Geode Capital Management LLC Raises Stock Holdings in United Fire Group, Inc. (NASDAQ:UFCS)

Geode Capital Management LLC grew its stake in shares of United Fire Group, Inc. (NASDAQ:UFCS) by 0.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 502,232 shares of the insurance provider’s stock after buying an additional 2,925 shares during the period. Geode Capital Management LLC’s holdings in United Fire Group were worth $10,514,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. State Street Corp raised its stake in United Fire Group by 2.2% during the 3rd quarter. State Street Corp now owns 821,566 shares of the insurance provider’s stock worth $17,195,000 after acquiring an additional 17,415 shares during the period. Systematic Financial Management LP boosted its position in shares of United Fire Group by 11.6% in the second 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. Barclays PLC increased its stake in shares of United Fire Group by 147.8% in the third quarter. Barclays PLC now owns 44,380 shares of the insurance provider’s stock worth $928,000 after purchasing an additional 26,469 shares in the last quarter. HighTower Advisors LLC bought a new stake in shares of United Fire Group during the 3rd quarter valued at $256,000. Finally, Foundry Partners LLC lifted its stake in shares of United Fire Group by 71.9% during the 3rd quarter. Foundry Partners LLC now owns 178,155 shares of the insurance provider’s stock valued at $3,729,000 after buying an additional 74,540 shares in the last quarter. 62.68% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at United Fire Group

In related news, VP Corey Lynn Ruehle sold 2,664 shares of the business’s stock in a transaction on Thursday, December 19th. The shares were sold at an average price of $29.60, for a total value of $78,854.40. Following the sale, the vice president now owns 12,523 shares in the company, valued at approximately $370,680.80. The trade was a 17.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 5.99% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on UFCS. StockNews.com upgraded United Fire Group from a “hold” rating to a “buy” rating in a research note on Friday, October 4th. Piper Sandler upgraded United Fire Group from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $19.00 to $26.00 in a research report on Monday, November 18th.

United Fire Group Price Performance

United Fire Group stock opened at $28.45 on Wednesday. United Fire Group, Inc. has a 1 year low of $18.04 and a 1 year high of $31.70. The firm’s 50 day moving average price is $27.04 and its 200-day moving average price is $22.89. The stock has a market cap of $720.98 million, a P/E ratio of 14.67 and a beta of 0.53.

United Fire Group (NASDAQ:UFCS) last announced its quarterly earnings results on Tuesday, November 5th. The insurance provider reported $0.81 earnings per share (EPS) 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 for the quarter, compared to the consensus estimate of $306.80 million. During the same period in the previous year, the firm posted $0.31 EPS. As a group, equities analysts expect that United Fire Group, Inc. will post 1.84 EPS for the current year.

United Fire Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were given 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 dividend yield of 2.25%. United Fire Group’s dividend payout ratio is currently 32.99%.

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.