United Fire Group, Inc $UFCS Shares Bought by Royce & Associates LP

Key Points

• Royce & Associates LP increased its stake in United Fire Group by 236.4% in the fourth quarter, ending with 235,925 shares valued at about $8.6 million.
• United Fire Group reported strong quarterly results, with EPS of $1.16 beating estimates and revenue of $369.44 million topping expectations. Analysts now see about $4.69 EPS for the full year.
• The company announced a quarterly dividend of $0.20 per share and a new share repurchase program authorizing buybacks of up to 2 million shares, while analysts maintain an average Buy rating with a $51 price target.

Royce & Associates LP raised its position in United Fire Group, Inc (NASDAQ:UFCS - Free Report) by 236.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 235,925 shares of the insurance provider's stock after acquiring an additional 165,789 shares during the quarter. Royce & Associates LP owned 0.92% of United Fire Group worth $8,576,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. EverSource Wealth Advisors LLC grew its position in United Fire Group by 23.6% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,726 shares of the insurance provider's stock valued at $63,000 after acquiring an additional 329 shares in the last quarter. Legato Capital Management LLC acquired a new stake in United Fire Group in the fourth quarter valued at approximately $487,000. Vanguard Group Inc. boosted its holdings in United Fire Group by 2.4% in the fourth quarter. Vanguard Group Inc. now owns 1,511,541 shares of the insurance provider's stock valued at $54,945,000 after purchasing an additional 35,338 shares during the last quarter. Arizona State Retirement System purchased a new position in United Fire Group in the fourth quarter valued at about $220,000. Finally, CWM LLC boosted its holdings in United Fire Group by 12.1% in the fourth quarter. CWM LLC now owns 17,409 shares of the insurance provider's stock valued at $633,000 after purchasing an additional 1,878 shares during the last quarter. Institutional investors and hedge funds own 62.68% of the company's stock.

United Fire Group Stock Performance

Shares of UFCS opened at $44.78 on Friday. The business's fifty day moving average price is $41.58 and its 200 day moving average price is $38.45. United Fire Group, Inc has a 12-month low of $25.79 and a 12-month high of $49.94. The stock has a market capitalization of $1.15 billion, a PE ratio of 9.03 and a beta of 0.50. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.34 and a quick ratio of 0.34.

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

United Fire Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 19th. Investors of record on Friday, June 5th will be paid a dividend of $0.20 per share. The ex-dividend date is Friday, June 5th. This represents a $0.80 annualized dividend and a yield of 1.8%. United Fire Group's dividend payout ratio (DPR) is 16.13%.

United Fire Group announced that its board has initiated a share repurchase plan on Wednesday, May 20th that authorizes the company to repurchase 2,000,000 outstanding shares. This repurchase authorization authorizes the insurance provider to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at United Fire Group

In other news, major shareholder Dee Ann Mcintyre sold 4,250 shares of the 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 sale, the insider directly owned 437,613 shares in the company, valued at approximately $16,996,888.92. This represents a 0.96% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Christopher R. Drahozal sold 4,250 shares of the stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $38.49, for a total value of $163,582.50. Following the sale, the director owned 429,113 shares in the company, valued at $16,516,559.37. The trade was a 0.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 12,750 shares of company stock worth $493,723 over the last 90 days. 6.06% of the stock is currently owned by company insiders.

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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