Deutsche Bank AG Purchases New Position in United Fire Group, Inc $UFCS

Key Points

• Deutsche Bank acquired 22,543 United Fire Group shares worth approximately $1.18 million, while institutional investors collectively own 62.68% of the company. Director George D. Milligan also purchased 4,500 shares.
• Analysts maintain a generally positive outlook, with an average rating of “Buy” and a $52.50 price target. Recent quarterly results exceeded expectations, with EPS of $1.30 versus the $0.69 consensus and revenue of $383.73 million.
• United Fire Group authorized a buyback of up to 2 million shares and declared a quarterly dividend of $0.20 per share, equivalent to a 1.5% yield. The stock recently traded at $53.98, near its 12-month high of $55.82.

Deutsche Bank AG acquired a new position in United Fire Group, Inc (NASDAQ:UFCS - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 22,543 shares of the insurance provider's stock, valued at approximately $1,182,000. Deutsche Bank AG owned about 0.09% of United Fire Group as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in UFCS. Smartleaf Asset Management LLC increased its stake in shares of United Fire Group by 129.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 686 shares of the insurance provider's stock worth $25,000 after purchasing an additional 387 shares during the last quarter. Basepoint Wealth LLC acquired a new stake in shares of United Fire Group in the 4th quarter valued at $26,000. Federated Hermes Inc. boosted its holdings in United Fire Group by 109.5% in the fourth quarter. Federated Hermes Inc. now owns 1,190 shares of the insurance provider's stock worth $43,000 after purchasing an additional 622 shares in the last quarter. Kemnay Advisory Services Inc. acquired a new position in United Fire Group during the fourth quarter worth $48,000. Finally, Meeder Asset Management Inc. bought a new position in United Fire Group during the fourth quarter valued at about $53,000. 62.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at United Fire Group

In other United Fire Group news, Director George D. Milligan bought 4,500 shares of the firm's stock in a transaction dated Friday, June 5th. The shares were acquired at an average cost of $45.23 per share, for a total transaction of $203,535.00. Following the transaction, the director owned 90,034 shares in the company, valued at approximately $4,072,237.82. The trade was a 5.26% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 6.06% of the company's stock.

Analyst Ratings Changes

Several analysts have recently issued reports on UFCS shares. Zacks Research downgraded United Fire Group from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 6th. Piper Sandler boosted their target price on United Fire Group from $57.00 to $60.00 and gave the stock an "overweight" rating in a report on Wednesday, August 5th. JonesTrading upped their target price on United Fire Group from $40.00 to $45.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. Wall Street Zen downgraded United Fire Group from a "strong-buy" rating to a "buy" rating in a report on Sunday, August 2nd. 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. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $52.50.

United Fire Group Stock Performance

Shares of NASDAQ UFCS opened at $53.98 on Monday. United Fire Group, Inc has a 12 month low of $29.74 and a 12 month high of $55.82. The company has a market cap of $1.39 billion, a P/E ratio of 10.03 and a beta of 0.51. The business's 50 day moving average is $52.42 and its two-hundred day moving average is $45.29. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 0.15.

United Fire Group (NASDAQ:UFCS - Get Free Report) last announced its quarterly earnings data on Monday, August 3rd. The insurance provider reported $1.30 earnings per share (EPS) 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 for the quarter, compared to the consensus estimate of $347.76 million. On average, equities analysts expect that United Fire Group, Inc will post 4.75 EPS for the current year.

United Fire Group declared that its board has initiated a share buyback plan on Wednesday, May 20th that allows the company to repurchase 2,000,000 shares. This repurchase authorization allows the insurance provider to purchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company's leadership believes its stock is undervalued.

United Fire Group Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Friday, September 4th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.5%. The ex-dividend date is Friday, September 4th. United Fire Group's payout ratio is currently 14.87%.

About United Fire Group

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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