United Fire Group (NASDAQ:UFCS) Cut to “Hold” at StockNews.com

StockNews.com downgraded shares of United Fire Group (NASDAQ:UFCS) from a buy rating to a hold rating in a research note issued to investors on Monday morning.

Separately, Piper Sandler decreased their target price on shares of United Fire Group from $21.00 to $19.00 and set an underweight rating on the stock in a research report on Thursday, August 8th.

United Fire Group Stock Up 2.0 %

Shares of UFCS stock opened at $19.61 on Monday. The stock has a 50 day moving average of $21.03 and a 200-day moving average of $22.00. The firm has a market cap of $496.05 million, a PE ratio of -28.42 and a beta of 0.38. United Fire Group has a 12 month low of $18.04 and a 12 month high of $25.55.

United Fire Group (NASDAQ:UFCS) last posted its quarterly earnings data on Tuesday, August 6th. The insurance provider reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.04) by ($0.03). The company had revenue of $301.17 million for the quarter, compared to the consensus estimate of $300.80 million. United Fire Group had a return on equity of 5.23% and a net margin of 3.17%. During the same quarter in the previous year, the firm posted ($2.27) EPS. As a group, equities analysts predict that United Fire Group will post 1.1 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Christopher R. Drahozal sold 2,500 shares of the company’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $21.06, for a total value of $52,650.00. Following the sale, the director now owns 449,363 shares of the company’s stock, valued at approximately $9,463,584.78. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders purchased 2,500 shares of company stock worth $50,310 over the last three months. 5.99% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On United Fire Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of United Fire Group by 22.6% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,190 shares of the insurance provider’s stock valued at $104,000 after acquiring an additional 957 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of United Fire Group by 0.5% during the second quarter. Bank of New York Mellon Corp now owns 193,283 shares of the insurance provider’s stock worth $4,154,000 after acquiring an additional 1,023 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of United Fire Group by 2.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 41,986 shares of the insurance provider’s stock valued at $915,000 after acquiring an additional 1,071 shares during the period. New York State Common Retirement Fund boosted its holdings in United Fire Group by 17.8% in the fourth quarter. New York State Common Retirement Fund now owns 7,976 shares of the insurance provider’s stock valued at $160,000 after acquiring an additional 1,203 shares during the last quarter. Finally, Trexquant Investment LP increased its position in United Fire Group by 6.8% in the fourth quarter. Trexquant Investment LP now owns 22,838 shares of the insurance provider’s stock worth $460,000 after purchasing an additional 1,449 shares during the period. 62.68% of the stock is currently owned by institutional investors and hedge funds.

About United Fire Group

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.