Ieq Capital LLC Acquires New Position in United Fire Group, Inc $UFCS

Key Points

• Ieq Capital acquired 47,644 shares of United Fire Group during the second quarter, worth approximately $2.5 million; institutional investors collectively own 62.68% of the company.
• Analyst sentiment remains positive, with a consensus “Buy” rating and a $52.50 price target, although some firms recently downgraded their ratings from “strong buy.”
• United Fire Group exceeded quarterly earnings expectations, reporting $1.30 in EPS versus $0.69 expected, while maintaining a $0.20 quarterly dividend and a buyback authorization for up to 2 million shares.

Ieq Capital LLC acquired a new stake in United Fire Group, Inc (NASDAQ:UFCS - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 47,644 shares of the insurance provider's stock, valued at approximately $2,498,000. Ieq Capital LLC owned about 0.19% 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 bought and sold shares of UFCS. Vanguard Group Inc. boosted its position in shares of United Fire Group by 2.4% in the 4th quarter. Vanguard Group Inc. now owns 1,511,541 shares of the insurance provider's stock worth $54,945,000 after purchasing an additional 35,338 shares during the last quarter. Los Angeles Capital Management LLC increased its holdings in United Fire Group by 111.0% in the fourth quarter. Los Angeles Capital Management LLC now owns 57,647 shares of the insurance provider's stock valued at $2,095,000 after purchasing an additional 30,328 shares during the last quarter. Intech Investment Management LLC lifted its stake in United Fire Group by 320.9% in the fourth quarter. Intech Investment Management LLC now owns 50,925 shares of the insurance provider's stock valued at $1,851,000 after buying an additional 38,825 shares during the period. Sierra Summit Advisors LLC bought a new position in United Fire Group during the first quarter worth about $933,000. Finally, Jupiter Asset Management Ltd. acquired a new position in shares of United Fire Group during the 4th quarter worth about $1,524,000. Institutional investors and hedge funds own 62.68% of the company's stock.

Analyst Upgrades and Downgrades

UFCS has been the topic of several recent analyst reports. Wall Street Zen lowered shares of United Fire Group from a "strong-buy" rating to a "buy" rating in a research note on Sunday, August 2nd. 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 research report on Wednesday, August 19th. Piper Sandler lifted 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. Finally, JonesTrading upped their price objective on shares of United Fire Group from $40.00 to $45.00 and gave the company a "buy" rating in a research report on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $52.50.

United Fire Group Stock Performance

Shares of UFCS stock opened at $53.93 on Tuesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.34 and a current ratio of 0.34. United Fire Group, Inc has a 52 week low of $29.74 and a 52 week high of $55.82. The company's 50 day moving average price is $51.97 and its two-hundred day moving average price is $44.81. The company has a market capitalization of $1.39 billion, a P/E ratio of 10.02 and a beta of 0.51.

United Fire Group (NASDAQ:UFCS - Get Free Report) last released its quarterly earnings results on Monday, August 3rd. The insurance provider reported $1.30 earnings per share for the quarter, beating 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 company had revenue of $383.73 million during the quarter, compared to analysts' expectations of $347.76 million. On average, analysts expect that United Fire Group, Inc will post 4.75 earnings per share for the current fiscal year.

United Fire Group Announces Dividend

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

United Fire Group announced that its Board of Directors has initiated a share buyback plan on Wednesday, May 20th that permits the company to repurchase 2,000,000 outstanding shares. This repurchase authorization permits the insurance provider to buy shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company's board believes its shares are undervalued.

Insider Transactions at United Fire Group

In other news, Director George D. Milligan purchased 4,500 shares of the company's stock in a transaction on Friday, June 5th. The shares were purchased at an average price of $45.23 per share, with a total value of $203,535.00. Following the purchase, the director directly owned 90,034 shares of the company's stock, valued at $4,072,237.82. This trade represents a 5.26% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 6.06% of the company's stock.

United Fire Group 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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