Millennium Management LLC Acquires 67,838 Shares of United Fire Group, Inc. (NASDAQ:UFCS)

Millennium Management LLC boosted its holdings in United Fire Group, Inc. (NASDAQ:UFCS) by 40.8% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 234,214 shares of the insurance provider’s stock after purchasing an additional 67,838 shares during the quarter. Millennium Management LLC owned about 0.93% of United Fire Group worth $5,033,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Assenagon Asset Management S.A. bought a new stake in United Fire Group in the second quarter worth approximately $4,770,000. Price T Rowe Associates Inc. MD increased its holdings 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 purchasing an additional 1,071 shares in the last quarter. Janus Henderson Group PLC bought a new stake in United Fire Group in the first quarter worth approximately $202,000. Bank of New York Mellon Corp grew its stake in United Fire Group by 0.5% in the second quarter. Bank of New York Mellon Corp now owns 193,283 shares of the insurance provider’s stock valued at $4,154,000 after acquiring an additional 1,023 shares during the period. Finally, Marshall Wace LLP grew its stake in United Fire Group by 929.0% in the second quarter. Marshall Wace LLP now owns 99,842 shares of the insurance provider’s stock valued at $2,146,000 after acquiring an additional 90,139 shares during the period. 62.68% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. StockNews.com raised United Fire Group from a “hold” rating to a “buy” rating in a research note on Friday, October 4th. Piper Sandler reduced their price objective on United Fire Group from $21.00 to $19.00 and set an “underweight” rating for the company in a research note on Thursday, August 8th.

United Fire Group Stock Up 1.2 %

Shares of NASDAQ:UFCS opened at $19.69 on Friday. The stock has a market cap of $498.08 million, a price-to-earnings ratio of -28.54 and a beta of 0.36. United Fire Group, Inc. has a 12-month low of $18.04 and a 12-month high of $25.55. The business’s 50 day moving average is $20.13 and its 200 day moving average is $21.31.

United Fire Group (NASDAQ:UFCS) last announced its earnings results 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 analysts’ expectations of $300.80 million. United Fire Group had a net margin of 3.17% and a return on equity of 5.23%. During the same period in the previous year, the firm earned ($2.27) EPS. As a group, equities research analysts expect that United Fire Group, Inc. will post 1.1 earnings per share for the current year.

United Fire Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Friday, August 30th were given a dividend of $0.16 per share. The ex-dividend date was Friday, August 30th. This represents a $0.64 annualized dividend and a dividend yield of 3.25%. 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.