United Fire Group (NASDAQ:UFCS) Price Target Raised to $33.00

Key Points

• Jones Trading increased its price target for United Fire Group from $32.00 to $33.00, indicating a potential upside of 13.56% based on the stock's current price.
• Wall Street Zen upgraded United Fire Group's rating from "buy" to "strong-buy," reflecting increased confidence in the company's performance.
• In the most recent quarter, United Fire Group reported earnings per share (EPS) of $0.90, surpassing expectations and indicating strong financial health despite slightly lower revenue than estimated.

United Fire Group (NASDAQ:UFCS - Free Report) had its price target increased by Jones Trading from $32.00 to $33.00 in a research report released on Monday,Benzinga reports. They currently have a buy rating on the insurance provider's stock.

Separately, Wall Street Zen upgraded United Fire Group from a "buy" rating to a "strong-buy" rating in a research report on Thursday, May 15th.

United Fire Group Price Performance

Shares of NASDAQ UFCS traded down $0.31 during midday trading on Monday, reaching $30.24. 68,985 shares of the stock traded hands, compared to its average volume of 126,173. The company has a debt-to-equity ratio of 0.14, a current ratio of 0.37 and a quick ratio of 0.37. The stock has a market capitalization of $770.89 million, a PE ratio of 8.61 and a beta of 0.53. United Fire Group has a one year low of $19.19 and a one year high of $31.70. The company's 50 day moving average is $28.04 and its 200 day moving average is $27.67.

United Fire Group (NASDAQ:UFCS - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The insurance provider reported $0.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.57 by $0.33. The business had revenue of $314.80 million for the quarter, compared to the consensus estimate of $337.99 million. United Fire Group had a return on equity of 11.84% and a net margin of 6.94%. On average, equities research analysts anticipate that United Fire Group will post 2.42 earnings per share for the current year.

United Fire Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were issued a dividend of $0.16 per share. The ex-dividend date was Friday, June 6th. This represents a $0.64 annualized dividend and a yield of 2.1%. United Fire Group's dividend payout ratio is 18.23%.

Institutional Investors Weigh In On United Fire Group

Several large investors have recently bought and sold shares of UFCS. Invesco Ltd. boosted its position in shares of United Fire Group by 108.8% in the 2nd quarter. Invesco Ltd. now owns 347,008 shares of the insurance provider's stock valued at $9,959,000 after purchasing an additional 180,836 shares during the period. CSM Advisors LLC acquired a new stake in shares of United Fire Group in the 2nd quarter valued at approximately $4,154,000. AQR Capital Management LLC increased its stake in United Fire Group by 59.5% in the 2nd quarter. AQR Capital Management LLC now owns 301,076 shares of the insurance provider's stock valued at $8,641,000 after purchasing an additional 112,318 shares in the last quarter. American Century Companies Inc. increased its stake in United Fire Group by 76.5% in the 1st quarter. American Century Companies Inc. now owns 252,449 shares of the insurance provider's stock valued at $7,437,000 after purchasing an additional 109,453 shares in the last quarter. Finally, Nuveen LLC purchased a new position in United Fire Group during the first quarter worth $2,652,000. Hedge funds and other institutional investors own 62.68% of the company's stock.

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.