United Fire Group, Inc. (NASDAQ:UFCS) Sees Large Growth in Short Interest

United Fire Group, Inc. (NASDAQ:UFCS - Get Free Report) saw a large growth in short interest in April. As of April 15th, there was short interest totalling 188,800 shares, a growth of 51.5% from the March 31st total of 124,600 shares. Approximately 0.9% of the shares of the company are short sold. Based on an average daily trading volume, of 86,500 shares, the days-to-cover ratio is currently 2.2 days.

United Fire Group Price Performance

Shares of UFCS stock traded down $0.19 during trading hours on Friday, reaching $22.23. 57,972 shares of the company traded hands, compared to its average volume of 76,033. United Fire Group has a 12-month low of $18.41 and a 12-month high of $27.72. The company has a market cap of $561.97 million, a P/E ratio of -18.84 and a beta of 0.35. The firm has a 50-day moving average price of $22.36 and a 200 day moving average price of $21.41.

United Fire Group (NASDAQ:UFCS - Get Free Report) last posted its quarterly earnings data on Tuesday, February 13th. The insurance provider reported $0.65 earnings per share for the quarter, beating analysts' consensus estimates of $0.53 by $0.12. United Fire Group had a negative return on equity of 4.38% and a negative net margin of 2.71%. The firm had revenue of $287.32 million for the quarter, compared to analysts' expectations of $278.70 million. Sell-side analysts predict that United Fire Group will post 1.1 EPS for the current year.

United Fire Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 22nd. Stockholders of record on Friday, March 8th were given a dividend of $0.16 per share. The ex-dividend date was Thursday, March 7th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.88%. United Fire Group's payout ratio is currently -54.24%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. StockNews.com upgraded United Fire Group from a "hold" rating to a "buy" rating in a research note on Wednesday, February 14th. Piper Sandler restated an "underweight" rating and set a $21.00 price target on shares of United Fire Group in a research note on Monday, April 1st.

Insider Buying and Selling

In related news, Director Christopher R. Drahozal sold 2,500 shares of United Fire Group stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $22.15, for a total value of $55,375.00. Following the completion of the sale, the director now directly owns 454,363 shares in the company, valued at approximately $10,064,140.45. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other United Fire Group news, VP Micah G. Woolstenhulme acquired 1,500 shares of United Fire Group stock in a transaction that occurred on Wednesday, March 13th. The stock was bought 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 of the company's stock, valued at $712,922.88. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Christopher R. Drahozal sold 2,500 shares of the business's 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 $10,064,140.45. The disclosure for this sale can be found here. 5.99% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Envestnet Asset Management Inc. lifted its holdings in United Fire Group by 111.4% in the 3rd quarter. Envestnet Asset Management Inc. now owns 178,041 shares of the insurance provider's stock worth $3,516,000 after purchasing an additional 93,810 shares in the last quarter. Assenagon Asset Management S.A. lifted its holdings in United Fire Group by 134.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 143,123 shares of the insurance provider's stock worth $2,827,000 after purchasing an additional 82,037 shares in the last quarter. Barclays PLC lifted its holdings in United Fire Group by 8.3% in the 3rd quarter. Barclays PLC now owns 14,478 shares of the insurance provider's stock worth $287,000 after purchasing an additional 1,112 shares in the last quarter. Invesco Ltd. lifted its holdings in United Fire Group by 4.5% in the 3rd quarter. Invesco Ltd. now owns 373,607 shares of the insurance provider's stock worth $7,379,000 after purchasing an additional 16,134 shares in the last quarter. Finally, Trexquant Investment LP purchased a new position in United Fire Group in the 3rd quarter worth approximately $422,000. 62.68% of the stock is owned by hedge funds and other institutional investors.

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.