Bank of New York Mellon Corp Decreases Stake in United Fire Group, Inc. (NASDAQ:UFCS)

Bank of New York Mellon Corp reduced its position in United Fire Group, Inc. (NASDAQ:UFCS) by 0.2% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 178,158 shares of the insurance provider’s stock after selling 427 shares during the period. Bank of New York Mellon Corp owned 0.70% of United Fire Group worth $5,069,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Hotchkis & Wiley Capital Management LLC bought a new stake in shares of United Fire Group in the third quarter valued at approximately $2,740,000. Foundry Partners LLC grew its stake in 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 buying an additional 74,540 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in United Fire Group by 126.6% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 119,324 shares of the insurance provider’s stock valued at $2,497,000 after acquiring an additional 66,676 shares during the period. Systematic Financial Management LP lifted its position in shares of United Fire Group by 11.0% during the third quarter. Systematic Financial Management LP now owns 485,633 shares of the insurance provider’s stock worth $10,164,000 after acquiring an additional 48,049 shares in the last quarter. Finally, Wilmington Savings Fund Society FSB bought a new position in shares of United Fire Group in the third quarter worth $575,000. 62.68% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at United Fire Group

In other news, Director James Noyce acquired 2,000 shares of the business’s stock in a transaction dated Friday, February 14th. The stock was purchased at an average cost of $26.97 per share, for a total transaction of $53,940.00. Following the acquisition, the director now owns 27,316 shares of the company’s stock, valued at $736,712.52. This trade represents a 7.90 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Corey Lynn Ruehle sold 2,664 shares of the firm’s stock in a transaction dated Thursday, December 19th. The shares were sold at an average price of $29.60, for a total value of $78,854.40. Following the transaction, the vice president now directly owns 12,523 shares in the company, valued at approximately $370,680.80. This represents a 17.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 7,664 shares of company stock worth $217,954 over the last three months. 5.99% of the stock is owned by insiders.

United Fire Group Stock Performance

United Fire Group stock opened at $29.05 on Tuesday. United Fire Group, Inc. has a fifty-two week low of $18.04 and a fifty-two week high of $31.70. The stock has a market cap of $737.32 million, a P/E ratio of 12.21 and a beta of 0.45. The firm’s fifty day moving average price is $26.51 and its 200-day moving average price is $25.09.

United Fire Group (NASDAQ:UFCS) last posted its earnings results on Tuesday, February 11th. The insurance provider reported $1.25 EPS for the quarter, topping the consensus estimate of $0.61 by $0.64. United Fire Group had a return on equity of 8.84% and a net margin of 4.94%. Sell-side analysts predict that United Fire Group, Inc. will post 2.42 earnings per share for the current year.

United Fire Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 21st. Investors of record on Friday, March 7th will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date is Friday, March 7th. United Fire Group’s dividend payout ratio is currently 26.89%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on UFCS shares. StockNews.com upgraded United Fire Group from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, February 12th. Piper Sandler lifted their target price on United Fire Group from $26.00 to $28.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Finally, Jones Trading raised shares of United Fire Group to a “strong-buy” rating and set a $32.00 price target on the stock in a report on Wednesday, March 5th.

About United Fire Group

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.