Assenagon Asset Management S.A. Takes Position in United Fire Group, Inc. (NASDAQ:UFCS)

Assenagon Asset Management S.A. bought a new position in shares of United Fire Group, Inc. (NASDAQ:UFCS) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 221,943 shares of the insurance provider’s stock, valued at approximately $4,770,000. Assenagon Asset Management S.A. owned 0.88% of United Fire Group at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in UFCS. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of United Fire Group by 22.6% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,190 shares of the insurance provider’s stock worth $104,000 after buying an additional 957 shares during the period. Quest Partners LLC acquired a new stake in United Fire Group in the fourth quarter worth $113,000. New York State Common Retirement Fund increased its stake in United Fire Group by 17.8% in the fourth quarter. New York State Common Retirement Fund now owns 7,976 shares of the insurance provider’s stock valued at $160,000 after purchasing an additional 1,203 shares in the last quarter. Lion Street Advisors LLC acquired a new position in shares of United Fire Group during the second quarter valued at about $201,000. Finally, Janus Henderson Group PLC bought a new position in shares of United Fire Group during the 1st quarter worth about $202,000. 62.68% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

UFCS has been the topic of a number of research reports. StockNews.com downgraded United Fire Group from a “buy” rating to a “hold” rating in a research note on Monday, August 12th. Piper Sandler lowered their target price on United Fire Group from $21.00 to $19.00 and set an “underweight” rating on the stock in a research report on Thursday, August 8th.

United Fire Group Price Performance

Shares of NASDAQ UFCS opened at $19.63 on Monday. The company has a 50-day moving average price of $20.97 and a 200-day moving average price of $21.95. The stock has a market capitalization of $496.56 million, a P/E ratio of -28.45 and a beta of 0.38. United Fire Group, Inc. has a 1 year low of $18.04 and a 1 year high of $25.55.

United Fire Group (NASDAQ:UFCS) last issued its quarterly earnings data on Tuesday, August 6th. The insurance provider reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.03). United Fire Group had a return on equity of 5.23% and a net margin of 3.17%. The company had revenue of $301.17 million for the quarter, compared to the consensus estimate of $300.80 million. During the same period in the prior year, the firm posted ($2.27) earnings per share. As a group, equities research analysts anticipate that United Fire Group, Inc. will post 1.1 earnings per share for the current fiscal year.

Insider Transactions at United Fire Group

In related news, Director Christopher R. Drahozal sold 2,500 shares of the stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $21.06, for a total transaction of $52,650.00. Following the completion of the sale, the director now directly owns 449,363 shares of the company’s stock, valued at $9,463,584.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have acquired 2,500 shares of company stock worth $50,310 in the last 90 days. Insiders own 5.99% 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.