Principal Financial Group Inc. Reduces Position in United Fire Group, Inc. (NASDAQ:UFCS)

Principal Financial Group Inc. reduced its position in shares of United Fire Group, Inc. (NASDAQ:UFCS) by 4.3% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 100,270 shares of the insurance provider’s stock after selling 4,469 shares during the quarter. Principal Financial Group Inc. owned approximately 0.40% of United Fire Group worth $2,099,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Point72 Asset Management L.P. raised its stake in shares of United Fire Group by 576.4% during the third quarter. Point72 Asset Management L.P. now owns 5,411 shares of the insurance provider’s stock valued at $113,000 after acquiring an additional 4,611 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. lifted its holdings in United Fire Group by 82.3% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 6,864 shares of the insurance provider’s stock worth $144,000 after buying an additional 3,098 shares during the period. XTX Topco Ltd purchased a new position in shares of United Fire Group during the second quarter valued at approximately $213,000. Y Intercept Hong Kong Ltd bought a new position in shares of United Fire Group during the third quarter valued at approximately $211,000. Finally, Commonwealth Equity Services LLC purchased a new stake in United Fire Group in the second quarter worth $223,000. Hedge funds and other institutional investors own 62.68% of the company’s stock.

United Fire Group Price Performance

Shares of United Fire Group stock opened at $28.13 on Friday. United Fire Group, Inc. has a 1 year low of $18.04 and a 1 year high of $31.70. The company has a 50-day moving average of $27.55 and a 200 day moving average of $23.01. The firm has a market cap of $712.87 million, a price-to-earnings ratio of 14.50 and a beta of 0.54.

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

United Fire Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 2.28%. The ex-dividend date of this dividend was Friday, November 29th. United Fire Group’s dividend payout ratio (DPR) is 32.99%.

Wall Street Analyst Weigh In

UFCS has been the subject of several research analyst reports. StockNews.com raised shares of United Fire Group from a “hold” rating to a “buy” rating in a research report on Friday, October 4th. Piper Sandler raised United Fire Group from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $19.00 to $26.00 in a research report on Monday, November 18th.

Insider Buying and Selling at United Fire Group

In other news, VP Corey Lynn Ruehle sold 2,664 shares of the business’s stock in a transaction 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 completion of the transaction, the vice president now owns 12,523 shares in the company, valued at $370,680.80. The trade was 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 link. 5.99% of the stock is owned by company insiders.

United Fire Group 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.