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

United Fire Group, Inc. (NASDAQ:UFCS) saw a large increase in short interest in the month of June. As of June 15th, there was short interest totalling 364,500 shares, an increase of 44.2% from the May 31st total of 252,700 shares. Approximately 1.8% of the shares of the company are short sold. Based on an average daily trading volume, of 105,100 shares, the short-interest ratio is currently 3.5 days.

Wall Street Analyst Weigh In

UFCS has been the subject of several analyst reports. Piper Sandler reaffirmed an “underweight” rating and issued a $21.00 price objective on shares of United Fire Group in a report on Monday, April 1st. StockNews.com downgraded shares of United Fire Group from a “strong-buy” rating to a “buy” rating in a report on Thursday.

Insider Buying and Selling

In related news, Director Christopher R. Drahozal sold 2,500 shares of the firm’s 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 transaction, the director now directly 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 this link. 5.99% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Janus Henderson Group PLC purchased a new stake in shares of United Fire Group during the 1st quarter valued at $202,000. Price T Rowe Associates Inc. MD grew its position in United Fire Group by 2.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 41,986 shares of the insurance provider’s stock worth $915,000 after acquiring an additional 1,071 shares in the last quarter. Quadrature Capital Ltd purchased a new position in United Fire Group in the first quarter worth $251,000. UniSuper Management Pty Ltd purchased a new position in United Fire Group in the first quarter worth $265,000. Finally, State Board of Administration of Florida Retirement System purchased a new position in United Fire Group in the first quarter worth $257,000. 62.68% of the stock is owned by institutional investors.

United Fire Group Price Performance

Shares of NASDAQ:UFCS opened at $21.49 on Monday. The firm has a fifty day moving average price of $22.22 and a two-hundred day moving average price of $21.99. United Fire Group has a one year low of $18.41 and a one year high of $25.55.

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 net margin of 1.50% and a negative return on equity of 2.63%. The firm had revenue of $296.00 million during the quarter, compared to the consensus estimate of $282.30 million. Sell-side analysts forecast that United Fire Group will post 1.1 EPS for the current fiscal year.

United Fire Group Dividend Announcement

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

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.