United Fire Group, Inc. (NASDAQ:UFCS) Shares Bought by Point72 Asset Management L.P.

Point72 Asset Management L.P. raised its position in shares of United Fire Group, Inc. (NASDAQ:UFCS) by 576.4% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,411 shares of the insurance provider’s stock after purchasing an additional 4,611 shares during the quarter. Point72 Asset Management L.P.’s holdings in United Fire Group were worth $113,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of UFCS. Assenagon Asset Management S.A. purchased a new stake in United Fire Group in the second quarter valued at approximately $4,770,000. Bank of New York Mellon Corp lifted its stake in United Fire Group by 0.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 193,283 shares of the insurance provider’s stock valued at $4,154,000 after acquiring an additional 1,023 shares during the period. Innealta Capital LLC purchased a new stake in shares of United Fire Group in the 2nd quarter valued at $65,000. Commonwealth Equity Services LLC acquired a new stake in shares of United Fire Group in the second quarter worth $223,000. Finally, Los Angeles Capital Management LLC acquired a new position in United Fire Group during the second quarter valued at $861,000. 62.68% of the stock is owned by institutional investors and hedge funds.

United Fire Group Price Performance

UFCS opened at $30.85 on Friday. The firm has a fifty day moving average price of $24.81 and a 200 day moving average price of $22.24. United Fire Group, Inc. has a 1 year low of $18.04 and a 1 year high of $31.70. The stock has a market cap of $781.74 million, a P/E ratio of 15.90 and a beta of 0.53.

United Fire Group (NASDAQ:UFCS) last released its quarterly earnings data on Tuesday, November 5th. The insurance provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.60. United Fire Group had a net margin of 4.15% and a return on equity of 6.75%. The company had revenue of $322.96 million during the quarter, compared to analysts’ expectations of $306.80 million. During the same quarter in the previous year, the company earned $0.31 earnings per share. Equities analysts expect that United Fire Group, Inc. will post 1.84 EPS for the current year.

United Fire Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were issued a $0.16 dividend. The ex-dividend date of this dividend was Friday, November 29th. This represents a $0.64 dividend on an annualized basis and a yield of 2.07%. United Fire Group’s payout ratio is 32.99%.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on UFCS shares. StockNews.com raised 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 raised their target price for the stock from $19.00 to $26.00 in a report on Monday, November 18th.

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.