United Fire Group, Inc. (NASDAQ:UFCS) Sees Large Growth in Short Interest

United Fire Group, Inc. (NASDAQ:UFCS) was the recipient of a significant increase in short interest during the month of July. As of July 15th, there was short interest totalling 518,900 shares, an increase of 50.6% from the June 30th total of 344,500 shares. Based on an average daily volume of 114,600 shares, the short-interest ratio is presently 4.5 days. Approximately 2.5% of the shares of the stock are short sold.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. StockNews.com lowered United Fire Group from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 27th. Piper Sandler reissued an “underweight” rating and issued a $21.00 target price on shares of United Fire Group in a research note on Monday, April 1st.

United Fire Group Price Performance

UFCS traded up $0.10 during midday trading on Friday, reaching $22.06. 94,131 shares of the company’s stock traded hands, compared to its average volume of 103,291. The firm has a fifty day moving average of $21.58 and a two-hundred day moving average of $22.11. The stock has a market capitalization of $558.03 million, a price-to-earnings ratio of -31.97 and a beta of 0.39. United Fire Group has a 52 week low of $18.41 and a 52 week high of $25.55.

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

United Fire Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Friday, May 31st were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date was Friday, May 31st. United Fire Group’s payout ratio is -92.75%.

Insiders Place Their Bets

In other news, Director Christopher R. Drahozal sold 2,500 shares of the business’s stock in a transaction dated Thursday, June 6th. The stock was 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 owns 449,363 shares of the company’s stock, valued at approximately $9,463,584.78. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 5.99% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of UFCS. Tower Research Capital LLC TRC raised its position in United Fire Group by 127.6% during the 4th quarter. Tower Research Capital LLC TRC now owns 4,761 shares of the insurance provider’s stock valued at $96,000 after purchasing an additional 2,669 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of United Fire Group by 22.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,190 shares of the insurance provider’s stock worth $104,000 after acquiring an additional 957 shares during the period. Quest Partners LLC purchased a new position in shares of United Fire Group during the 4th quarter worth approximately $113,000. New York State Common Retirement Fund grew its holdings in shares of United Fire Group by 17.8% during the 4th quarter. New York State Common Retirement Fund now owns 7,976 shares of the insurance provider’s stock worth $160,000 after acquiring an additional 1,203 shares during the period. Finally, Lion Street Advisors LLC purchased a new position 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.