United Fire Group (NASDAQ:UFCS) Raised to “Strong-Buy” at StockNews.com

United Fire Group (NASDAQ:UFCS) was upgraded by StockNews.com from a “buy” rating to a “strong-buy” rating in a note issued to investors on Monday.

Separately, Piper Sandler raised shares of United Fire Group from an “underweight” rating to a “neutral” rating and increased their price objective for the company from $19.00 to $26.00 in a research report on Monday, November 18th.

United Fire Group Price Performance

Shares of NASDAQ UFCS opened at $24.94 on Monday. United Fire Group has a 1 year low of $18.04 and a 1 year high of $31.70. The firm has a 50-day moving average of $28.16 and a 200 day moving average of $23.78. The stock has a market cap of $631.98 million, a P/E ratio of 12.86 and a beta of 0.53.

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. United Fire Group had a return on equity of 6.75% and a net margin of 4.15%. The firm had revenue of $322.96 million for the quarter, compared to analysts’ expectations of $306.80 million. During the same period in the previous year, the firm posted $0.31 EPS. Research analysts expect that United Fire Group will post 1.84 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, VP Corey Lynn Ruehle sold 2,664 shares of the stock in a transaction on Thursday, December 19th. The stock was sold at an average price of $29.60, for a total transaction of $78,854.40. Following the sale, the vice president now directly owns 12,523 shares of the company’s stock, valued at $370,680.80. This trade represents a 17.54 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 5.99% of the company’s stock.

Hedge Funds Weigh In On United Fire Group

A number of hedge funds have recently bought and sold shares of UFCS. Barclays PLC raised its holdings in shares of 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 purchasing an additional 26,469 shares during the last quarter. State Street Corp grew its position in United Fire Group by 2.2% in the 3rd quarter. State Street Corp now owns 821,566 shares of the insurance provider’s stock worth $17,195,000 after purchasing an additional 17,415 shares during the period. JPMorgan Chase & Co. raised its stake in United Fire Group by 27.3% during the 3rd 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. HighTower Advisors LLC bought a new position in shares of United Fire Group during the 3rd quarter valued at $256,000. Finally, Geode Capital Management LLC boosted its stake in shares of United Fire Group by 0.6% in the 3rd quarter. Geode Capital Management LLC now owns 502,232 shares of the insurance provider’s stock worth $10,514,000 after buying an additional 2,925 shares during the last quarter. Hedge funds and other institutional investors own 62.68% of the company’s stock.

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.