Raymond James Financial Inc. Takes Position in United Fire Group, Inc. (NASDAQ:UFCS)

Raymond James Financial Inc. bought a new position in shares of United Fire Group, Inc. (NASDAQ:UFCS) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm bought 34,457 shares of the insurance provider’s stock, valued at approximately $980,000. Raymond James Financial Inc. owned approximately 0.14% of United Fire Group as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the company. Hotchkis & Wiley Capital Management LLC bought a new stake in United Fire Group during the 3rd quarter worth approximately $2,740,000. Systematic Financial Management LP boosted its stake in United Fire Group by 11.0% in the third quarter. Systematic Financial Management LP now owns 485,633 shares of the insurance provider’s stock worth $10,164,000 after purchasing an additional 48,049 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of United Fire Group during the third quarter worth $575,000. Barclays PLC increased its stake in shares of United Fire Group by 147.8% in the third quarter. Barclays PLC now owns 44,380 shares of the insurance provider’s stock valued at $928,000 after buying an additional 26,469 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of United Fire Group by 27.3% in the third quarter. JPMorgan Chase & Co. now owns 99,623 shares of the insurance provider’s stock valued at $2,085,000 after buying an additional 21,352 shares during the last quarter. 62.68% of the stock is owned by institutional investors.

Analysts Set New Price Targets

UFCS has been the subject of several research reports. Jones Trading upgraded shares of United Fire Group to a “strong-buy” rating and set a $32.00 price objective for the company in a research report on Wednesday, March 5th. StockNews.com raised shares of United Fire Group from a “buy” rating to a “strong-buy” rating in a report on Wednesday, February 12th. Finally, Piper Sandler upped their price objective on United Fire Group from $26.00 to $28.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th.

Insider Transactions at United Fire Group

In related news, Director Christopher R. Drahozal sold 2,500 shares of the stock in a transaction that occurred on Thursday, March 6th. The shares were sold at an average price of $28.33, for a total value of $70,825.00. Following the sale, the director now directly owns 441,863 shares in the company, valued at $12,517,978.79. This trade represents a 0.56 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director James Noyce acquired 2,000 shares of United Fire Group stock in a transaction that occurred on Friday, February 14th. The shares were purchased at an average cost of $26.97 per share, for a total transaction of $53,940.00. Following the purchase, the director now directly owns 27,316 shares in the company, valued at $736,712.52. The trade was a 7.90 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 5.99% of the stock is owned by corporate insiders.

United Fire Group Stock Down 7.2 %

Shares of UFCS stock opened at $26.94 on Friday. The firm has a market cap of $683.76 million, a price-to-earnings ratio of 11.32 and a beta of 0.45. United Fire Group, Inc. has a 12 month low of $18.04 and a 12 month high of $31.70. The stock has a 50-day moving average price of $27.29 and a 200 day moving average price of $25.88.

United Fire Group (NASDAQ:UFCS) last issued its quarterly 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 net margin of 4.94% and a return on equity of 8.84%. Sell-side analysts predict that United Fire Group, Inc. will post 2.42 earnings per share for the current fiscal year.

United Fire Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 21st. Stockholders of record on Friday, March 7th were paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date was Friday, March 7th. United Fire Group’s dividend payout ratio (DPR) is currently 26.89%.

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.