United Fire Group, Inc $UFCS Shares Purchased by Martingale Asset Management L P

Key Points

• Martingale Asset Management increased its stake in United Fire Group by 42.4%, owning 68,254 shares valued at approximately $2 million.
• United Fire Group reported $0.90 earnings per share for the last quarter, surpassing expectations by $0.33, despite revenue of $314.80 million falling short of estimates.
• The company announced a quarterly dividend of $0.16 per share, with an annualized dividend yield of 2.0% and a payout ratio of 18.23%.

Martingale Asset Management L P boosted its holdings in shares of United Fire Group, Inc (NASDAQ:UFCS - Free Report) by 42.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 68,254 shares of the insurance provider's stock after buying an additional 20,328 shares during the period. Martingale Asset Management L P owned approximately 0.27% of United Fire Group worth $2,011,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Federated Hermes Inc. raised its position in shares of United Fire Group by 131.3% in the first quarter. Federated Hermes Inc. now owns 1,115 shares of the insurance provider's stock worth $33,000 after acquiring an additional 633 shares during the period. GAMMA Investing LLC grew its position in shares of United Fire Group by 270.2% in the first quarter. GAMMA Investing LLC now owns 1,329 shares of the insurance provider's stock valued at $39,000 after purchasing an additional 970 shares during the period. NewEdge Advisors LLC acquired a new stake in shares of United Fire Group in the fourth quarter valued at about $60,000. Aquatic Capital Management LLC grew its position in shares of United Fire Group by 716.3% in the fourth quarter. Aquatic Capital Management LLC now owns 2,449 shares of the insurance provider's stock valued at $70,000 after purchasing an additional 2,149 shares during the period. Finally, Farther Finance Advisors LLC boosted its holdings in United Fire Group by 1,241.8% in the 1st quarter. Farther Finance Advisors LLC now owns 4,428 shares of the insurance provider's stock worth $131,000 after buying an additional 4,098 shares during the last quarter. Institutional investors and hedge funds own 62.68% of the company's stock.

Analysts Set New Price Targets

UFCS has been the topic of several research analyst reports. Zacks Research upgraded United Fire Group to a "strong-buy" rating in a report on Friday, August 8th. Wall Street Zen upgraded United Fire Group from a "buy" rating to a "strong-buy" rating in a report on Thursday, May 15th. Finally, Jones Trading lifted their price objective on United Fire Group from $32.00 to $33.00 and gave the stock a "buy" rating in a report on Monday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $30.50.

United Fire Group Trading Up 0.3%

Shares of UFCS stock traded up $0.09 on Wednesday, hitting $31.21. 46,938 shares of the stock traded hands, compared to its average volume of 126,395. The firm's 50-day moving average price is $28.48 and its two-hundred day moving average price is $28.02. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.37 and a current ratio of 0.37. The stock has a market capitalization of $795.63 million, a PE ratio of 8.89 and a beta of 0.53. United Fire Group, Inc has a twelve month low of $19.19 and a twelve month high of $32.13.

United Fire Group (NASDAQ:UFCS - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The insurance provider reported $0.90 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.33. United Fire Group had a net margin of 6.94% and a return on equity of 11.84%. The firm had revenue of $314.80 million for the quarter, compared to analysts' expectations of $337.99 million. As a group, analysts anticipate that United Fire Group, Inc will post 2.42 EPS for the current year.

United Fire Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Friday, August 29th will be issued a $0.16 dividend. The ex-dividend date is Friday, August 29th. This represents a $0.64 dividend on an annualized basis and a yield of 2.1%. United Fire Group's dividend payout ratio is currently 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.