United Fire Group (NASDAQ:UFCS) Shares Up 18.3% – Here’s What Happened

United Fire Group, Inc. (NASDAQ:UFCS) shot up 18.3% during mid-day trading on Wednesday . The company traded as high as $23.98 and last traded at $23.58. Approximately 11,045 shares were traded during trading, a decline of 89% from the average daily volume of 103,789 shares. The stock had previously closed at $19.93.

Wall Street Analyst Weigh In

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

United Fire Group Stock Up 24.1 %

The firm has a fifty day moving average price of $20.26 and a 200-day moving average price of $21.10. The firm has a market cap of $626.91 million, a price-to-earnings ratio of 17.30 and a beta of 0.37.

United Fire Group (NASDAQ:UFCS) last posted its 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 analyst estimates of $300.80 million. During the same quarter last year, the business posted ($2.27) EPS. Equities research analysts anticipate that United Fire Group, Inc. will post 1.1 earnings per share for the current fiscal year.

United Fire Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 13th. Shareholders of record on Friday, August 30th were paid a $0.16 dividend. The ex-dividend date was Friday, August 30th. This represents a $0.64 dividend on an annualized basis and a yield of 2.59%. United Fire Group’s payout ratio is currently 44.76%.

Hedge Funds Weigh In On United Fire Group

Hedge funds and other institutional investors have recently made changes to their positions in the business. Empowered Funds LLC grew its position in United Fire Group by 5.4% in the 3rd quarter. Empowered Funds LLC now owns 71,070 shares of the insurance provider’s stock valued at $1,487,000 after buying an additional 3,618 shares in the last quarter. GSA Capital Partners LLP boosted its position in shares of United Fire Group by 12.9% during the 3rd quarter. GSA Capital Partners LLP now owns 84,851 shares of the insurance provider’s stock valued at $1,776,000 after purchasing an additional 9,704 shares in the last quarter. Los Angeles Capital Management LLC raised its holdings in shares of United Fire Group by 16.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 46,710 shares of the insurance provider’s stock worth $978,000 after purchasing an additional 6,640 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in United Fire Group by 42.3% during the third quarter. Assenagon Asset Management S.A. now owns 315,779 shares of the insurance provider’s stock valued at $6,609,000 after purchasing an additional 93,836 shares during the last quarter. Finally, Exchange Traded Concepts LLC acquired a new position in United Fire Group in the third quarter worth approximately $761,000. 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.