51,088 Shares in United Fire Group, Inc $UFCS Acquired by Legal & General Group Plc

Key Points

• Legal & General Group Plc acquired 51,088 shares of United Fire Group valued at approximately $2.68 million, while institutional investors collectively own 62.68% of UFCS.
• Analysts maintain a generally positive outlook, with a consensus “Buy” rating and an average price target of $52.50; Piper Sandler raised its target to $60.
• United Fire Group reported quarterly EPS of $1.30, well above the $0.69 estimate, and revenue of $383.73 million. The company also authorized a 2 million-share buyback and declared a quarterly dividend of $0.20 per share.

Legal & General Group Plc purchased a new stake in United Fire Group, Inc (NASDAQ:UFCS - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 51,088 shares of the insurance provider's stock, valued at approximately $2,679,000. Legal & General Group Plc owned approximately 0.20% of United Fire Group as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company purchased a new stake in shares of United Fire Group during the 2nd quarter worth approximately $304,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of United Fire Group in the 2nd quarter valued at $9,720,000. Globeflex Capital L P purchased a new position in shares of United Fire Group in the 2nd quarter valued at $2,301,000. Ieq Capital LLC purchased a new position in shares of United Fire Group in the 2nd quarter valued at $2,498,000. Finally, Heron Bay Capital Management purchased a new position in shares of United Fire Group in the 2nd quarter valued at $482,000. 62.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on UFCS. Zacks Research cut shares of United Fire Group from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 6th. Weiss Ratings raised United Fire Group from a "buy (b+)" rating to a "buy (a-)" rating in a report on Wednesday, August 19th. Wall Street Zen cut United Fire Group from a "strong-buy" rating to a "buy" rating in a research report on Sunday, August 2nd. Finally, Piper Sandler boosted their target price on United Fire Group from $57.00 to $60.00 and gave the company an "overweight" rating in a report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, United Fire Group has a consensus rating of "Buy" and an average target price of $52.50.

United Fire Group Stock Down 0.2%

Shares of NASDAQ:UFCS opened at $55.98 on Friday. The stock has a market cap of $1.44 billion, a P/E ratio of 10.41 and a beta of 0.52. The firm has a fifty day moving average price of $52.87 and a 200 day moving average price of $45.82. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.34 and a quick ratio of 0.34. United Fire Group, Inc has a 1-year low of $29.74 and a 1-year high of $56.74.

United Fire Group (NASDAQ:UFCS - Get Free Report) last posted its quarterly earnings data on Monday, August 3rd. The insurance provider reported $1.30 EPS for the quarter, beating analysts' consensus estimates 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 company had revenue of $383.73 million for the quarter, compared to analyst estimates of $347.76 million. Sell-side analysts predict that United Fire Group, Inc will post 4.75 EPS for the current year.

United Fire Group announced that its board has authorized a share repurchase program on Wednesday, May 20th that authorizes the company to buyback 2,000,000 shares. This buyback authorization authorizes the insurance provider to purchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company's management believes its shares are undervalued.

United Fire Group Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.4%. The ex-dividend date is Friday, September 4th. United Fire Group's payout ratio is 14.87%.

United Fire Group Profile

United Fire Group, Inc NASDAQ: UFCS is an insurance holding company based in Cedar Rapids, Iowa, that specializes in property and casualty coverage for commercial and personal lines. The company underwrites business through three primary segments: commercial, personal and specialty insurance. Within the commercial segment, United Fire Group offers tailored policies for small- and medium-sized enterprises, including general liability, commercial property and workers' compensation. Its personal lines cover homeowners, auto, farm and umbrella policies.

United Fire Group distributes its products primarily through a national network of independent insurance agents and brokers.

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