United Fire Group, Inc $UFCS Shares Purchased by State of Wyoming

Key Points

• The State of Wyoming increased its stake in United Fire Group, Inc. by 272.3% in Q1, owning 23,115 shares worth approximately $681,000 as of its latest SEC filing.
• Research firms have upgraded United Fire Group's stock to a "strong-buy" rating, with an average price target of $30.50.
• United Fire Group announced a quarterly dividend of $0.16 per share, representing a 2.1% yield for investors.

State of Wyoming grew its stake in shares of United Fire Group, Inc (NASDAQ:UFCS - Free Report) by 272.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 23,115 shares of the insurance provider's stock after purchasing an additional 16,907 shares during the quarter. State of Wyoming owned approximately 0.09% of United Fire Group worth $681,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in UFCS. American Century Companies Inc. boosted its stake in shares of United Fire Group by 76.5% during the first quarter. American Century Companies Inc. now owns 252,449 shares of the insurance provider's stock valued at $7,437,000 after purchasing an additional 109,453 shares during the period. Nuveen LLC purchased a new stake in United Fire Group in the first quarter worth about $2,652,000. Systematic Financial Management LP lifted its stake in United Fire Group by 13.7% in the fourth quarter. Systematic Financial Management LP now owns 552,194 shares of the insurance provider's stock worth $15,710,000 after acquiring an additional 66,561 shares during the period. Dimensional Fund Advisors LP lifted its stake in United Fire Group by 4.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,405,320 shares of the insurance provider's stock worth $39,981,000 after acquiring an additional 55,616 shares during the period. Finally, Vanguard Group Inc. lifted its stake in United Fire Group by 3.7% in the first quarter. Vanguard Group Inc. now owns 1,399,527 shares of the insurance provider's stock worth $41,230,000 after acquiring an additional 49,290 shares during the period. 62.68% of the stock is owned by hedge funds and other institutional investors.

United Fire Group Stock Up 4.4%

Shares of UFCS traded up $1.35 during mid-day trading on Thursday, hitting $31.79. 130,121 shares of the company traded hands, compared to its average volume of 120,762. United Fire Group, Inc has a 1-year low of $19.19 and a 1-year high of $32.13. The company has a quick ratio of 0.37, a current ratio of 0.37 and a debt-to-equity ratio of 0.14. The company has a market capitalization of $810.33 million, a PE ratio of 9.06 and a beta of 0.57. The business has a 50 day moving average of $28.81 and a 200 day moving average of $28.24.

United Fire Group (NASDAQ:UFCS - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The insurance provider reported $0.90 earnings per share (EPS) 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 the consensus estimate of $337.99 million. Equities research analysts anticipate that United Fire Group, Inc will post 2.42 EPS for the current year.

United Fire Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Friday, August 29th will be issued a dividend of $0.16 per share. The ex-dividend date is Friday, August 29th. This represents a $0.64 annualized dividend and a dividend yield of 2.0%. United Fire Group's dividend payout ratio is 18.23%.

Analysts Set New Price Targets

UFCS has been the subject of a number of research reports. Jones Trading upped their price objective on shares of United Fire Group from $32.00 to $33.00 and gave the stock a "buy" rating in a research note on Monday, August 11th. Zacks Research raised shares of United Fire Group to a "strong-buy" rating in a research note on Friday, August 8th. Finally, Wall Street Zen raised shares of United Fire Group from a "buy" rating to a "strong-buy" rating in a research note on Thursday, May 15th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, United Fire Group presently has a consensus rating of "Buy" and a consensus target price of $30.50.

About United Fire Group

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.