United Fire Group, Inc $UFCS Shares Sold by JPMorgan Chase & Co.

Key Points

• JPMorgan Chase cut its stake in United Fire Group by 25% during Q3, selling 44,303 shares and owning 132,894 shares (0.52% of the company) worth about $4.04 million at quarter-end.
• United Fire Group posted a strong quarter, reporting $1.50 EPS vs. $0.90 expected and revenue of $365.8M (vs. $332.3M est.), and raised its quarterly dividend to $0.20 (annualized $0.80, ~2.1% yield).
• Insiders sold a total of 12,750 shares in the last quarter while institutional investors hold about 62.68% of the stock; analyst coverage is mixed with an average target of $40.50 and a "Moderate Buy" consensus.

JPMorgan Chase & Co. decreased its position in shares of United Fire Group, Inc (NASDAQ:UFCS - Free Report) by 25.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 132,894 shares of the insurance provider's stock after selling 44,303 shares during the quarter. JPMorgan Chase & Co. owned 0.52% of United Fire Group worth $4,043,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the company. EverSource Wealth Advisors LLC boosted its position in 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 worth $45,000 after purchasing an additional 1,398 shares in the last quarter. Covestor Ltd grew its holdings in United Fire Group by 3,351.1% in the third quarter. Covestor Ltd now owns 1,622 shares of the insurance provider's stock valued at $49,000 after purchasing an additional 1,575 shares during the last quarter. Tower Research Capital LLC TRC increased its position in shares of United Fire Group by 301.2% in the second quarter. Tower Research Capital LLC TRC now owns 2,263 shares of the insurance provider's stock valued at $65,000 after buying an additional 1,699 shares in the last quarter. NewEdge Advisors LLC raised its stake in shares of United Fire Group by 17.7% during the 1st quarter. NewEdge Advisors LLC now owns 2,499 shares of the insurance provider's stock worth $74,000 after buying an additional 375 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new stake in shares of United Fire Group in the 3rd quarter worth about $167,000. Institutional investors and hedge funds own 62.68% of the company's stock.

United Fire Group Stock Performance

Shares of UFCS stock opened at $37.58 on Friday. The company has a market capitalization of $959.12 million, a price-to-earnings ratio of 8.39 and a beta of 0.41. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.16. The firm has a 50-day moving average price of $37.38 and a 200 day moving average price of $35.26. United Fire Group, Inc has a twelve month low of $25.01 and a twelve month high of $40.63.

United Fire Group (NASDAQ:UFCS - Get Free Report) last issued its quarterly earnings results on Wednesday, February 11th. The insurance provider reported $1.50 EPS for the quarter, topping analysts' consensus estimates of $0.90 by $0.60. The business had revenue of $365.81 million during the quarter, compared to the consensus estimate of $332.34 million. United Fire Group had a net margin of 8.52% and a return on equity of 13.84%. Research analysts forecast that United Fire Group, Inc will post 2.42 earnings per share for the current fiscal year.

United Fire Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 10th. Shareholders of record on Tuesday, February 24th were paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Tuesday, February 24th. This is an increase from United Fire Group's previous quarterly dividend of $0.16. United Fire Group's dividend payout ratio is presently 17.86%.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Zacks Research cut shares of United Fire Group from a "strong-buy" rating to a "hold" rating in a research note on Monday, January 5th. Piper Sandler increased their price target on shares of United Fire Group from $37.00 to $41.00 and gave the company a "neutral" rating in a research report on Thursday, February 12th. Weiss Ratings reissued a "buy (b-)" rating on shares of United Fire Group in a research note on Monday, December 29th. Wall Street Zen downgraded United Fire Group from a "buy" rating to a "hold" rating in a research report on Saturday, March 7th. Finally, JonesTrading upped their target price on United Fire Group from $38.00 to $40.00 and gave the company a "buy" rating in a research note on Monday, March 2nd. Two investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $40.50.

Insider Buying and Selling at United Fire Group

In other United Fire Group news, major shareholder Dee Ann Mcintyre sold 4,250 shares of the business's stock in a transaction on Monday, March 2nd. The stock was sold at an average price of $38.84, for a total value of $165,070.00. Following the completion of the transaction, the insider directly owned 437,613 shares in the company, valued at approximately $16,996,888.92. The trade was a 0.96% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Christopher R. Drahozal sold 4,250 shares of the stock in a transaction 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 transaction, the director directly owned 429,113 shares in the company, valued at approximately $16,516,559.37. This represents a 0.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 12,750 shares of company stock valued at $493,723 over the last quarter. 6.12% of the stock is currently owned by insiders.

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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