United Fire Group, Inc $UFCS Shares Sold by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs Group Inc. reduced its stake in United Fire Group by 9.9%, owning 140,331 shares valued at approximately $4.13 million after selling 15,433 shares in the first quarter.
• The company reported $0.90 earnings per share (EPS) for the last quarter, exceeding analysts' expectations of $0.57, with a revenue of $314.80 million.
• United Fire Group announced a quarterly dividend of $0.16 per share, translating to an annual yield of 2.0%, with a dividend payout ratio of 18.23%.

Goldman Sachs Group Inc. lessened its position in shares of United Fire Group, Inc (NASDAQ:UFCS - Free Report) by 9.9% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 140,331 shares of the insurance provider's stock after selling 15,433 shares during the quarter. Goldman Sachs Group Inc. owned approximately 0.55% of United Fire Group worth $4,134,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Voya Investment Management LLC lifted its stake in shares of United Fire Group by 179.8% in the first quarter. Voya Investment Management LLC now owns 36,561 shares of the insurance provider's stock worth $1,077,000 after buying an additional 23,492 shares in the last quarter. Inspire Investing LLC acquired a new stake in shares of United Fire Group during the first quarter valued at about $783,000. Acadian Asset Management LLC increased its position in shares of United Fire Group by 22.3% during the first quarter. Acadian Asset Management LLC now owns 104,469 shares of the insurance provider's stock valued at $3,075,000 after acquiring an additional 19,045 shares during the last quarter. Focus Partners Wealth acquired a new position in shares of United Fire Group in the first quarter valued at approximately $818,000. Finally, Jane Street Group LLC grew its holdings in shares of United Fire Group by 143.5% in the first quarter. Jane Street Group LLC now owns 61,143 shares of the insurance provider's stock valued at $1,801,000 after purchasing an additional 36,035 shares in the last quarter. 62.68% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Jones Trading lifted their price target on shares of United Fire Group from $32.00 to $33.00 and gave the stock a "buy" rating in a research note on Monday, August 11th. Zacks Research upgraded shares of United Fire Group to a "strong-buy" rating in a research note on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, United Fire Group has a consensus rating of "Buy" and a consensus target price of $30.50.

Insider Transactions at United Fire Group

In related news, Director John Paul E. Besong sold 2,450 shares of the stock in a transaction that occurred on Thursday, September 18th. The shares were sold at an average price of $32.26, for a total transaction of $79,037.00. Following the completion of the sale, the director owned 24,494 shares of the company's stock, valued at approximately $790,176.44. This represents a 9.09% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 6.12% of the company's stock.

United Fire Group Price Performance

Shares of United Fire Group stock traded down $1.21 on Friday, hitting $31.29. The company's stock had a trading volume of 336,462 shares, compared to its average volume of 127,298. United Fire Group, Inc has a 52-week low of $19.19 and a 52-week high of $32.58. The company has a quick ratio of 0.37, a current ratio of 0.37 and a debt-to-equity ratio of 0.14. The firm has a fifty day moving average price of $29.51 and a 200-day moving average price of $28.57. The company has a market capitalization of $797.58 million, a P/E ratio of 8.91 and a beta of 0.57.

United Fire Group (NASDAQ:UFCS - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The insurance provider reported $0.90 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.33. The business had revenue of $314.80 million for the quarter, compared to analyst estimates of $337.99 million. United Fire Group had a net margin of 6.94% and a return on equity of 11.84%. On average, equities research analysts expect that United Fire Group, Inc will post 2.42 earnings per share for the current fiscal year.

United Fire Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 12th. Stockholders of record on Friday, August 29th were issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 2.0%. The ex-dividend date was Friday, August 29th. United Fire Group's dividend payout ratio is presently 18.23%.

United Fire Group 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.