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

United Fire Group, Inc. (NASDAQ:UFCS) was the recipient of a large increase in short interest in December. As of December 15th, there was short interest totalling 344,900 shares, an increase of 26.8% from the November 30th total of 272,100 shares. Based on an average daily volume of 124,900 shares, the short-interest ratio is presently 2.8 days. Approximately 1.7% of the company’s shares are sold short.

Analyst Ratings Changes

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

United Fire Group Trading Down 1.9 %

UFCS stock traded down $0.56 during mid-day trading on Friday, hitting $28.48. The stock had a trading volume of 80,260 shares, compared to its average volume of 111,683. United Fire Group has a 1-year low of $18.04 and a 1-year high of $31.70. The company has a fifty day moving average of $26.72 and a 200 day moving average of $22.77. The stock has a market capitalization of $721.74 million, a price-to-earnings ratio of 14.68 and a beta of 0.53.

United Fire Group (NASDAQ:UFCS) last released its quarterly earnings data on Tuesday, November 5th. The insurance provider reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $0.60. The firm had revenue of $322.96 million for the quarter, compared to the consensus estimate of $306.80 million. United Fire Group had a return on equity of 6.75% and a net margin of 4.15%. During the same quarter in the prior year, the company posted $0.31 earnings per share. As a group, sell-side analysts expect that United Fire Group will post 1.84 earnings per share for the current fiscal year.

United Fire Group Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were paid a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 2.25%. The ex-dividend date of this dividend was Friday, November 29th. United Fire Group’s payout ratio is presently 32.99%.

Insiders Place Their Bets

In related news, VP Corey Lynn Ruehle sold 2,664 shares of the stock in a transaction dated Thursday, December 19th. The stock was sold at an average price of $29.60, for a total value of $78,854.40. Following the completion of the sale, the vice president now directly owns 12,523 shares of the company’s stock, valued at approximately $370,680.80. This represents a 17.54 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 5.99% of the company’s stock.

Institutional Investors Weigh In On United Fire Group

Large investors have recently bought and sold shares of the business. State Street Corp lifted its position in shares of United Fire Group by 2.2% in the third quarter. State Street Corp now owns 821,566 shares of the insurance provider’s stock worth $17,195,000 after buying an additional 17,415 shares during the last quarter. Systematic Financial Management LP raised its stake in shares of United Fire Group by 11.6% in the 2nd quarter. Systematic Financial Management LP now owns 437,584 shares of the insurance provider’s stock valued at $9,404,000 after acquiring an additional 45,405 shares in the last quarter. Foundry Partners LLC raised its stake in shares of United Fire Group by 71.9% in the 3rd quarter. Foundry Partners LLC now owns 178,155 shares of the insurance provider’s stock valued at $3,729,000 after acquiring an additional 74,540 shares in the last quarter. HighTower Advisors LLC acquired a new stake in United Fire Group in the 3rd quarter worth approximately $256,000. Finally, Exchange Traded Concepts LLC bought a new stake in United Fire Group during the third quarter worth approximately $761,000. 62.68% of the stock is currently owned by institutional investors.

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.