United Fire Group (NASDAQ:UFCS) Shares Gap Up After Better-Than-Expected Earnings

United Fire Group, Inc. (NASDAQ:UFCS)’s stock price gapped up before the market opened on Wednesday following a stronger than expected earnings report. The stock had previously closed at $25.06, but opened at $28.33. United Fire Group shares last traded at $26.52, with a volume of 59,772 shares changing hands.

The insurance provider reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.64. United Fire Group had a net margin of 4.15% and a return on equity of 6.75%.

United Fire Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 29th were paid a $0.16 dividend. The ex-dividend date was Friday, November 29th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.50%. United Fire Group’s payout ratio is 32.99%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on UFCS. Piper Sandler upgraded United Fire Group from an “underweight” rating to a “neutral” rating and lifted their price target for the company from $19.00 to $26.00 in a research report on Monday, November 18th. StockNews.com raised shares of United Fire Group from a “buy” rating to a “strong-buy” rating in a report on Wednesday.

Insider Transactions at United Fire Group

In related news, VP Corey Lynn Ruehle sold 2,664 shares of United Fire Group stock in a transaction dated 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 5.99% of the company’s stock.

Institutional Trading of United Fire Group

Several institutional investors have recently bought and sold shares of UFCS. R Squared Ltd acquired a new position in shares of United Fire Group during the 4th quarter worth approximately $27,000. Point72 Asset Management L.P. raised its position in 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 worth $113,000 after acquiring an additional 4,611 shares during the period. Globeflex Capital L P acquired a new position in United Fire Group during the fourth quarter worth $119,000. KLP Kapitalforvaltning AS purchased a new position in United Fire Group during the fourth quarter valued at $131,000. Finally, Point72 Asia Singapore Pte. Ltd. grew its position in shares of United Fire Group by 82.3% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 6,864 shares of the insurance provider’s stock valued at $144,000 after purchasing an additional 3,098 shares during the period. 62.68% of the stock is owned by institutional investors and hedge funds.

United Fire Group Price Performance

The business’s 50 day moving average price is $27.53 and its 200 day moving average price is $23.91. The firm has a market cap of $649.21 million, a PE ratio of 13.21 and a beta of 0.53.

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.