Insider Selling: United Fire Group, Inc. (UFCS) Insider Sells 3,771 Shares of Stock
United Fire Group, Inc. (NASDAQ:UFCS) insider Michael T. Wilkins sold 3,771 shares of the stock in a transaction on Thursday, December 7th. The shares were sold at an average price of $47.24, for a total transaction of $178,142.04. Following the transaction, the insider now owns 37,704 shares in the company, valued at $1,781,136.96. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.
United Fire Group, Inc. (NASDAQ:UFCS) traded down $0.27 during midday trading on Friday, reaching $47.27. 43,400 shares of the company’s stock were exchanged, compared to its average volume of 67,672. United Fire Group, Inc. has a 12-month low of $38.97 and a 12-month high of $50.75. The company has a market cap of $1,182.68, a P/E ratio of 105.64 and a beta of 0.70.
United Fire Group (NASDAQ:UFCS) last issued its earnings results on Wednesday, November 8th. The insurance provider reported ($0.73) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.14 by ($0.87). The business had revenue of $269.55 million for the quarter. United Fire Group had a return on equity of 1.32% and a net margin of 1.49%.
United Fire Group announced that its Board of Directors has authorized a share buyback program on Wednesday, November 8th that allows the company to buyback 2,240,000 outstanding shares. This buyback authorization allows the insurance provider to repurchase shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its shares are undervalued.
Separately, Sandler O’Neill upgraded shares of United Fire Group from a “hold” rating to a “buy” rating and increased their price objective for the company from $46.00 to $47.00 in a research note on Friday, September 22nd.
Several large investors have recently modified their holdings of the business. California Public Employees Retirement System raised its holdings in shares of United Fire Group by 5.8% during the third quarter. California Public Employees Retirement System now owns 58,712 shares of the insurance provider’s stock worth $2,690,000 after purchasing an additional 3,212 shares during the period. Earnest Partners LLC raised its holdings in shares of United Fire Group by 0.8% during the third quarter. Earnest Partners LLC now owns 1,398,479 shares of the insurance provider’s stock worth $64,078,000 after purchasing an additional 11,176 shares during the period. Wells Fargo & Company MN raised its holdings in shares of United Fire Group by 6.2% during the third quarter. Wells Fargo & Company MN now owns 136,897 shares of the insurance provider’s stock worth $6,273,000 after purchasing an additional 8,047 shares during the period. Citadel Advisors LLC raised its holdings in shares of United Fire Group by 61.4% during the third quarter. Citadel Advisors LLC now owns 20,718 shares of the insurance provider’s stock worth $949,000 after purchasing an additional 7,884 shares during the period. Finally, Trexquant Investment LP acquired a new stake in shares of United Fire Group during the third quarter worth $319,000. 58.37% of the stock is currently owned by institutional investors.
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United Fire Group Company Profile
United Fire Group, Inc, formerly United Fire & Casualty Company, is engaged in the business of writing property and casualty insurance and life insurance and selling annuities. The Company operates in two segments: property and casualty insurance, and life insurance. The Company’s property and casualty insurance segment consists of commercial lines insurance, including surety bonds, personal lines insurance and assumed insurance.
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