Renaissance Technologies LLC Trims Stake in United Fire Group, Inc $UFCS

Key Points

• Renaissance Technologies cut its United Fire Group stake by 51% in the first quarter, selling 71,600 shares and retaining 68,910 shares valued at approximately $2.55 million. Institutional investors collectively own 62.68% of the company.
• United Fire Group reported quarterly EPS of $1.30, beating the $0.69 consensus estimate, while revenue of $383.73 million also exceeded expectations. The company authorized a repurchase of up to 2 million shares and maintains a quarterly dividend of $0.20.
• Analyst sentiment remains positive overall, with three Buy ratings and one Hold rating, producing a “Moderate Buy” consensus and an average price target of $52.50. Shares recently traded at $54.47, near their 52-week high of $55.82.

Renaissance Technologies LLC lowered its position in United Fire Group, Inc (NASDAQ:UFCS - Free Report) by 51.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 68,910 shares of the insurance provider's stock after selling 71,600 shares during the quarter. Renaissance Technologies LLC owned about 0.27% of United Fire Group worth $2,554,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Smartleaf Asset Management LLC boosted its stake in United Fire Group by 129.4% during the fourth quarter. Smartleaf Asset Management LLC now owns 686 shares of the insurance provider's stock valued at $25,000 after buying an additional 387 shares during the period. Basepoint Wealth LLC bought a new position in United Fire Group in the 4th quarter worth about $26,000. Federated Hermes Inc. raised its holdings in shares of United Fire Group by 109.5% in the 4th quarter. Federated Hermes Inc. now owns 1,190 shares of the insurance provider's stock valued at $43,000 after acquiring an additional 622 shares in the last quarter. Kemnay Advisory Services Inc. purchased a new stake in shares of United Fire Group in the 4th quarter valued at about $48,000. Finally, Meeder Asset Management Inc. bought a new stake in shares of United Fire Group during the 4th quarter valued at about $53,000. Hedge funds and other institutional investors own 62.68% of the company's stock.

Insiders Place Their Bets

In other United Fire Group news, Director George D. Milligan purchased 4,500 shares of the stock in a transaction on Friday, June 5th. The stock was acquired at an average cost of $45.23 per share, with a total value of $203,535.00. Following the completion of the purchase, the director directly owned 90,034 shares of the company's stock, valued at approximately $4,072,237.82. This trade represents a 5.26% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 6.06% of the stock is owned by corporate insiders.

United Fire Group Price Performance

Shares of UFCS opened at $54.47 on Monday. United Fire Group, Inc has a 1 year low of $28.98 and a 1 year high of $55.82. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.34 and a quick ratio of 0.34. The stock has a 50 day simple moving average of $50.25 and a two-hundred day simple moving average of $43.41. The firm has a market cap of $1.40 billion, a P/E ratio of 10.12 and a beta of 0.51.

United Fire Group (NASDAQ:UFCS - Get Free Report) last posted its quarterly earnings results on Monday, August 3rd. The insurance provider reported $1.30 EPS for the quarter, topping the consensus estimate of $0.69 by $0.61. The firm had revenue of $383.73 million for the quarter, compared to the consensus estimate of $347.76 million. United Fire Group had a net margin of 9.57% and a return on equity of 15.19%. On average, analysts forecast that United Fire Group, Inc will post 4.75 earnings per share for the current fiscal year.

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

United Fire Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 19th. Investors of record on Friday, June 5th were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date was Friday, June 5th. United Fire Group's dividend payout ratio (DPR) is presently 14.87%.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Zacks Research lowered United Fire Group from a "strong-buy" rating to a "hold" rating in a report on Monday, July 6th. Wall Street Zen lowered shares of United Fire Group from a "strong-buy" rating to a "buy" rating in a research report on Sunday, August 2nd. Weiss Ratings raised shares of United Fire Group from a "buy (b)" rating to a "buy (b+)" rating in a research note on Wednesday. JonesTrading increased their price target 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, Piper Sandler increased their price target on shares of United Fire Group from $57.00 to $60.00 and gave the stock an "overweight" rating in a report on Wednesday. Three research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, United Fire Group presently has an average rating of "Moderate Buy" and an average price target of $52.50.

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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