United Fire Group (NASDAQ:UFCS) Releases Earnings Results, Beats Estimates By $0.33 EPS

Key Points

• United Fire Group reported earnings of $0.90 per share for the quarter, significantly exceeding analysts' consensus estimate of $0.46.
• The company announced a quarterly dividend of $0.16 per share, representing a 2.4% yield and a payout ratio of 25.30%.
• Following recent performance, several analysts have upgraded United Fire Group from "buy" to "strong-buy", with price targets reaching up to $32.00.

United Fire Group (NASDAQ:UFCS - Get Free Report) announced its earnings results on Tuesday. The insurance provider reported $0.90 EPS for the quarter, beating analysts' consensus estimates of $0.57 by $0.33, Zacks reports. United Fire Group had a return on equity of 11.84% and a net margin of 6.94%. The company had revenue of $314.80 million during the quarter, compared to analysts' expectations of $337.99 million.

United Fire Group Stock Up 0.1%

UFCS stock traded up $0.02 during trading on Friday, hitting $29.06. 91,965 shares of the company's stock were exchanged, compared to its average volume of 138,126. The business has a 50-day moving average price of $27.87 and a two-hundred day moving average price of $27.55. The stock has a market capitalization of $740.74 million, a price-to-earnings ratio of 8.28 and a beta of 0.53. United Fire Group has a 52-week low of $18.04 and a 52-week high of $31.70. The company has a current ratio of 0.37, a quick ratio of 0.34 and a debt-to-equity ratio of 0.14.

United Fire Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, June 6th were paid 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 2.2%. United Fire Group's payout ratio is presently 18.23%.

Institutional Investors Weigh In On United Fire Group

Institutional investors have recently added to or reduced their stakes in the business. NewEdge Advisors LLC lifted its stake in United Fire Group by 17.7% during the first quarter. NewEdge Advisors LLC now owns 2,499 shares of the insurance provider's stock worth $74,000 after purchasing an additional 375 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in United Fire Group by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,482 shares of the insurance provider's stock worth $368,000 after purchasing an additional 546 shares during the last quarter. Focus Partners Wealth purchased a new stake in United Fire Group during the first quarter worth approximately $818,000. Jane Street Group LLC lifted its stake in United Fire Group by 143.5% during the first quarter. Jane Street Group LLC now owns 61,143 shares of the insurance provider's stock worth $1,801,000 after purchasing an additional 36,035 shares during the last quarter. Finally, Empowered Funds LLC lifted its stake in United Fire Group by 29.5% in the first quarter. Empowered Funds LLC now owns 96,663 shares of the insurance provider's stock valued at $2,848,000 after buying an additional 21,999 shares during the last quarter. Hedge funds and other institutional investors own 62.68% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Jones Trading reiterated a "buy" rating and issued a $32.00 price objective on shares of United Fire Group in a research note on Monday, May 12th. Wall Street Zen upgraded United Fire Group from a "buy" rating to a "strong-buy" rating in a research note on Thursday, May 15th.

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.