Envestnet Asset Management Inc. Reduces Holdings in United Fire Group, Inc (NASDAQ:UFCS)

Key Points

• Envestnet Asset Management Inc. decreased its stake in United Fire Group by 26.6%, selling 49,496 shares and retaining 0.54% ownership, valued at approximately $4.02 million.
• United Fire Group reported $0.70 earnings per share (EPS) for the last quarter, exceeding analysts' expectations, but revenue was below estimates at $308.41 million.
• The company recently declared a quarterly dividend of $0.16 per share, representing a 2.38% dividend yield and a payout ratio of 25.30%.

Envestnet Asset Management Inc. trimmed its stake in United Fire Group, Inc (NASDAQ:UFCS - Free Report) by 26.6% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 136,480 shares of the insurance provider's stock after selling 49,496 shares during the period. Envestnet Asset Management Inc. owned about 0.54% of United Fire Group worth $4,021,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in UFCS. GAMMA Investing LLC raised its stake in shares of United Fire Group by 270.2% in the 1st quarter. GAMMA Investing LLC now owns 1,329 shares of the insurance provider's stock valued at $39,000 after acquiring an additional 970 shares during the period. NewEdge Advisors LLC purchased a new stake in United Fire Group during the 4th quarter worth approximately $60,000. Aquatic Capital Management LLC increased its stake in United Fire Group by 716.3% during the 4th quarter. Aquatic Capital Management LLC now owns 2,449 shares of the insurance provider's stock worth $70,000 after buying an additional 2,149 shares during the period. KLP Kapitalforvaltning AS purchased a new stake in United Fire Group during the 4th quarter worth approximately $131,000. Finally, Farther Finance Advisors LLC increased its stake in United Fire Group by 1,241.8% during the 1st 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. 62.68% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on UFCS shares. Jones Trading reaffirmed a "buy" rating and set a $32.00 target price on shares of United Fire Group in a research note on Monday, May 12th. Wall Street Zen upgraded United Fire Group from a "buy" rating to a "strong-buy" rating in a research note on Thursday, May 15th.

United Fire Group Stock Up 2.0%

Shares of UFCS traded up $0.54 during midday trading on Tuesday, reaching $27.26. The stock had a trading volume of 107,174 shares, compared to its average volume of 125,038. United Fire Group, Inc has a 1-year low of $18.04 and a 1-year high of $31.70. The company's fifty day simple moving average is $28.00 and its two-hundred day simple moving average is $27.49. The company has a market cap of $693.64 million, a price-to-earnings ratio of 10.77 and a beta of 0.50. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.34 and a quick ratio of 0.34.

United Fire Group (NASDAQ:UFCS - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The insurance provider reported $0.70 earnings per share for the quarter, beating analysts' consensus estimates of $0.62 by $0.08. United Fire Group had a net margin of 5.13% and a return on equity of 9.01%. The business had revenue of $308.41 million for the quarter, compared to analyst estimates of $336.18 million. Equities research analysts expect 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 disclosed a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Friday, June 6th were issued a $0.16 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.35%. United Fire Group's payout ratio is 25.30%.

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.