United Fire Group (NASDAQ:UFCS) Upgraded by Wall Street Zen to "Buy" Rating

Key Points

• Wall Street Zen upgraded United Fire Group from hold to buy, adding to a generally positive analyst tone around the stock.
• Other firms also turned more bullish: Piper Sandler lifted its price target to $57 and JonesTrading raised its target to $45; MarketBeat shows a Moderate Buy consensus with an average target of $51.
• United Fire Group recently reported better-than-expected earnings, with quarterly EPS of $1.16 versus $0.87 expected, and revenue of $369.44 million topping estimates.

United Fire Group (NASDAQ:UFCS - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a report released on Saturday.

A number of other research firms have also weighed in on UFCS. Piper Sandler raised their price objective on shares of United Fire Group from $45.00 to $57.00 and gave the company an "overweight" rating in a research note on Thursday. JonesTrading raised their price objective on shares of United Fire Group from $40.00 to $45.00 and gave the company a "buy" rating in a research note on Thursday. Three equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $51.00.

United Fire Group Stock Performance

Shares of UFCS opened at $48.22 on Friday. The company has a quick ratio of 0.33, a current ratio of 0.34 and a debt-to-equity ratio of 0.15. The business's 50 day moving average price is $38.61 and its 200-day moving average price is $36.75. United Fire Group has a 52 week low of $25.79 and a 52 week high of $48.91. The stock has a market cap of $1.24 billion, a P/E ratio of 9.72 and a beta of 0.50.

United Fire Group (NASDAQ:UFCS - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The insurance provider reported $1.16 EPS for the quarter, topping analysts' consensus estimates of $0.87 by $0.29. United Fire Group had a return on equity of 14.65% and a net margin of 9.16%.The firm had revenue of $369.44 million for the quarter, compared to analysts' expectations of $340.16 million. Equities research analysts anticipate that United Fire Group will post 3.65 earnings per share for the current fiscal year.

Insider Transactions at United Fire Group

In other United Fire Group news, Director Christopher R. Drahozal sold 4,250 shares of the firm's stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $38.49, for a total transaction of $163,582.50. Following the completion of the sale, the director directly owned 429,113 shares in the company, valued at approximately $16,516,559.37. This trade represents a 0.98% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Dee Ann Mcintyre sold 4,250 shares of the firm's stock in a transaction dated Monday, March 2nd. The shares were sold at an average price of $38.84, for a total transaction of $165,070.00. Following the sale, the insider owned 437,613 shares of the company's stock, valued at approximately $16,996,888.92. This represents a 0.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 12,750 shares of company stock valued at $493,723. 6.06% of the stock is owned by company insiders.

Institutional Trading of United Fire Group

A number of large investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP grew its stake in shares of United Fire Group by 0.8% in the first quarter. Dimensional Fund Advisors LP now owns 1,489,968 shares of the insurance provider's stock worth $55,219,000 after acquiring an additional 12,329 shares during the period. Gallacher Capital Management LLC bought a new stake in shares of United Fire Group in the first quarter worth approximately $237,000. Allspring Global Investments Holdings LLC grew its stake in shares of United Fire Group by 11.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 21,573 shares of the insurance provider's stock worth $792,000 after acquiring an additional 2,206 shares during the period. Hillsdale Investment Management Inc. grew its stake in shares of United Fire Group by 5.0% in the first quarter. Hillsdale Investment Management Inc. now owns 211,768 shares of the insurance provider's stock worth $7,848,000 after acquiring an additional 10,000 shares during the period. Finally, Principal Financial Group Inc. grew its stake in shares of United Fire Group by 2.5% in the first quarter. Principal Financial Group Inc. now owns 132,046 shares of the insurance provider's stock worth $4,894,000 after acquiring an additional 3,264 shares during the period. 62.68% of the stock is currently owned by institutional investors.

United Fire Group Company Profile

United Fire Group, Inc NASDAQ: UFCS is an insurance holding company based in Cedar Rapids, Iowa, that specializes in property and casualty coverage for commercial and personal lines. The company underwrites business through three primary segments: commercial, personal and specialty insurance. Within the commercial segment, United Fire Group offers tailored policies for small- and medium-sized enterprises, including general liability, commercial property and workers' compensation. Its personal lines cover homeowners, auto, farm and umbrella policies.

United Fire Group distributes its products primarily through a national network of independent insurance agents and brokers.

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