United Fire Group (NASDAQ:UFCS) Director Buys $237,050.00 in Stock

Key Points

• Director George Milligan purchased 5,000 shares for $237,050 at an average price of $47.41, increasing his ownership by 5.55% to 95,034 shares.
• United Fire Group beat quarterly expectations, reporting EPS of $1.34 versus $1.23 forecast and revenue of $391.63 million versus $384.18 million expected.
• Analyst views were mixed, but MarketBeat reported an average “Strong Buy” rating and a $51.50 average price target; the company’s annualized dividend is $0.80 per share.

United Fire Group, Inc (NASDAQ:UFCS - Get Free Report) Director George Milligan bought 5,000 shares of the stock in a transaction on Friday, November 6th. The shares were acquired at an average cost of $47.41 per share, for a total transaction of $237,050.00. Following the purchase, the director owned 95,034 shares in the company, valued at approximately $4,505,561.94. This represents a 5.55% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

United Fire Group Stock Up 2.4%

Shares of UFCS traded up $1.14 during trading hours on Monday, reaching $48.87. The company's stock had a trading volume of 245,683 shares, compared to its average volume of 134,879. The firm has a market cap of $1.26 billion, a price-to-earnings ratio of 9.34 and a beta of 0.55. United Fire Group, Inc has a 1-year low of $33.53 and a 1-year high of $58.19. The company has a quick ratio of 0.35, a current ratio of 0.35 and a debt-to-equity ratio of 0.16. The company has a 50 day moving average of $54.82 and a two-hundred day moving average of $46.97.

United Fire Group (NASDAQ:UFCS - Get Free Report) last posted its quarterly earnings results on Tuesday, November 3rd. The insurance provider reported $1.34 EPS for the quarter, topping the consensus estimate of $1.23 by $0.11. United Fire Group had a net margin of 9.06% and a return on equity of 14.57%. The business had revenue of $391.63 million during the quarter, compared to analysts' expectations of $384.18 million. As a group, research analysts predict that United Fire Group, Inc will post 5.07 EPS for the current fiscal year.

United Fire Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 18th. Shareholders of record on Friday, September 4th were given a $0.20 dividend. The ex-dividend date was Friday, September 4th. This represents a $0.80 dividend on an annualized basis and a yield of 1.6%. United Fire Group's dividend payout ratio is presently 15.30%.

Wall Street Analysts Forecast Growth

UFCS has been the topic of several research analyst reports. Piper Sandler lowered their price target on shares of United Fire Group from $60.00 to $58.00 and set an "overweight" rating on the stock in a report on Thursday. Wall Street Zen lowered United Fire Group from a "buy" rating to a "hold" rating in a report on Saturday. Weiss Ratings cut United Fire Group from a "buy (a)" rating to a "buy (a-)" rating in a research report on Wednesday, November 4th. Finally, Zacks Research raised United Fire Group from a "hold" rating to a "strong-buy" rating in a research report on Thursday, September 17th. Two research analysts have rated the stock with a Strong Buy rating and two have given a Buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Strong Buy" and an average price target of $51.50.

Institutional Trading of United Fire Group

A number of institutional investors have recently added to or reduced their stakes in the business. Intech Investment Management LLC raised its holdings in shares of United Fire Group by 16.5% during the 3rd quarter. Intech Investment Management LLC now owns 50,690 shares of the insurance provider's stock valued at $2,666,000 after purchasing an additional 7,188 shares in the last quarter. Virtus Advisers LLC boosted its holdings in United Fire Group by 47.0% in the third quarter. Virtus Advisers LLC now owns 9,120 shares of the insurance provider's stock worth $480,000 after purchasing an additional 2,918 shares in the last quarter. Diversified Trust Co boosted its holdings in United Fire Group by 12.6% in the third quarter. Diversified Trust Co now owns 5,826 shares of the insurance provider's stock worth $306,000 after purchasing an additional 654 shares in the last quarter. Maryland State Retirement & Pension System bought a new stake in United Fire Group in the third quarter worth $248,000. Finally, Illinois Municipal Retirement Fund increased its position in United Fire Group by 5.2% during the third quarter. Illinois Municipal Retirement Fund now owns 11,367 shares of the insurance provider's stock worth $598,000 after buying an additional 567 shares during the last quarter. 62.68% of the stock is currently owned by institutional investors and hedge funds.

United Fire Group Company Profile

United Fire Group, Inc NASDAQ: UFCS is an insurance holding company headquartered in Cedar Rapids, Iowa. Through its insurance subsidiaries, the company provides property and casualty insurance products to businesses, individuals, and organizations, primarily through a network of independent insurance agents.

Its product portfolio includes commercial property and liability coverage, commercial automobile insurance, workers' compensation, surety bonds, and specialty insurance products.

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