United Fire Group (NASDAQ:UFCS) Sets New 12-Month High After Dividend Announcement

by · The Markets Daily

United Fire Group, Inc. (NASDAQ:UFCS – Get Free Report) hit a new 52-week high during mid-day trading on Monday following a dividend announcement from the company. The stock traded as high as $26.14 and last traded at $26.14, with a volume of 12696 shares changing hands. The stock had previously closed at $25.42.

The newly announced dividend which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be issued a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 2.33%. The ex-dividend date of this dividend is Friday, November 29th. United Fire Group’s payout ratio is 32.99%.

Analyst Ratings Changes

Several brokerages recently commented on UFCS. StockNews.com upgraded shares of United Fire Group from a “hold” rating to a “buy” rating in a research note on Friday, October 4th. Piper Sandler raised shares of United Fire Group from an “underweight” rating to a “neutral” rating and boosted their price objective for the company from $19.00 to $26.00 in a research report on Monday.

Check Out Our Latest Stock Report on UFCS

United Fire Group Stock Up 0.1 %

The firm’s 50-day moving average price is $21.26 and its 200 day moving average price is $21.30. The firm has a market cap of $696.09 million, a P/E ratio of 14.16 and a beta of 0.37.

United Fire Group (NASDAQ:UFCS – Get Free Report) last posted its quarterly earnings data on Tuesday, November 5th. The insurance provider reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.21 by $0.60. The company 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 period in the prior year, the firm earned $0.31 earnings per share. On average, equities analysts predict that United Fire Group, Inc. will post 1.1 earnings per share for the current year.

Hedge Funds Weigh In On United Fire Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in UFCS. Assenagon Asset Management S.A. bought a new stake in United Fire Group in the 2nd quarter valued at $4,770,000. Hotchkis & Wiley Capital Management LLC acquired a new position in United Fire Group during the 3rd quarter worth about $2,740,000. Marshall Wace LLP raised its holdings in United Fire Group by 929.0% during the 2nd quarter. Marshall Wace LLP now owns 99,842 shares of the insurance provider’s stock worth $2,146,000 after purchasing an additional 90,139 shares during the last quarter. Foundry Partners LLC raised its holdings in United Fire Group by 71.9% during the 3rd quarter. Foundry Partners LLC now owns 178,155 shares of the insurance provider’s stock worth $3,729,000 after purchasing an additional 74,540 shares during the last quarter. Finally, Millennium Management LLC increased its stake in shares of United Fire Group by 40.8% in the 2nd quarter. Millennium Management LLC now owns 234,214 shares of the insurance provider’s stock valued at $5,033,000 after acquiring an additional 67,838 shares during the last quarter. Institutional investors and hedge funds own 62.68% of the company’s stock.

About United Fire Group

(Get Free Report)

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.

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