Christopher Drahozal Sells 4,250 Shares of United Fire Group (NASDAQ:UFCS) Stock

United Fire Group, Inc (NASDAQ:UFCS) Director Christopher Drahozal sold 4,250 shares of the stock in a transaction dated Wednesday, March 4th. The stock was sold at an average price of $38.49, for a total transaction of $163,582.50. Following the transaction, the director owned 429,113 shares in the company, valued at approximately $16,516,559.37. The trade was a 0.98% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

United Fire Group Stock Up 1.5%

United Fire Group stock traded up $0.57 during trading hours on Wednesday, reaching $39.05. The stock had a trading volume of 125,826 shares, compared to its average volume of 124,663. The company has a market cap of $996.63 million, a price-to-earnings ratio of 8.72 and a beta of 0.44. United Fire Group, Inc has a 52 week low of $25.01 and a 52 week high of $40.63. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.33 and a quick ratio of 0.33. The business’s 50 day moving average price is $36.77 and its 200-day moving average price is $34.34.

United Fire Group (NASDAQ:UFCS) last posted its quarterly earnings data on Wednesday, February 11th. The insurance provider reported $1.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.90 by $0.60. United Fire Group had a return on equity of 13.84% and a net margin of 8.52%.The firm had revenue of $365.81 million during the quarter, compared to analysts’ expectations of $332.34 million. Sell-side analysts anticipate that United Fire Group, Inc will post 2.42 EPS for the current year.

United Fire Group Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 10th. Stockholders of record on Tuesday, February 24th will be paid a dividend of $0.20 per share. The ex-dividend date is Tuesday, February 24th. This is an increase from United Fire Group’s previous quarterly dividend of $0.16. This represents a $0.80 annualized dividend and a dividend yield of 2.0%. United Fire Group’s payout ratio is presently 17.86%.

Institutional Trading of United Fire Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Allianz Asset Management GmbH purchased a new position in United Fire Group in the third quarter valued at $5,940,000. Invesco Ltd. raised its stake in shares of United Fire Group by 108.8% during the 2nd quarter. Invesco Ltd. now owns 347,008 shares of the insurance provider’s stock worth $9,959,000 after buying an additional 180,836 shares during the period. Royce & Associates LP lifted its position in shares of United Fire Group by 236.4% during the 4th quarter. Royce & Associates LP now owns 235,925 shares of the insurance provider’s stock valued at $8,576,000 after buying an additional 165,789 shares in the last quarter. CSM Advisors LLC acquired a new stake in United Fire Group in the 2nd quarter valued at $4,154,000. Finally, AQR Capital Management LLC increased its holdings in United Fire Group by 59.5% in the 2nd quarter. AQR Capital Management LLC now owns 301,076 shares of the insurance provider’s stock worth $8,641,000 after acquiring an additional 112,318 shares in the last quarter. Institutional investors and hedge funds own 62.68% of the company’s stock.

Analysts Set New Price Targets

UFCS has been the subject of a number of research analyst reports. Piper Sandler raised their target price on United Fire Group from $37.00 to $41.00 and gave the stock a “neutral” rating in a research note on Thursday, February 12th. Weiss Ratings reissued a “buy (b-)” rating on shares of United Fire Group in a report on Monday, December 29th. Wall Street Zen raised United Fire Group from a “hold” rating to a “buy” rating in a report on Saturday, February 21st. Zacks Research downgraded shares of United Fire Group from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. Finally, JonesTrading upped their price objective on shares of United Fire Group from $38.00 to $40.00 and gave the company a “buy” rating in a report on Monday. Two equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $40.50.

About United Fire Group

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.