United Fire Group, Inc. (NASDAQ:UFCS) Short Interest Update

by · The Cerbat Gem

United Fire Group, Inc. (NASDAQ:UFCS – Get Free Report) was the recipient of a significant growth in short interest in the month of October. As of October 15th, there was short interest totalling 555,700 shares, a growth of 30.1% from the September 30th total of 427,000 shares. Based on an average trading volume of 115,800 shares, the days-to-cover ratio is presently 4.8 days. Currently, 2.7% of the company’s shares are sold short.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on UFCS shares. StockNews.com upgraded shares of United Fire Group from a “hold” rating to a “buy” rating in a research report on Friday, October 4th. Piper Sandler cut their price target on shares of United Fire Group from $21.00 to $19.00 and set an “underweight” rating on the stock in a report on Thursday, August 8th.

Get Our Latest Report on UFCS

United Fire Group Stock Performance

Shares of United Fire Group stock traded up $0.43 on Monday, hitting $20.09. 101,882 shares of the company’s stock were exchanged, compared to its average volume of 105,153. The stock has a market capitalization of $509.08 million, a PE ratio of 14.05 and a beta of 0.36. United Fire Group has a 1 year low of $18.04 and a 1 year high of $25.55. The company has a 50-day simple moving average of $20.31 and a 200-day simple moving average of $21.19.

United Fire Group (NASDAQ:UFCS – Get Free Report) last announced its quarterly earnings results on Tuesday, August 6th. The insurance provider reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.03). United Fire Group had a net margin of 3.17% and a return on equity of 5.23%. The company had revenue of $301.17 million during the quarter, compared to the consensus estimate of $300.80 million. During the same quarter in the prior year, the firm posted ($2.27) earnings per share. On average, analysts expect that United Fire Group will post 1.1 EPS for the current fiscal year.

United Fire Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Friday, August 30th were paid a dividend of $0.16 per share. The ex-dividend date was Friday, August 30th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.19%. United Fire Group’s dividend payout ratio is presently 44.76%.

Hedge Funds Weigh In On United Fire Group

A number of large investors have recently made changes to their positions in the company. Assenagon Asset Management S.A. purchased a new stake in United Fire Group in the 2nd quarter valued at about $4,770,000. Marshall Wace LLP raised its holdings in shares of United Fire Group by 929.0% in the 2nd quarter. Marshall Wace LLP now owns 99,842 shares of the insurance provider’s stock valued at $2,146,000 after purchasing an additional 90,139 shares in the last quarter. Millennium Management LLC raised its holdings 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 purchasing an additional 67,838 shares in the last quarter. Systematic Financial Management LP raised its holdings in shares of United Fire Group by 11.6% in the 2nd quarter. Systematic Financial Management LP now owns 437,584 shares of the insurance provider’s stock valued at $9,404,000 after purchasing an additional 45,405 shares in the last quarter. Finally, Los Angeles Capital Management LLC bought a new stake in shares of United Fire Group in the 2nd quarter valued at about $861,000. 62.68% of the stock is owned by hedge funds and other institutional investors.

United Fire Group Company Profile

(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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