United Fire Group, Inc. (NASDAQ:UFCS) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lessened its holdings in shares of United Fire Group, Inc. (NASDAQ:UFCS) by 4.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 100,270 shares of the insurance provider’s stock after selling 4,469 shares during the period. Principal Financial Group Inc.’s holdings in United Fire Group were worth $2,099,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in UFCS. Assenagon Asset Management S.A. acquired a new position in shares of United Fire Group in the second quarter worth about $4,770,000. Marshall Wace LLP increased its stake in shares of United Fire Group by 929.0% in the 2nd quarter. Marshall Wace LLP now owns 99,842 shares of the insurance provider’s stock valued at $2,146,000 after purchasing an additional 90,139 shares in the last quarter. Millennium Management LLC raised its holdings in United Fire Group by 40.8% in the 2nd quarter. Millennium Management LLC now owns 234,214 shares of the insurance provider’s stock worth $5,033,000 after purchasing an additional 67,838 shares during the period. Systematic Financial Management LP raised its holdings in United Fire Group by 11.6% in the 2nd quarter. Systematic Financial Management LP now owns 437,584 shares of the insurance provider’s stock worth $9,404,000 after purchasing an additional 45,405 shares during the period. Finally, Los Angeles Capital Management LLC purchased a new position in United Fire Group during the second quarter worth approximately $861,000. 62.68% of the stock is currently owned by institutional investors and hedge funds.

United Fire Group Price Performance

UFCS opened at $29.89 on Friday. The company’s 50 day simple moving average is $21.60 and its two-hundred day simple moving average is $21.40. The firm has a market capitalization of $757.41 million, a price-to-earnings ratio of 15.58 and a beta of 0.37. United Fire Group, Inc. has a 1-year low of $18.04 and a 1-year high of $30.43.

United Fire Group (NASDAQ:UFCS) last issued its earnings results on Tuesday, November 5th. The insurance provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.60. The company had revenue of $322.96 million during the quarter, compared to analysts’ expectations of $306.80 million. United Fire Group had a return on equity of 6.75% and a net margin of 4.15%. During the same period in the prior year, the business earned $0.31 EPS. On average, equities analysts anticipate that United Fire Group, Inc. will post 1.1 earnings per share for the current fiscal year.

United Fire Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 2.14%. The ex-dividend date is Friday, November 29th. United Fire Group’s dividend payout ratio (DPR) is presently 32.99%.

Analysts Set New Price Targets

Several equities research analysts recently commented on UFCS shares. StockNews.com raised shares of United Fire Group from a “hold” rating to a “buy” rating in a report on Friday, October 4th. Piper Sandler raised shares of United Fire Group from an “underweight” rating to a “neutral” rating and boosted their target price for the stock from $19.00 to $26.00 in a research note on Monday, November 18th.

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.