Intech Investment Management LLC Raises Stock Position in United Fire Group, Inc $UFCS

Key Points

• Intech Investment Management boosted its stake in United Fire Group by 320.9% in the fourth quarter, adding 38,825 shares and bringing its total holdings to 50,925 shares worth about $1.85 million.
• United Fire Group reported better-than-expected quarterly results, with earnings of $1.16 per share versus estimates of $0.87 and revenue of $369.44 million versus expectations of $340.16 million.
• The company also announced a 2 million-share buyback and a quarterly dividend of $0.20 per share, while analysts remain generally positive with an average Buy rating and a $51 target price.

Intech Investment Management LLC increased its holdings in shares of United Fire Group, Inc (NASDAQ:UFCS - Free Report) by 320.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 50,925 shares of the insurance provider's stock after purchasing an additional 38,825 shares during the period. Intech Investment Management LLC owned approximately 0.20% of United Fire Group worth $1,851,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in UFCS. EverSource Wealth Advisors LLC raised its holdings in shares of United Fire Group by 812.8% during the second quarter. EverSource Wealth Advisors LLC now owns 1,570 shares of the insurance provider's stock worth $45,000 after purchasing an additional 1,398 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of United Fire Group by 19.8% during the fourth quarter. GAMMA Investing LLC now owns 1,743 shares of the insurance provider's stock worth $63,000 after purchasing an additional 288 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of United Fire Group by 301.2% during the second quarter. Tower Research Capital LLC TRC now owns 2,263 shares of the insurance provider's stock worth $65,000 after purchasing an additional 1,699 shares during the last quarter. NewEdge Advisors LLC raised its holdings in shares of United Fire Group by 17.7% during the first quarter. NewEdge Advisors LLC now owns 2,499 shares of the insurance provider's stock worth $74,000 after purchasing an additional 375 shares during the last quarter. Finally, Virtus Advisers LLC purchased a new position in shares of United Fire Group during the third quarter worth $184,000. Hedge funds and other institutional investors own 62.68% of the company's stock.

United Fire Group Stock Up 1.4%

UFCS opened at $43.79 on Friday. United Fire Group, Inc has a fifty-two week low of $25.79 and a fifty-two week high of $49.94. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.34 and a current ratio of 0.34. The company has a fifty day moving average of $42.27 and a two-hundred day moving average of $38.70. The stock has a market capitalization of $1.12 billion, a price-to-earnings ratio of 8.83 and a beta of 0.52.

United Fire Group (NASDAQ:UFCS - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The insurance provider reported $1.16 earnings per share for the quarter, beating analysts' consensus estimates of $0.87 by $0.29. United Fire Group had a net margin of 9.16% and a return on equity of 14.65%. The company had revenue of $369.44 million during the quarter, compared to analysts' expectations of $340.16 million. On average, research analysts expect that United Fire Group, Inc will post 4.69 earnings per share for the current year.

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

United Fire Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 19th. Shareholders of record on Friday, June 5th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $0.80 dividend on an annualized basis and a yield of 1.8%. United Fire Group's payout ratio is presently 16.13%.

Analyst Upgrades and Downgrades

UFCS has been the subject of several recent research reports. Weiss Ratings reissued a "buy (b)" rating on shares of United Fire Group in a report on Wednesday, May 13th. Zacks Research raised shares of United Fire Group from a "hold" rating to a "strong-buy" rating in a report on Friday, May 8th. Piper Sandler raised their target price on shares of United Fire Group from $45.00 to $57.00 and gave the stock an "overweight" rating in a report on Thursday, May 7th. JonesTrading raised their target price on shares of United Fire Group from $40.00 to $45.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. Finally, Wall Street Zen raised shares of United Fire Group from a "hold" rating to a "buy" rating in a report on Saturday, May 9th. One analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $51.00.

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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