Amalgamated Bank Reduces Stake in United Fire Group, Inc. (NASDAQ:UFCS)

Amalgamated Bank cut its stake in shares of United Fire Group, Inc. (NASDAQ:UFCS) by 8.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,234 shares of the insurance provider’s stock after selling 560 shares during the period. Amalgamated Bank’s holdings in United Fire Group were worth $134,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also modified their holdings of the stock. Bank of New York Mellon Corp grew its holdings 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 purchasing an additional 1,023 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of United Fire Group by 2.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 41,986 shares of the insurance provider’s stock worth $915,000 after buying an additional 1,071 shares during the period. Oppenheimer Asset Management Inc. lifted its stake in shares of United Fire Group by 10.5% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 17,108 shares of the insurance provider’s stock worth $368,000 after acquiring an additional 1,625 shares during the last quarter. American Century Companies Inc. boosted its holdings in United Fire Group by 6.6% during the 2nd quarter. American Century Companies Inc. now owns 33,616 shares of the insurance provider’s stock valued at $722,000 after acquiring an additional 2,085 shares during the period. Finally, Envestnet Asset Management Inc. grew its position in United Fire Group by 1.4% in the 2nd quarter. Envestnet Asset Management Inc. now owns 190,672 shares of the insurance provider’s stock valued at $4,098,000 after acquiring an additional 2,541 shares during the last quarter. 62.68% of the stock is owned by institutional investors.

United Fire Group Stock Down 0.9 %

UFCS opened at $20.75 on Wednesday. United Fire Group, Inc. has a 52 week low of $18.04 and a 52 week high of $25.55. The company has a market capitalization of $525.81 million, a P/E ratio of -30.07 and a beta of 0.36. The stock’s fifty day moving average is $20.52 and its two-hundred day moving average is $21.43.

United Fire Group (NASDAQ:UFCS) last released its quarterly earnings data on Tuesday, August 6th. The insurance provider reported ($0.07) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.03). United Fire Group had a net margin of 3.17% and a return on equity of 5.23%. The firm had revenue of $301.17 million during the quarter, compared to the consensus estimate of $300.80 million. During the same quarter in the previous year, the firm earned ($2.27) earnings per share. Equities analysts anticipate that United Fire Group, Inc. will post 1.1 earnings per share for the current year.

United Fire Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were given a $0.16 dividend. The ex-dividend date of this dividend was Friday, August 30th. This represents a $0.64 annualized dividend and a dividend yield of 3.08%. United Fire Group’s payout ratio is presently -92.75%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on UFCS shares. Piper Sandler lowered their target price on shares of United Fire Group from $21.00 to $19.00 and set an “underweight” rating for the company in a research note on Thursday, August 8th. StockNews.com cut shares of United Fire Group from a “buy” rating to a “hold” rating in a research report on Monday, August 12th.

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.