Zacks Research Upgrades United Fire Group (NASDAQ:UFCS) to Strong-Buy
by Teresa Graham · The Cerbat GemUnited Fire Group (NASDAQ:UFCS – Get Free Report) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Thursday, Zacks reports.
Several other brokerages have also commented on UFCS. Piper Sandler lifted their price target on shares of United Fire Group from $57.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 5th. Weiss Ratings upgraded United Fire Group from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Wednesday, August 19th. Finally, Wall Street Zen lowered shares of United Fire Group from a “strong-buy” rating to a “buy” rating in a research report on Sunday, August 2nd. Two research analysts have rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Strong Buy” and a consensus price target of $52.50.
Check Out Our Latest Analysis on UFCS
United Fire Group Trading Up 0.2%
UFCS opened at $54.39 on Thursday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.34 and a current ratio of 0.34. United Fire Group has a one year low of $29.74 and a one year high of $56.74. The company has a market cap of $1.40 billion, a P/E ratio of 10.11 and a beta of 0.52. The business’s 50-day simple moving average is $53.29 and its 200-day simple moving average is $46.96.
United Fire Group (NASDAQ:UFCS – Get Free Report) last announced its quarterly earnings results on Monday, August 3rd. The insurance provider reported $1.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.69 by $0.61. United Fire Group had a return on equity of 15.19% and a net margin of 9.57%.The firm had revenue of $383.73 million during the quarter, compared to the consensus estimate of $347.76 million. As a group, equities research analysts expect that United Fire Group will post 5 EPS for the current fiscal year.
Insider Transactions at United Fire Group
In other United Fire Group news, Director Scott Carlton sold 9,777 shares of the stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $55.52, for a total value of $542,819.04. Following the completion of the transaction, the director directly owned 200,552 shares of the company’s stock, valued at approximately $11,134,647.04. This trade represents a 4.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 6.06% of the company’s stock.
Institutional Investors Weigh In On United Fire Group
A number of institutional investors and hedge funds have recently modified their holdings of the company. IFP Advisors Inc raised its holdings in United Fire Group by 25.1% during the second quarter. IFP Advisors Inc now owns 1,400 shares of the insurance provider’s stock worth $73,000 after purchasing an additional 281 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in shares of United Fire Group by 23.6% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,726 shares of the insurance provider’s stock valued at $63,000 after buying an additional 329 shares in the last quarter. Allworth Financial LP purchased a new position in shares of United Fire Group in the second quarter valued at $34,000. Basepoint Wealth LLC acquired a new position in shares of United Fire Group during the 4th quarter worth $26,000. Finally, First Trust Advisors LP raised its stake in shares of United Fire Group by 1.0% during the 1st quarter. First Trust Advisors LP now owns 70,452 shares of the insurance provider’s stock worth $2,611,000 after buying an additional 731 shares during the last quarter. Institutional investors and hedge funds own 62.68% of the company’s stock.
United Fire Group Company Profile
United Fire Group, Inc (NASDAQ: UFCS) is an insurance holding company headquartered in Cedar Rapids, Iowa. Founded in 1946, the company provides property and casualty insurance products through its insurance subsidiaries, including United Fire & Casualty Company.
United Fire Group primarily serves businesses, individuals and organizations through a network of independent insurance agencies. Its offerings include commercial property and casualty coverage, commercial auto insurance, workers’ compensation, general liability, professional liability, surety bonds and other specialty insurance products.