The Manufacturers Life Insurance Company Makes New $223,000 Investment in United Fire Group, Inc. (NASDAQ:UFCS)

The Manufacturers Life Insurance Company purchased a new position in United Fire Group, Inc. (NASDAQ:UFCS) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 7,852 shares of the insurance provider’s stock, valued at approximately $223,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. R Squared Ltd bought a new position in United Fire Group in the fourth quarter worth approximately $27,000. NewEdge Advisors LLC purchased a new stake in shares of United Fire Group in the fourth quarter worth approximately $60,000. Aquatic Capital Management LLC raised its stake in shares of United Fire Group by 716.3% in the fourth quarter. Aquatic Capital Management LLC now owns 2,449 shares of the insurance provider’s stock worth $70,000 after purchasing an additional 2,149 shares during the last quarter. Globeflex Capital L P purchased a new stake in shares of United Fire Group in the fourth quarter worth approximately $119,000. Finally, KLP Kapitalforvaltning AS purchased a new stake in shares of United Fire Group in the fourth quarter worth approximately $131,000. Institutional investors own 62.68% of the company’s stock.

Insider Activity 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, March 6th. The stock was sold at an average price of $28.33, for a total transaction of $70,825.00. Following the completion of the sale, the director now directly owns 441,863 shares of the company’s stock, valued at approximately $12,517,978.79. This trade represents a 0.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 6.12% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

UFCS has been the subject of several analyst reports. StockNews.com raised United Fire Group from a “buy” rating to a “strong-buy” rating in a research note on Thursday. Piper Sandler increased their price objective on United Fire Group from $26.00 to $28.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Finally, Jones Trading reissued a “buy” rating and issued a $32.00 price objective on shares of United Fire Group in a research note on Monday, May 12th.

United Fire Group Stock Up 0.4%

Shares of United Fire Group stock opened at $28.62 on Monday. The company has a market cap of $728.41 million, a PE ratio of 12.03 and a beta of 0.49. The business has a 50 day moving average price of $27.96 and a 200-day moving average price of $27.51. United Fire Group, Inc. has a 52 week low of $18.04 and a 52 week high of $31.70.

United Fire Group (NASDAQ:UFCS) last issued its quarterly earnings results on Tuesday, May 6th. The insurance provider reported $0.70 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.08. The company had revenue of $308.41 million during the quarter, compared to the consensus estimate of $336.18 million. United Fire Group had a return on equity of 8.84% and a net margin of 4.94%. As a group, research analysts anticipate that United Fire Group, Inc. will post 2.42 EPS for the current year.

United Fire Group Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 21st. Investors of record on Friday, March 7th were given a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.24%. The ex-dividend date of this dividend was Friday, March 7th. United Fire Group’s payout ratio is 25.30%.

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.