Empowered Funds LLC Invests $5.93 Million in United Fire Group, Inc $UFCS

Key Points

• Empowered Funds LLC acquired 113,184 shares of United Fire Group worth approximately $5.93 million, giving it a 0.44% stake. Institutional investors collectively own 62.68% of the insurer.
• United Fire Group exceeded quarterly expectations, reporting $1.30 in EPS versus the $0.69 consensus and revenue of $383.73 million versus $347.76 million expected. The company also authorized a 2 million-share buyback and declared a quarterly dividend of $0.20.
• Analyst sentiment remains generally positive, with an average “Buy” rating and a $52.50 consensus price target; Piper Sandler raised its target to $60.00. UFCS recently traded at $53.98, near its 52-week high of $55.82.

Empowered Funds LLC purchased a new position in United Fire Group, Inc (NASDAQ:UFCS - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 113,184 shares of the insurance provider's stock, valued at approximately $5,935,000. Empowered Funds LLC owned approximately 0.44% of United Fire Group as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Royal Bank of Canada grew its stake in United Fire Group by 9.7% during the 1st quarter. Royal Bank of Canada now owns 117,441 shares of the insurance provider's stock valued at $3,459,000 after purchasing an additional 10,346 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of United Fire Group by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,482 shares of the insurance provider's stock valued at $368,000 after purchasing an additional 546 shares in the last quarter. Millennium Management LLC raised its position in shares of United Fire Group by 5.5% in the 1st quarter. Millennium Management LLC now owns 138,540 shares of the insurance provider's stock valued at $4,081,000 after purchasing an additional 7,234 shares in the last quarter. NewEdge Advisors LLC boosted its stake in shares of United Fire Group by 17.7% during the 1st quarter. NewEdge Advisors LLC now owns 2,499 shares of the insurance provider's stock valued at $74,000 after buying an additional 375 shares during the last quarter. Finally, Jane Street Group LLC boosted its stake in shares of United Fire Group by 143.5% during the 1st quarter. Jane Street Group LLC now owns 61,143 shares of the insurance provider's stock valued at $1,801,000 after buying an additional 36,035 shares during the last quarter. Hedge funds and other institutional investors own 62.68% of the company's stock.

Insider Buying and Selling

In other United Fire Group news, Director George D. Milligan bought 4,500 shares of the stock in a transaction on Friday, June 5th. The stock was purchased at an average price of $45.23 per share, for a total transaction of $203,535.00. Following the completion of the purchase, the director directly owned 90,034 shares in the company, valued at approximately $4,072,237.82. This trade represents a 5.26% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 6.06% of the stock is currently owned by corporate insiders.

United Fire Group Stock Performance

NASDAQ:UFCS opened at $53.98 on Monday. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 0.15. The business's 50 day moving average is $52.42 and its two-hundred day moving average is $45.29. United Fire Group, Inc has a 52 week low of $29.74 and a 52 week high of $55.82. The company has a market cap of $1.39 billion, a PE ratio of 10.03 and a beta of 0.51.

United Fire Group (NASDAQ:UFCS - Get Free Report) last issued its quarterly earnings results on Monday, August 3rd. The insurance provider reported $1.30 earnings per share for the quarter, beating analysts' consensus estimates of $0.69 by $0.61. The business had revenue of $383.73 million during the quarter, compared to the consensus estimate of $347.76 million. United Fire Group had a return on equity of 15.19% and a net margin of 9.57%. On average, analysts predict that United Fire Group, Inc will post 4.75 EPS for the current year.

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

United Fire Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend is Friday, September 4th. United Fire Group's payout ratio is currently 14.87%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Piper Sandler raised their price target on shares of United Fire Group from $57.00 to $60.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 5th. Zacks Research downgraded shares of United Fire Group from a "strong-buy" rating to a "hold" rating in a research note on Monday, July 6th. Weiss Ratings raised shares of United Fire Group from a "buy (b+)" rating to a "buy (a-)" rating in a report on Wednesday, August 19th. JonesTrading boosted their target price on shares of United Fire Group from $40.00 to $45.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. Finally, Wall Street Zen downgraded shares of United Fire Group from a "strong-buy" rating to a "buy" rating in a research report on Sunday, August 2nd. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $52.50.

United Fire Group Company 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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