United Fire Group (NASDAQ:UFCS) Shares Pass Above 200 Day Moving Average - Here's What Happened

Shares of United Fire Group, Inc (NASDAQ:UFCS - Get Free Report) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $27.56 and traded as high as $28.12. United Fire Group shares last traded at $27.59, with a volume of 156,793 shares.

Wall Street Analyst Weigh In

UFCS has been the subject of several analyst reports. 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 raised 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 Stock Up 0.7%

The stock has a market capitalization of $707.26 million, a P/E ratio of 10.98 and a beta of 0.50. The firm's 50 day simple moving average is $28.22 and its two-hundred day simple moving average is $27.56.

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

United Fire Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, June 6th were issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 2.30%. The ex-dividend date was Friday, June 6th. United Fire Group's dividend payout ratio (DPR) is presently 25.30%.

Institutional Trading of United Fire Group

Hedge funds and other institutional investors have recently modified their holdings of the business. Raymond James Financial Inc. bought a new position in shares of United Fire Group during the fourth quarter valued at approximately $980,000. Amundi boosted its position in shares of United Fire Group by 193.3% during the fourth quarter. Amundi now owns 10,285 shares of the insurance provider's stock valued at $279,000 after buying an additional 6,778 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in United Fire Group by 11.8% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 133,434 shares of the insurance provider's stock worth $3,796,000 after purchasing an additional 14,110 shares during the last quarter. Globeflex Capital L P purchased a new position in United Fire Group in the fourth quarter worth about $119,000. Finally, Maryland State Retirement & Pension System purchased a new position in United Fire Group in the fourth quarter worth about $203,000. Institutional investors own 62.68% of the company's stock.

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.