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

United Fire Group, Inc. (NASDAQ:UFCS) was the target of a significant growth in short interest in June. As of June 15th, there was short interest totalling 364,500 shares, a growth of 44.2% from the May 31st total of 252,700 shares. Based on an average daily volume of 105,100 shares, the days-to-cover ratio is presently 3.5 days. Currently, 1.8% of the company’s stock are sold short.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on UFCS shares. StockNews.com lowered shares of United Fire Group from a “strong-buy” rating to a “buy” rating in a research report on Thursday. Piper Sandler reiterated an “underweight” rating and set a $21.00 price target on shares of United Fire Group in a report on Monday, April 1st.

United Fire Group Stock Up 2.3 %

UFCS stock traded up $0.48 during midday trading on Friday, hitting $21.49. 478,927 shares of the company traded hands, compared to its average volume of 158,247. United Fire Group has a twelve month low of $18.41 and a twelve month high of $25.55. The business has a 50 day simple moving average of $22.22 and a 200-day simple moving average of $21.98. The stock has a market capitalization of $543.61 million, a price-to-earnings ratio of -31.14 and a beta of 0.40.

United Fire Group (NASDAQ:UFCS) last announced its quarterly earnings results on Tuesday, May 7th. The insurance provider reported $0.56 EPS for the quarter, beating the consensus estimate of $0.55 by $0.01. United Fire Group had a negative return on equity of 2.63% and a negative net margin of 1.50%. The company had revenue of $296.00 million for the quarter, compared to the consensus estimate of $282.30 million. Equities research analysts forecast that United Fire Group will post 1.1 EPS for the current year.

United Fire Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Friday, May 31st were paid a $0.16 dividend. The ex-dividend date was Friday, May 31st. This represents a $0.64 annualized dividend and a dividend yield of 2.98%. United Fire Group’s payout ratio is -92.75%.

Insider Transactions at United Fire Group

In other news, Director Christopher R. Drahozal sold 2,500 shares of the stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $21.06, for a total value of $52,650.00. Following the completion of the sale, the director now directly owns 449,363 shares of the company’s stock, valued at $9,463,584.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 5.99% of the stock is owned by insiders.

Institutional Investors Weigh In On United Fire Group

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Invesco Ltd. grew its stake in shares of United Fire Group by 4.5% in the third quarter. Invesco Ltd. now owns 373,607 shares of the insurance provider’s stock worth $7,379,000 after acquiring an additional 16,134 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in United Fire Group by 8.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 363,590 shares of the insurance provider’s stock worth $7,315,000 after buying an additional 27,213 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in United Fire Group by 111.4% during the third quarter. Envestnet Asset Management Inc. now owns 178,041 shares of the insurance provider’s stock worth $3,516,000 after buying an additional 93,810 shares in the last quarter. Foundry Partners LLC boosted its stake in United Fire Group by 8.8% during the fourth quarter. Foundry Partners LLC now owns 158,661 shares of the insurance provider’s stock worth $3,192,000 after buying an additional 12,815 shares in the last quarter. Finally, Empowered Funds LLC boosted its stake in United Fire Group by 8.2% during the first quarter. Empowered Funds LLC now owns 62,592 shares of the insurance provider’s stock worth $1,363,000 after buying an additional 4,725 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, 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.