Bank of America Corp DE Purchases New Position in United Fire Group, Inc $UFCS

Key Points

• Bank of America acquired 475,517 United Fire Group shares valued at approximately $24.9 million, representing about 1.85% of the company. Institutional investors collectively own 62.68% of UFCS.
• United Fire Group reported quarterly EPS of $1.30, beating estimates of $0.69, while revenue of $383.73 million exceeded expectations. The stock opened at $53.59, near its 52-week high of $56.74.
• The company paid a quarterly dividend of $0.20 per share, equivalent to an annualized $0.80 payout and a 1.5% yield. Analysts maintain a consensus “Strong Buy” rating, with a target price of $52.50.

Bank of America Corp DE bought a new stake in shares of United Fire Group, Inc (NASDAQ:UFCS - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 475,517 shares of the insurance provider's stock, valued at approximately $24,936,000. Bank of America Corp DE owned about 1.85% of United Fire Group as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. BlackRock Inc. bought a new stake in shares of United Fire Group in the 2nd quarter worth about $183,136,000. Dimensional Fund Advisors LP lifted its stake in shares of United Fire Group by 0.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,489,968 shares of the insurance provider's stock worth $55,219,000 after acquiring an additional 12,329 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of United Fire Group during the 2nd quarter worth approximately $9,720,000. Bank of New York Mellon Corp purchased a new position in United Fire Group during the 2nd quarter valued at $9,689,000. Finally, Royce & Associates LP boosted its holdings in United Fire Group by 236.4% during the 4th quarter. Royce & Associates LP now owns 235,925 shares of the insurance provider's stock valued at $8,576,000 after acquiring an additional 165,789 shares during the period. 62.68% of the stock is owned by hedge funds and other institutional investors.

United Fire Group Stock Performance

UFCS stock opened at $53.59 on Thursday. United Fire Group, Inc has a 1-year low of $29.74 and a 1-year high of $56.74. The business has a 50-day moving average price of $53.44 and a 200 day moving average price of $47.33. The company has a market capitalization of $1.38 billion, a P/E ratio of 9.96 and a beta of 0.52. 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 (NASDAQ:UFCS - Get Free Report) last posted its earnings results 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 business had revenue of $383.73 million for the quarter, compared to the consensus estimate of $347.76 million. As a group, equities research analysts forecast that United Fire Group, Inc will post 5 EPS for the current fiscal year.

United Fire Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 18th. Investors of record on Friday, September 4th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date was Friday, September 4th. United Fire Group's dividend payout ratio is 14.87%.

Analyst Upgrades and Downgrades

Several research firms recently commented on UFCS. Zacks Research raised shares of United Fire Group from a "hold" rating to a "strong-buy" rating in a research note on Thursday, September 17th. 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. Piper Sandler upped their target price on shares of United Fire Group from $57.00 to $60.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 5th. Finally, Weiss Ratings raised shares of United Fire Group from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Wednesday, August 19th. Two equities research analysts have rated the stock with a Strong Buy rating and two have given a Buy rating to the company. According to data from MarketBeat, the company has a consensus rating of "Strong Buy" and a consensus price target of $52.50.

Insiders Place Their Bets

In related news, Director Scott Carlton sold 9,777 shares of the firm's stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $55.52, for a total transaction of $542,819.04. Following the sale, the director owned 200,552 shares of the company's stock, valued at $11,134,647.04. This trade represents a 4.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 6.06% of the stock is currently owned by insiders.

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.

Want to see what other hedge funds are holding UFCS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for United Fire Group, Inc (NASDAQ:UFCS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.