Marshall Wace LLP Cuts Stock Position in United Fire Group, Inc. (NASDAQ:UFCS)

Marshall Wace LLP reduced its stake in United Fire Group, Inc. (NASDAQ:UFCS - Free Report) by 23.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,591 shares of the insurance provider's stock after selling 13,237 shares during the period. Marshall Wace LLP owned 0.17% of United Fire Group worth $1,212,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of United Fire Group by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 1,350,237 shares of the insurance provider's stock valued at $38,414,000 after purchasing an additional 16,588 shares during the period. Geode Capital Management LLC lifted its holdings in shares of United Fire Group by 0.6% in the 3rd quarter. Geode Capital Management LLC now owns 502,232 shares of the insurance provider's stock worth $10,514,000 after buying an additional 2,925 shares during the period. JPMorgan Chase & Co. grew its position in shares of United Fire Group by 78.6% during the 4th quarter. JPMorgan Chase & Co. now owns 177,877 shares of the insurance provider's stock worth $5,061,000 after buying an additional 78,254 shares in the last quarter. American Century Companies Inc. increased its stake in shares of United Fire Group by 87.6% during the fourth quarter. American Century Companies Inc. now owns 142,996 shares of the insurance provider's stock valued at $4,068,000 after buying an additional 66,756 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of United Fire Group by 11.8% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 133,434 shares of the insurance provider's stock valued at $3,796,000 after acquiring an additional 14,110 shares in the last quarter. 62.68% of the stock is currently owned by institutional investors.

United Fire Group Price Performance

Shares of UFCS stock traded down $0.41 during mid-day trading on Monday, hitting $28.22. 4,687 shares of the stock traded hands, compared to its average volume of 126,641. United Fire Group, Inc. has a 52-week low of $18.04 and a 52-week high of $31.70. The stock has a market cap of $716.59 million, a P/E ratio of 11.89 and a beta of 0.33. The stock's fifty day moving average is $27.90 and its two-hundred day moving average is $26.95.

United Fire Group (NASDAQ:UFCS - Get Free Report) last announced its earnings results on Tuesday, February 11th. The insurance provider reported $1.25 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.64. United Fire Group had a net margin of 4.94% and a return on equity of 8.84%. As a group, equities analysts forecast that United Fire Group, Inc. will post 2.42 EPS for the current fiscal year.

United Fire Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 21st. Shareholders of record on Friday, March 7th were issued a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 2.27%. The ex-dividend date of this dividend was Friday, March 7th. United Fire Group's dividend payout ratio is presently 26.89%.

Analysts Set New Price Targets

Several brokerages have issued reports on UFCS. Jones Trading upgraded shares of United Fire Group to a "strong-buy" rating and set a $32.00 target price on the stock in a report on Wednesday, March 5th. StockNews.com upgraded United Fire Group from a "buy" rating to a "strong-buy" rating in a report on Wednesday, February 12th. Finally, Piper Sandler increased their target price on United Fire Group from $26.00 to $28.00 and gave the company a "neutral" rating in a research report on Thursday, February 13th.

Insiders Place Their Bets

In related news, Director Christopher R. Drahozal sold 2,500 shares of the firm's stock in a transaction on Thursday, March 6th. The stock was sold at an average price of $28.33, for a total value of $70,825.00. Following the completion of the transaction, the director now owns 441,863 shares in the company, valued at $12,517,978.79. This trade represents a 0.56 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director James Noyce purchased 2,000 shares of the company's stock in a transaction on Friday, February 14th. The shares were purchased at an average price of $26.97 per share, for a total transaction of $53,940.00. Following the purchase, the director now owns 27,316 shares in the company, valued at approximately $736,712.52. The trade was a 7.90 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 6.12% of the company's stock.

United Fire Group 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.