United Fire Group (NASDAQ:UFCS) Reaches New 52-Week High - Still a Buy?

Key Points

• United Fire Group (NASDAQ:UFCS) reached a new 52-week high of $31.85 during trading, with the last trade at $31.60 and a volume of 396 shares.
• Analysts have granted United Fire Group a consensus Buy rating, with several brokerages raising their ratings and target prices, including Zacks Research, which upgraded it to a strong-buy rating.
• The company recently announced a quarterly dividend of $0.16 per share, reflecting a 2.0% yield, with the payout ratio at 18.23%.

United Fire Group, Inc (NASDAQ:UFCS - Get Free Report) hit a new 52-week high during trading on Friday . The stock traded as high as $31.85 and last traded at $31.60, with a volume of 396 shares changing hands. The stock had previously closed at $31.23.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on UFCS. Wall Street Zen raised United Fire Group from a "buy" rating to a "strong-buy" rating in a research note on Thursday, May 15th. Jones Trading upped their target price on United Fire Group from $32.00 to $33.00 and gave the stock a "buy" rating in a research report on Monday, August 11th. Finally, Zacks Research raised United Fire Group to a "strong-buy" rating in a research report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $30.50.

United Fire Group Stock Up 2.2%

The business has a 50 day moving average of $28.29 and a 200 day moving average of $27.87. 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 firm has a market capitalization of $813.90 million, a price-to-earnings ratio of 9.10 and a beta of 0.53.

United Fire Group (NASDAQ:UFCS - Get Free Report) last issued its earnings results on Tuesday, August 5th. The insurance provider reported $0.90 EPS for the quarter, beating analysts' consensus estimates of $0.57 by $0.33. The business had revenue of $314.80 million during the quarter, compared to analyst estimates 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 analysts anticipate that United Fire Group, Inc will post 2.42 EPS for the current year.

United Fire Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Friday, August 29th will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 2.0%. The ex-dividend date is Friday, August 29th. United Fire Group's dividend payout ratio is currently 18.23%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Public Sector Pension Investment Board raised its stake in United Fire Group by 8.0% during the second quarter. Public Sector Pension Investment Board now owns 72,890 shares of the insurance provider's stock worth $2,092,000 after acquiring an additional 5,382 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its stake in United Fire Group by 12.3% during the second quarter. CANADA LIFE ASSURANCE Co now owns 17,777 shares of the insurance provider's stock worth $510,000 after acquiring an additional 1,943 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in United Fire Group by 301.2% during the second quarter. Tower Research Capital LLC TRC now owns 2,263 shares of the insurance provider's stock worth $65,000 after acquiring an additional 1,699 shares in the last quarter. Man Group plc raised its stake in United Fire Group by 148.5% during the second quarter. Man Group plc now owns 77,217 shares of the insurance provider's stock worth $2,216,000 after acquiring an additional 46,141 shares in the last quarter. Finally, BNP Paribas Financial Markets raised its stake in United Fire Group by 7.6% during the second quarter. BNP Paribas Financial Markets now owns 57,836 shares of the insurance provider's stock worth $1,660,000 after acquiring an additional 4,064 shares in the last quarter. 62.68% of the stock is currently owned by institutional investors and hedge funds.

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.

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