United Fire Group (NASDAQ:UFCS) Reaches New 52-Week High – Here’s What Happened

United Fire Group, Inc. (NASDAQ:UFCS) reached a new 52-week high during trading on Monday . The company traded as high as $31.14 and last traded at $30.52, with a volume of 22076 shares traded. The stock had previously closed at $29.89.

Analyst Upgrades and Downgrades

UFCS has been the topic of several recent analyst reports. StockNews.com upgraded United Fire Group from a “hold” rating to a “buy” rating in a report on Friday, October 4th. Piper Sandler raised shares of United Fire Group from an “underweight” rating to a “neutral” rating and lifted their price target for the company from $19.00 to $26.00 in a research note on Monday, November 18th.

United Fire Group Stock Performance

The stock has a fifty day simple moving average of $21.99 and a 200-day simple moving average of $21.47. The stock has a market cap of $760.71 million, a P/E ratio of 15.47 and a beta of 0.37.

United Fire Group (NASDAQ:UFCS) last posted its quarterly earnings data on Tuesday, November 5th. The insurance provider reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.60. United Fire Group had a return on equity of 6.75% and a net margin of 4.15%. The business had revenue of $322.96 million during the quarter, compared to the consensus estimate of $306.80 million. During the same period last year, the company earned $0.31 earnings per share. On average, research analysts anticipate that United Fire Group, Inc. will post 1.84 earnings per share for the current year.

United Fire Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be given a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date of this dividend is Friday, November 29th. United Fire Group’s dividend payout ratio is presently 32.99%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Innealta Capital LLC acquired a new position in shares of United Fire Group during the 2nd quarter worth about $65,000. Point72 Asset Management L.P. boosted its position in United Fire Group by 576.4% during the third quarter. Point72 Asset Management L.P. now owns 5,411 shares of the insurance provider’s stock valued at $113,000 after purchasing an additional 4,611 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. grew its stake in United Fire Group by 82.3% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 6,864 shares of the insurance provider’s stock valued at $144,000 after purchasing an additional 3,098 shares in the last quarter. Janus Henderson Group PLC acquired a new position in shares of United Fire Group during the 1st quarter worth approximately $202,000. Finally, Lion Street Advisors LLC bought a new stake in shares of United Fire Group during the 2nd quarter worth approximately $201,000. Institutional investors own 62.68% of the company’s stock.

United Fire Group Company Profile

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.