Jupiter Asset Management Ltd. Takes Position in United Fire Group, Inc $UFCS

Key Points

• Jupiter Asset Management bought a new stake in United Fire Group, purchasing 41,924 shares valued at about $1.52 million in the fourth quarter. Institutional investors now own 62.68% of the insurer.
• United Fire Group reported strong quarterly results, with EPS of $1.16 versus the $0.87 estimate and revenue of $369.44 million, topping expectations. The stock was down 1.0% in Friday trading but remains near its 52-week high.
• The company announced a quarterly dividend of $0.20 per share and approved a 2 million-share buyback program. Analysts remain bullish, with an average rating of Buy and a consensus price target of $51.00.

Jupiter Asset Management Ltd. purchased a new stake in shares of United Fire Group, Inc (NASDAQ:UFCS - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 41,924 shares of the insurance provider's stock, valued at approximately $1,524,000. Jupiter Asset Management Ltd. owned 0.16% of United Fire Group at the end of the most recent reporting period.

A number of other large investors have also 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 valued at $45,000 after acquiring an additional 1,398 shares during the period. 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 valued at $63,000 after acquiring an additional 288 shares during the period. 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 valued at $65,000 after acquiring an additional 1,699 shares during the period. 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 valued at $74,000 after acquiring an additional 375 shares during the period. Finally, Virtus Advisers LLC acquired a new stake in shares of United Fire Group during the third quarter valued at approximately $184,000. Institutional investors and hedge funds own 62.68% of the company's stock.

United Fire Group Stock Down 1.0%

United Fire Group stock opened at $44.33 on Friday. The firm has a market cap of $1.14 billion, a PE ratio of 8.94 and a beta of 0.50. 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 firm's 50 day moving average price is $41.74 and its two-hundred day moving average price is $38.49. United Fire Group, Inc has a twelve month low of $25.79 and a twelve month high of $49.94.

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 the consensus estimate of $0.87 by $0.29. The firm had revenue of $369.44 million for the quarter, compared to analyst estimates of $340.16 million. United Fire Group had a net margin of 9.16% and a return on equity of 14.65%. On average, research analysts predict that United Fire Group, Inc will post 4.69 EPS for the current fiscal year.

United Fire Group Announces Dividend

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

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

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on UFCS. Piper Sandler boosted their price target on shares of United Fire Group from $45.00 to $57.00 and gave the company an "overweight" rating in a report on Thursday, May 7th. Weiss Ratings restated a "buy (b)" rating on shares of United Fire Group in a report on Wednesday, May 13th. Zacks Research upgraded shares of United Fire Group from a "hold" rating to a "strong-buy" rating in a report on Friday, May 8th. 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 note on Thursday, May 7th. Finally, Wall Street Zen upgraded shares of United Fire Group from a "hold" rating to a "buy" rating in a research note 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. Based on data from MarketBeat.com, United Fire Group presently has an average rating of "Buy" and a consensus price target of $51.00.

Insider Activity at United Fire Group

In other United Fire Group news, Director Christopher R. Drahozal sold 4,250 shares of the business's stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $38.49, for a total value of $163,582.50. Following the completion of the sale, the director directly owned 429,113 shares of the company's stock, valued at $16,516,559.37. The trade was a 0.98% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, major shareholder Dee Ann Mcintyre sold 4,250 shares of the business's stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $38.84, for a total transaction of $165,070.00. Following the completion of the sale, the insider directly owned 437,613 shares of the company's stock, valued at $16,996,888.92. This represents a 0.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 12,750 shares of company stock valued at $493,723 over the last three months. 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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