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

Key Points

• United Fire Group achieved a new 52-week high of $32.22 during trading, closing at $31.78 with a trading volume of 5,355 shares.
• Wall Street analysts have a generally positive outlook on the company, with one upgrading the stock to a "strong-buy" rating and an average target price of $30.50.
• United Fire Group announced a quarterly dividend of $0.16 per share, effective September 12th, translating to an annualized dividend yield of 2.0%.

United Fire Group, Inc (NASDAQ:UFCS - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $32.22 and last traded at $31.78, with a volume of 5355 shares traded. The stock had previously closed at $32.08.

Analyst Upgrades and Downgrades

UFCS has been the topic of several research reports. Jones Trading raised 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. Zacks Research raised United Fire Group to a "strong-buy" rating in a research report on Friday, August 8th. One equities research 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 stock. According to data from MarketBeat, United Fire Group currently has a consensus rating of "Buy" and a consensus target price of $30.50.

United Fire Group Trading Down 1.3%

The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.37 and a current ratio of 0.37. The stock has a market capitalization of $806.82 million, a PE ratio of 9.02 and a beta of 0.57. The stock has a 50-day moving average price of $29.18 and a two-hundred day moving average price of $28.47.

United Fire Group (NASDAQ:UFCS - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The insurance provider reported $0.90 earnings per share for the quarter, beating analysts' consensus estimates of $0.57 by $0.33. United Fire Group had a return on equity of 11.84% and a net margin of 6.94%.The firm had revenue of $314.80 million for the quarter, compared to analysts' expectations of $337.99 million. As a group, equities analysts forecast that United Fire Group, Inc will post 2.42 earnings per share for the current year.

United Fire Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 12th. Stockholders of record on Friday, August 29th were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend was Friday, August 29th. United Fire Group's payout ratio is presently 18.23%.

Institutional Trading of United Fire Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Federated Hermes Inc. raised its stake in United Fire Group by 131.3% during the 1st quarter. Federated Hermes Inc. now owns 1,115 shares of the insurance provider's stock valued at $33,000 after purchasing an additional 633 shares during the period. GAMMA Investing LLC raised its stake in United Fire Group by 270.2% during the 1st quarter. GAMMA Investing LLC now owns 1,329 shares of the insurance provider's stock valued at $39,000 after purchasing an additional 970 shares during the period. EverSource Wealth Advisors LLC raised its stake in United Fire Group by 812.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,570 shares of the insurance provider's stock valued at $45,000 after purchasing an additional 1,398 shares during the period. Tower Research Capital LLC TRC raised its stake in United Fire Group by 301.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,263 shares of the insurance provider's stock valued at $65,000 after purchasing an additional 1,699 shares during the period. Finally, NewEdge Advisors LLC raised its stake in United Fire Group by 17.7% during the 1st quarter. NewEdge Advisors LLC now owns 2,499 shares of the insurance provider's stock valued at $74,000 after purchasing an additional 375 shares during the period. 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.