United Fire Group (NASDAQ:UFCS) Hits New 12-Month High – Should You Buy?

Shares of United Fire Group, Inc. (NASDAQ:UFCS) reached a new 52-week high on Monday . The stock traded as high as $31.14 and last traded at $30.52, with a volume of 22076 shares traded. The stock had previously closed at $29.89.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Piper Sandler raised United Fire Group from an “underweight” rating to a “neutral” rating and upped their price objective for the stock from $19.00 to $26.00 in a report on Monday, November 18th. StockNews.com upgraded United Fire Group from a “hold” rating to a “buy” rating in a research report on Friday, October 4th.

United Fire Group Trading Down 1.5 %

The firm’s 50 day moving average price is $21.99 and its 200-day moving average price is $21.47. The company has a market cap of $760.71 million, a P/E ratio of 15.47 and a beta of 0.37.

United Fire Group (NASDAQ:UFCS) last released its earnings results on Tuesday, November 5th. The insurance provider reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $0.60. The firm had revenue of $322.96 million during the quarter, compared to analyst estimates of $306.80 million. United Fire Group had a net margin of 4.15% and a return on equity of 6.75%. During the same quarter in the previous year, the business earned $0.31 EPS. Analysts predict that United Fire Group, Inc. will post 1.84 earnings per share for the current fiscal year.

United Fire Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 29th will be issued a $0.16 dividend. The ex-dividend date is Friday, November 29th. This represents a $0.64 dividend on an annualized basis and a yield of 2.13%. United Fire Group’s dividend payout ratio is presently 32.99%.

Hedge Funds Weigh In On United Fire Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in UFCS. Wilmington Savings Fund Society FSB bought a new stake in shares of United Fire Group in the 3rd quarter valued at about $575,000. Barclays PLC increased its stake in United Fire Group by 147.8% in the third quarter. Barclays PLC now owns 44,380 shares of the insurance provider’s stock valued at $928,000 after purchasing an additional 26,469 shares in the last quarter. Geode Capital Management LLC raised its holdings in United Fire Group by 0.6% in the third quarter. Geode Capital Management LLC now owns 502,232 shares of the insurance provider’s stock worth $10,514,000 after purchasing an additional 2,925 shares during the period. Y Intercept Hong Kong Ltd acquired a new stake in United Fire Group in the third quarter worth $211,000. Finally, State Street Corp boosted its position in shares of United Fire Group by 2.2% during the third quarter. State Street Corp now owns 821,566 shares of the insurance provider’s stock worth $17,195,000 after purchasing an additional 17,415 shares in the last quarter. 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.