Assenagon Asset Management S.A. Sells 186,749 Shares of United Fire Group, Inc. (NASDAQ:UFCS)

Assenagon Asset Management S.A. reduced its position in United Fire Group, Inc. (NASDAQ:UFCS) by 59.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 129,030 shares of the insurance provider’s stock after selling 186,749 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.51% of United Fire Group worth $3,671,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of UFCS. Barclays PLC boosted its position in United Fire Group by 147.8% during the third quarter. Barclays PLC now owns 44,380 shares of the insurance provider’s stock valued at $928,000 after acquiring an additional 26,469 shares during the last quarter. State Street Corp boosted its position in shares of United Fire Group by 2.2% during the 3rd quarter. State Street Corp now owns 821,566 shares of the insurance provider’s stock valued at $17,195,000 after purchasing an additional 17,415 shares in the last quarter. Systematic Financial Management LP grew its stake in United Fire Group by 11.6% during the second quarter. Systematic Financial Management LP now owns 437,584 shares of the insurance provider’s stock worth $9,404,000 after purchasing an additional 45,405 shares during the period. Geode Capital Management LLC increased its holdings in United Fire Group by 0.6% in the third quarter. Geode Capital Management LLC now owns 502,232 shares of the insurance provider’s stock worth $10,514,000 after purchasing an additional 2,925 shares in the last quarter. Finally, HighTower Advisors LLC acquired a new position in United Fire Group in the third quarter valued at approximately $256,000. 62.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Piper Sandler raised shares of United Fire Group from an “underweight” rating to a “neutral” rating and raised their price objective for the stock from $19.00 to $26.00 in a research report on Monday, November 18th. StockNews.com upgraded shares of United Fire Group from a “hold” rating to a “buy” rating in a report on Friday, October 4th.

United Fire Group Price Performance

Shares of United Fire Group stock opened at $26.48 on Wednesday. The business has a 50-day simple moving average of $28.68 and a 200 day simple moving average of $23.50. United Fire Group, Inc. has a one year low of $18.04 and a one year high of $31.70. The firm has a market capitalization of $671.00 million, a price-to-earnings ratio of 13.65 and a beta of 0.54.

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

United Fire Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 29th were issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date was Friday, November 29th. United Fire Group’s dividend payout ratio is currently 32.99%.

Insider Transactions at United Fire Group

In other news, VP Corey Lynn Ruehle sold 2,664 shares of the firm’s stock in a transaction that occurred on Thursday, December 19th. The stock was sold at an average price of $29.60, for a total value of $78,854.40. Following the transaction, the vice president now owns 12,523 shares in the company, valued at $370,680.80. This trade represents a 17.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 5.99% of the stock is currently owned by insiders.

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.