 shares of the insurance provider's stock worth $39,000 after buying an additional 970 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in United Fire Group by 812.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,570 shares of the insurance provider's stock worth $45,000 after buying an additional 1,398 shares during the period. NewEdge Advisors LLC purchased a new stake in United Fire Group in the 4th quarter worth approximately $60,000. Finally, Tower Research Capital LLC TRC lifted its holdings in United Fire Group by 301.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,263 shares of the insurance provider's stock worth $65,000 after buying an additional 1,699 shares during the period. Hedge funds and other institutional investors own 62.68% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on UFCS. Jones Trading increased their target price on United Fire Group from $32.00 to $33.00 and gave the company a "buy" rating in a report on Monday, August 11th. Wall Street Zen upgraded United Fire Group from a "buy" rating to a "strong-buy" rating in a report on Thursday, May 15th. Finally, Zacks Research upgraded United Fire Group to a "strong-buy" rating in a report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $30.50.

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.