United Fire Group (NASDAQ:UFCS) Stock Crosses Above Two Hundred Day Moving Average - What's Next?

Key Points

• United Fire Group's stock has surpassed its 200-day moving average, trading at $30.03, indicating a potential upward trend.
• Analysts have raised their price targets, with Jones Trading setting a target of $33.00 and a general consensus rating of "Buy."
• The company recently announced a quarterly dividend of $0.16 per share, representing an annualized yield of 2.1%.

United Fire Group, Inc (NASDAQ:UFCS - Get Free Report)'s stock price passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $28.73 and traded as high as $30.28. United Fire Group shares last traded at $30.03, with a volume of 95,098 shares trading hands.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on UFCS. Jones Trading raised their target price on shares of United Fire Group from $32.00 to $33.00 and gave the company a "buy" rating in a report on Monday, August 11th. Zacks Research raised shares of United Fire Group to a "strong-buy" rating in a 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 data from MarketBeat.com, United Fire Group currently has an average rating of "Buy" and a consensus price target of $30.50.

United Fire Group Price Performance

The company has a market capitalization of $765.46 million, a PE ratio of 8.56 and a beta of 0.49. 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 company's 50 day simple moving average is $30.10 and its 200 day simple moving average is $28.73.

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

United Fire Group Announces Dividend

The firm also recently announced 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. The ex-dividend date was Friday, August 29th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.1%. United Fire Group's dividend payout ratio (DPR) is 18.23%.

Insider Activity

In other news, Director John Paul E. Besong sold 2,450 shares of the firm's stock in a transaction that occurred on Thursday, September 18th. The shares were sold at an average price of $32.26, for a total transaction of $79,037.00. Following the transaction, the director directly owned 24,494 shares in the company, valued at approximately $790,176.44. This trade represents a 9.09% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 6.12% of the company's stock.

Hedge Funds Weigh In On United Fire Group

Hedge funds have recently modified their holdings of the business. Federated Hermes Inc. grew its position in shares of United Fire Group by 131.3% during the first quarter. Federated Hermes Inc. now owns 1,115 shares of the insurance provider's stock worth $33,000 after acquiring an additional 633 shares during the last quarter. GAMMA Investing LLC grew its position in shares of United Fire Group by 270.2% during the first quarter. GAMMA Investing LLC now owns 1,329 shares of the insurance provider's stock worth $39,000 after acquiring an additional 970 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in shares of United Fire Group by 812.8% during the second quarter. EverSource Wealth Advisors LLC now owns 1,570 shares of the insurance provider's stock worth $45,000 after acquiring an additional 1,398 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of 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 purchasing an additional 1,699 shares during the period. Finally, NewEdge Advisors LLC lifted its holdings in shares of 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 period. 62.68% of the stock is currently owned by hedge funds and other institutional investors.

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.

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