US Bancorp DE trimmed its position in United Fire Group, Inc. (NASDAQ:UFCS) by 6.9% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 30,933 shares of the insurance provider’s stock after selling 2,295 shares during the period. US Bancorp DE’s holdings in United Fire Group were worth $1,410,000 at the end of the most recent reporting period.
Other large investors have also recently bought and sold shares of the company. SG Americas Securities LLC acquired a new position in United Fire Group in the third quarter worth about $163,000. Piedmont Investment Advisors LLC acquired a new position in United Fire Group in the second quarter valued at approximately $204,000. UBS Asset Management Americas Inc. acquired a new position in United Fire Group in the second quarter valued at approximately $231,000. Victory Capital Management Inc. boosted its stake in United Fire Group by 29.4% in the third quarter. Victory Capital Management Inc. now owns 5,394 shares of the insurance provider’s stock valued at $247,000 after acquiring an additional 1,224 shares during the period. Finally, Stifel Financial Corp boosted its stake in United Fire Group by 2.5% in the second quarter. Stifel Financial Corp now owns 5,620 shares of the insurance provider’s stock valued at $248,000 after acquiring an additional 136 shares during the period. Institutional investors and hedge funds own 59.74% of the company’s stock.
UFCS has been the subject of a number of research reports. Sidoti upgraded United Fire Group from a “neutral” rating to a “buy” rating in a research note on Thursday. BidaskClub downgraded United Fire Group from a “hold” rating to a “sell” rating in a research note on Tuesday, December 12th. Finally, ValuEngine downgraded United Fire Group from a “buy” rating to a “hold” rating in a research note on Friday, February 2nd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $46.33.
United Fire Group, Inc. (UFCS) opened at $45.46 on Monday. United Fire Group, Inc. has a 52 week low of $38.95 and a 52 week high of $49.74. The company has a market capitalization of $1,130.94, a P/E ratio of 22.96 and a beta of 0.59.
United Fire Group (NASDAQ:UFCS) last issued its earnings results on Wednesday, February 14th. The insurance provider reported $0.89 EPS for the quarter, beating the Zacks’ consensus estimate of $0.48 by $0.41. United Fire Group had a return on equity of 2.42% and a net margin of 4.58%. The company had revenue of $272.70 million during the quarter. During the same quarter in the previous year, the firm earned $0.46 earnings per share.
United Fire Group announced that its board has authorized a share buyback plan on Wednesday, November 8th that allows the company to buyback 2,240,000 outstanding shares. This buyback authorization allows the insurance provider to reacquire shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.
In other news, insider Michael T. Wilkins sold 3,771 shares of United Fire Group stock in a transaction that occurred on Thursday, December 7th. The stock was sold at an average price of $47.24, for a total transaction of $178,142.04. Following the sale, the insider now owns 37,704 shares of the company’s stock, valued at $1,781,136.96. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director James Noyce sold 1,323 shares of United Fire Group stock in a transaction that occurred on Thursday, November 30th. The shares were sold at an average price of $48.31, for a total value of $63,914.13. Following the sale, the director now directly owns 10,828 shares in the company, valued at approximately $523,100.68. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 11,481 shares of company stock valued at $548,710. 5.83% of the stock is currently owned by insiders.
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United Fire Group Profile
United Fire Group, Inc, formerly United Fire & Casualty Company, is engaged in the business of writing property and casualty insurance and life insurance and selling annuities. The Company operates in two segments: property and casualty insurance, and life insurance. The Company’s property and casualty insurance segment consists of commercial lines insurance, including surety bonds, personal lines insurance and assumed insurance.
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