Short Interest in United Fire Group, Inc. (NASDAQ:UFCS) Declines By 27.6%

United Fire Group, Inc. (NASDAQ:UFCS - Get Free Report) was the target of a large drop in short interest in the month of March. As of March 31st, there was short interest totalling 124,600 shares, a drop of 27.6% from the March 15th total of 172,000 shares. Approximately 0.6% of the shares of the company are short sold. Based on an average trading volume of 89,300 shares, the short-interest ratio is presently 1.4 days.

Wall Street Analyst Weigh In

UFCS has been the subject of a number of recent analyst reports. Piper Sandler reiterated an "underweight" rating and issued a $21.00 target price on shares of United Fire Group in a research report on Monday, April 1st. StockNews.com upgraded shares of United Fire Group from a "hold" rating to a "buy" rating in a research report on Wednesday, February 14th.

United Fire Group Trading Up 0.1 %

Shares of UFCS traded up $0.03 during midday trading on Friday, hitting $21.77. The stock had a trading volume of 66,847 shares, compared to its average volume of 89,513. United Fire Group has a fifty-two week low of $18.41 and a fifty-two week high of $28.58. The business has a 50-day simple moving average of $22.43 and a two-hundred day simple moving average of $21.23. The firm has a market cap of $550.35 million, a P/E ratio of -18.45 and a beta of 0.35.

United Fire Group (NASDAQ:UFCS - Get Free Report) last announced its earnings results on Tuesday, February 13th. The insurance provider reported $0.65 EPS for the quarter, topping the consensus estimate of $0.53 by $0.12. United Fire Group had a negative net margin of 2.71% and a negative return on equity of 4.38%. The company had revenue of $287.32 million during the quarter, compared to analysts' expectations of $278.70 million. On average, analysts expect that United Fire Group will post 1.1 earnings per share for the current fiscal year.

United Fire Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 22nd. Stockholders of record on Friday, March 8th were given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.94%. The ex-dividend date was Thursday, March 7th. United Fire Group's dividend payout ratio (DPR) is -54.24%.

Insider Buying and Selling

In related news, Director Christopher R. Drahozal sold 2,500 shares of the stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $22.15, for a total value of $55,375.00. Following the sale, the director now owns 454,363 shares of the company's stock, valued at approximately $10,064,140.45. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, Director Christopher R. Drahozal sold 2,500 shares of the stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $22.15, for a total value of $55,375.00. Following the sale, the director now owns 454,363 shares of the company's stock, valued at approximately $10,064,140.45. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Micah G. Woolstenhulme acquired 1,500 shares of the company's stock in a transaction that occurred on Wednesday, March 13th. The stock was purchased at an average cost of $21.76 per share, for a total transaction of $32,640.00. Following the acquisition, the vice president now owns 32,763 shares in the company, valued at $712,922.88. The disclosure for this purchase can be found here. Corporate insiders own 7.54% of the company's stock.

Institutional Trading of United Fire Group

A number of hedge funds have recently made changes to their positions in the stock. Nuveen Asset Management LLC raised its position in United Fire Group by 0.7% during the fourth quarter. Nuveen Asset Management LLC now owns 58,640 shares of the insurance provider's stock valued at $1,180,000 after acquiring an additional 422 shares in the last quarter. Stifel Financial Corp raised its position in United Fire Group by 4.5% during the first quarter. Stifel Financial Corp now owns 10,426 shares of the insurance provider's stock valued at $277,000 after acquiring an additional 453 shares in the last quarter. Advisor Group Holdings Inc. raised its position in United Fire Group by 9.2% during the first quarter. Advisor Group Holdings Inc. now owns 7,240 shares of the insurance provider's stock valued at $225,000 after acquiring an additional 608 shares in the last quarter. Captrust Financial Advisors raised its position in United Fire Group by 72.0% during the first quarter. Captrust Financial Advisors now owns 1,488 shares of the insurance provider's stock valued at $46,000 after acquiring an additional 623 shares in the last quarter. Finally, UBS Group AG grew its holdings in United Fire Group by 34.5% during the third quarter. UBS Group AG now owns 3,182 shares of the insurance provider's stock valued at $91,000 after purchasing an additional 817 shares during the last quarter. 62.68% of the stock is owned by hedge funds and other institutional investors.

United Fire Group Company 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.