United Fire Group, Inc $UFCS Shares Purchased by Cubist Systematic Strategies LLC

Key Points

• Cubist Systematic Strategies LLC increased its stake in United Fire Group by 90.4%, acquiring an additional 56,543 shares and now holding a total of 119,091 shares valued at approximately $3.5 million.
• Several institutional investors also significantly raised their stakes in United Fire Group, with Farther Finance Advisors LLC increasing its holdings by 1,241.8% this quarter.
• Analysts have upgraded United Fire Group's stock to a "strong-buy" rating, indicating a positive outlook for the company, along with a consensus price target of $30.50.

Cubist Systematic Strategies LLC grew its stake in United Fire Group, Inc (NASDAQ:UFCS - Free Report) by 90.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 119,091 shares of the insurance provider's stock after buying an additional 56,543 shares during the period. Cubist Systematic Strategies LLC owned 0.47% of United Fire Group worth $3,508,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Federated Hermes Inc. boosted its stake in United Fire Group by 131.3% in the first quarter. Federated Hermes Inc. now owns 1,115 shares of the insurance provider's stock valued at $33,000 after acquiring an additional 633 shares in the last quarter. GAMMA Investing LLC increased its position in United Fire Group by 270.2% during the first 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. Farther Finance Advisors LLC increased its position in United Fire Group by 1,241.8% during the first quarter. Farther Finance Advisors LLC now owns 4,428 shares of the insurance provider's stock worth $131,000 after buying an additional 4,098 shares during the period. CWM LLC grew its position in shares of United Fire Group by 192.8% during the first quarter. CWM LLC now owns 5,236 shares of the insurance provider's stock worth $154,000 after acquiring an additional 3,448 shares during the last quarter. Finally, State of Wyoming purchased a new position in shares of United Fire Group during the fourth quarter worth about $177,000. 62.68% of the stock is currently owned by institutional investors and hedge funds.

United Fire Group Price Performance

Shares of NASDAQ UFCS traded down $0.63 during midday trading on Friday, hitting $31.16. The company had a trading volume of 98,763 shares, compared to its average volume of 119,365. The company has a quick ratio of 0.37, a current ratio of 0.37 and a debt-to-equity ratio of 0.14. United Fire Group, Inc has a twelve month low of $19.19 and a twelve month high of $32.13. The business has a 50-day simple moving average of $28.87 and a two-hundred day simple moving average of $28.30. The firm has a market capitalization of $794.27 million, a price-to-earnings ratio of 8.88 and a beta of 0.56.

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

United Fire Group Announces Dividend

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

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Wall Street Zen raised United Fire Group from a "buy" rating to a "strong-buy" rating in a research note on Thursday, May 15th. Jones Trading upped their price target on United Fire Group from $32.00 to $33.00 and gave the stock a "buy" rating in a research note on Monday, August 11th. Finally, Zacks Research upgraded shares of United Fire Group to a "strong-buy" rating in a research report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Buy" and an average target price of $30.50.

United Fire Group Company Profile

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.