United Fire Group (NASDAQ:UFCS) Hits New 52-Week High - What's Next?

Key Points

• United Fire Group shares reached a new 52-week high of $57.50 and last traded near $57.36, up from a previous close of $56.44.
• Analyst sentiment remains positive: the stock has a consensus “Strong Buy” rating from MarketBeat, with a consensus price target of $52.50; Piper Sandler recently raised its target to $60.
• The insurer reported quarterly EPS of $1.30, exceeding estimates of $0.69, while revenue of $383.73 million also topped forecasts. United Fire Group pays a quarterly dividend of $0.20 per share, equal to a 1.4% yield.

United Fire Group, Inc (NASDAQ:UFCS - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Tuesday. The company traded as high as $57.50 and last traded at $57.3610, with a volume of 9,649 shares. The stock had previously closed at $56.44.

Analyst Ratings Changes

A number of brokerages have recently commented on UFCS. Piper Sandler increased their target price on shares of United Fire Group from $57.00 to $60.00 and gave the company an "overweight" rating in a research report on Wednesday, August 5th. Wall Street Zen lowered shares of United Fire Group from a "strong-buy" rating to a "buy" rating in a research report on Sunday, August 2nd. Zacks Research upgraded shares of United Fire Group from a "hold" rating to a "strong-buy" rating in a research report on Thursday, September 17th. Finally, Weiss Ratings raised shares of United Fire Group from a "buy (a-)" rating to a "buy (a)" rating in a research note on Thursday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating and two have given a Buy rating to the stock. According to MarketBeat.com, United Fire Group presently has a consensus rating of "Strong Buy" and a consensus target price of $52.50.

United Fire Group Stock Performance

The stock has a market cap of $1.47 billion, a price-to-earnings ratio of 10.63 and a beta of 0.47. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.34 and a quick ratio of 0.34. The firm has a fifty day moving average of $54.42 and a 200 day moving average of $49.59.

United Fire Group (NASDAQ:UFCS - Get Free Report) last released its quarterly earnings data on Monday, August 3rd. The insurance provider reported $1.30 earnings per share for the quarter, topping analysts' consensus estimates of $0.69 by $0.61. The company had revenue of $383.73 million for the quarter, compared to analyst estimates of $347.76 million. United Fire Group had a return on equity of 15.19% and a net margin of 9.57%. As a group, sell-side analysts forecast that United Fire Group, Inc will post 4.97 EPS for the current year.

United Fire Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 18th. Stockholders of record on Friday, September 4th were issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.4%. The ex-dividend date was Friday, September 4th. United Fire Group's payout ratio is currently 14.87%.

Insider Buying and Selling at United Fire Group

In related news, Director Scott Carlton sold 9,777 shares of the company's stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $55.52, for a total value of $542,819.04. Following the completion of the sale, the director owned 200,552 shares of the company's stock, valued at approximately $11,134,647.04. This represents a 4.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 6.06% of the company's stock.

Institutional Investors Weigh In On United Fire Group

Several hedge funds and other institutional investors have recently bought and sold shares of UFCS. USA Financial Formulas purchased a new stake in United Fire Group in the third quarter valued at $73,000. GAMMA Investing LLC lifted its stake in shares of United Fire Group by 9.1% in the 3rd quarter. GAMMA Investing LLC now owns 2,293 shares of the insurance provider's stock valued at $121,000 after purchasing an additional 192 shares during the last quarter. Artemis Investment Management LLP purchased a new position in shares of United Fire Group during the 3rd quarter worth $634,000. Integrated Wealth Concepts LLC purchased a new position in shares of United Fire Group during the 2nd quarter worth $69,000. Finally, IFP Advisors Inc grew its holdings in shares of United Fire Group by 25.1% during the 2nd quarter. IFP Advisors Inc now owns 1,400 shares of the insurance provider's stock worth $73,000 after purchasing an additional 281 shares during the period. 62.68% of the stock is currently owned by institutional investors and hedge funds.

About United Fire Group

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

United Fire Group offers commercial insurance covering areas such as commercial property, general liability, commercial automobile, workers' compensation and surety bonds. Its personal insurance products include automobile and homeowners coverage.

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