United Fire Group (NASDAQ:UFCS) Share Price Passes Above 200-Day Moving Average - Here's Why

United Fire Group, Inc (NASDAQ:UFCS - Get Free Report) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $27.63 and traded as high as $28.89. United Fire Group shares last traded at $28.70, with a volume of 145,657 shares trading hands.

Analyst Ratings Changes

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

United Fire Group Trading Up 1.8%

The firm has a market capitalization of $717.05 million, a P/E ratio of 11.14 and a beta of 0.50. The stock has a 50 day simple moving average of $28.23 and a 200-day simple moving average of $27.59.

United Fire Group (NASDAQ:UFCS - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The insurance provider reported $0.70 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.62 by $0.08. United Fire Group had a return on equity of 9.01% and a net margin of 5.13%. The business had revenue of $308.41 million during the quarter, compared to analyst estimates of $336.18 million. As a group, sell-side analysts expect that United Fire Group, Inc will post 2.42 earnings per share for the current fiscal year.

United Fire Group Announces Dividend

The business 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 2.27%. United Fire Group's payout ratio is 25.30%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Federated Hermes Inc. increased its holdings in shares of United Fire Group by 131.3% in the first quarter. Federated Hermes Inc. now owns 1,115 shares of the insurance provider's stock worth $33,000 after purchasing an additional 633 shares during the last quarter. GAMMA Investing LLC grew its holdings 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 buying an additional 970 shares in the last quarter. NewEdge Advisors LLC purchased a new position in shares of United Fire Group in the 4th quarter worth $60,000. Aquatic Capital Management LLC grew its position in United Fire Group by 716.3% in the fourth quarter. Aquatic Capital Management LLC now owns 2,449 shares of the insurance provider's stock worth $70,000 after acquiring an additional 2,149 shares in the last quarter. Finally, Globeflex Capital L P bought a new stake in United Fire Group during the fourth quarter worth approximately $119,000. 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.