George Milligan Acquires 4,500 Shares of United Fire Group (NASDAQ:UFCS) Stock

United Fire Group, Inc (NASDAQ:UFCS) Director George Milligan acquired 4,500 shares of United Fire Group stock in a transaction that occurred on Friday, June 5th. The stock was acquired at an average cost of $45.23 per share, for a total transaction of $203,535.00. Following the completion of the purchase, the director directly owned 90,034 shares of the company’s stock, valued at $4,072,237.82. This represents a 5.26% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

United Fire Group Trading Up 2.6%

Shares of UFCS stock traded up $1.20 during mid-day trading on Tuesday, reaching $46.44. 36,693 shares of the stock traded hands, compared to its average volume of 119,226. United Fire Group, Inc has a 1-year low of $25.79 and a 1-year high of $49.94. The company has a quick ratio of 0.34, a current ratio of 0.34 and a debt-to-equity ratio of 0.15. The company has a market cap of $1.19 billion, a price-to-earnings ratio of 9.36 and a beta of 0.52. The stock’s fifty day simple moving average is $42.60 and its two-hundred day simple moving average is $38.82.

United Fire Group (NASDAQ:UFCS) last posted its earnings results on Tuesday, May 5th. The insurance provider reported $1.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.87 by $0.29. United Fire Group had a net margin of 9.16% and a return on equity of 14.65%. The firm had revenue of $369.44 million for the quarter, compared to analyst estimates of $340.16 million. On average, research analysts anticipate that United Fire Group, Inc will post 4.69 EPS for the current fiscal year.

United Fire Group announced that its board has authorized a share buyback program on Wednesday, May 20th that allows the company to buyback 2,000,000 outstanding shares. This buyback authorization allows the insurance provider to purchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

United Fire Group Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 19th. Shareholders of record on Friday, June 5th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Friday, June 5th. United Fire Group’s payout ratio is presently 16.13%.

Analyst Upgrades and Downgrades

UFCS has been the topic of a number of recent analyst reports. Wall Street Zen raised United Fire Group from a “hold” rating to a “buy” rating in a research note on Saturday, May 9th. Zacks Research raised United Fire Group from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 8th. JonesTrading lifted their price objective on United Fire Group from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of United Fire Group in a research note on Wednesday, May 13th. Finally, Piper Sandler lifted their price objective on United Fire Group from $45.00 to $57.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating and three have issued a Buy rating to the company. According to data from MarketBeat.com, United Fire Group has an average rating of “Buy” and a consensus price target of $51.00.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Quantinno Capital Management LP lifted its holdings in United Fire Group by 168.7% during the first quarter. Quantinno Capital Management LP now owns 43,842 shares of the insurance provider’s stock valued at $1,625,000 after purchasing an additional 27,526 shares during the last quarter. First Trust Advisors LP raised its stake in United Fire Group by 1.0% in the first quarter. First Trust Advisors LP now owns 70,452 shares of the insurance provider’s stock valued at $2,611,000 after purchasing an additional 731 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in 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 valued at $55,219,000 after purchasing an additional 12,329 shares in the last quarter. Gallacher Capital Management LLC purchased a new stake in United Fire Group in the first quarter valued at approximately $237,000. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of United Fire Group by 11.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 21,573 shares of the insurance provider’s stock valued at $792,000 after buying an additional 2,206 shares in the last quarter. Institutional investors and hedge funds own 62.68% of the company’s stock.

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.