Ieq Capital LLC Invests $2.50 Million in United Fire Group, Inc $UFCS

Ieq Capital LLC bought a new position in shares of United Fire Group, Inc (NASDAQ:UFCS) in the 2nd quarter, Holdings Channel.com reports. The institutional investor bought 47,644 shares of the insurance provider’s stock, valued at approximately $2,498,000.

A number of other hedge funds have also added to or reduced their stakes in the business. EverSource Wealth Advisors LLC lifted its position in United Fire Group by 23.6% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,726 shares of the insurance provider’s stock worth $63,000 after buying an additional 329 shares in the last quarter. NewEdge Advisors LLC boosted its stake in shares of United Fire Group by 17.7% during the 1st quarter. NewEdge Advisors LLC now owns 2,499 shares of the insurance provider’s stock worth $74,000 after buying an additional 375 shares during the last quarter. Smartleaf Asset Management LLC grew its holdings in shares of United Fire Group by 129.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 686 shares of the insurance provider’s stock valued at $25,000 after acquiring an additional 387 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of United Fire Group by 5.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 7,883 shares of the insurance provider’s stock valued at $226,000 after acquiring an additional 391 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of United Fire Group by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 12,482 shares of the insurance provider’s stock valued at $368,000 after acquiring an additional 546 shares during the last quarter. Institutional investors own 62.68% of the company’s stock.

Insider Transactions at United Fire Group

In other United Fire Group news, Director George D. Milligan acquired 4,500 shares of the business’s stock in a transaction dated Friday, June 5th. The stock was bought at an average cost of $45.23 per share, with a total value of $203,535.00. Following the completion of the transaction, the director directly owned 90,034 shares in the company, valued at approximately $4,072,237.82. This represents a 5.26% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 6.06% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts recently issued reports on UFCS shares. Piper Sandler upped their target price on United Fire Group from $57.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, August 5th. JonesTrading raised their price target on United Fire Group from $40.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. Wall Street Zen lowered United Fire Group from a “strong-buy” rating to a “buy” rating in a research report on Sunday, August 2nd. Zacks Research cut United Fire Group from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 6th. Finally, Weiss Ratings raised United Fire Group from a “buy (b+)” rating to a “buy (a-)” rating in a report on Wednesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $52.50.

United Fire Group Stock Up 1.7%

United Fire Group stock opened at $53.93 on Tuesday. The firm has a market capitalization of $1.39 billion, a PE ratio of 10.02 and a beta of 0.51. The company’s 50-day moving average is $51.97 and its 200-day moving average is $44.81. United Fire Group, Inc has a fifty-two week low of $29.74 and a fifty-two week high of $55.82. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.34 and a quick ratio of 0.34.

United Fire Group (NASDAQ:UFCS) last issued its earnings results on Monday, August 3rd. The insurance provider reported $1.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.61. United Fire Group had a net margin of 9.57% and a return on equity of 15.19%. The company had revenue of $383.73 million for the quarter, compared to analysts’ expectations of $347.76 million. Sell-side analysts anticipate that United Fire Group, Inc will post 4.75 earnings per share for the current year.

United Fire Group announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, May 20th that allows the company to buyback 2,000,000 shares. This buyback authorization allows the insurance provider to buy shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

United Fire Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Friday, September 4th will be paid a $0.20 dividend. The ex-dividend date is Friday, September 4th. This represents a $0.80 annualized dividend and a yield of 1.5%. United Fire Group’s dividend payout ratio is currently 14.87%.

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.