Principal Financial Group Inc. Increases Holdings in United Fire Group, Inc (NASDAQ:UFCS)

Principal Financial Group Inc. lifted its position in shares of United Fire Group, Inc (NASDAQ:UFCS) by 2.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 105,987 shares of the insurance provider’s stock after acquiring an additional 2,777 shares during the quarter. Principal Financial Group Inc. owned 0.42% of United Fire Group worth $3,122,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Raymond James Financial Inc. purchased a new stake in United Fire Group in the 4th quarter valued at approximately $980,000. Amundi increased its holdings in United Fire Group by 193.3% in the 4th quarter. Amundi now owns 10,285 shares of the insurance provider’s stock valued at $279,000 after purchasing an additional 6,778 shares in the last quarter. Maryland State Retirement & Pension System acquired a new stake in United Fire Group in the 4th quarter valued at $203,000. American Century Companies Inc. boosted its position in United Fire Group by 87.6% in the 4th quarter. American Century Companies Inc. now owns 142,996 shares of the insurance provider’s stock valued at $4,068,000 after buying an additional 66,756 shares during the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new position in United Fire Group in the 4th quarter valued at about $131,000. Hedge funds and other institutional investors own 62.68% of the company’s stock.

United Fire Group Price Performance

NASDAQ UFCS opened at $27.42 on Friday. United Fire Group, Inc has a 1 year low of $18.04 and a 1 year high of $31.70. The company has a debt-to-equity ratio of 0.14, a quick ratio of 0.34 and a current ratio of 0.34. The stock has a market capitalization of $697.84 million, a P/E ratio of 10.84 and a beta of 0.50. The business’s fifty day moving average is $28.13 and its two-hundred day moving average is $27.49.

United Fire Group (NASDAQ:UFCS) last posted its quarterly earnings data on Tuesday, May 6th. The insurance provider reported $0.70 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.08. United Fire Group had a net margin of 5.13% and a return on equity of 9.01%. The firm had revenue of $308.41 million for the quarter, compared to analysts’ expectations of $336.18 million. On average, research analysts forecast that United Fire Group, Inc will post 2.42 earnings per share for the current fiscal year.

United Fire Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Friday, June 6th were issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 2.33%. The ex-dividend date of this dividend was Friday, June 6th. United Fire Group’s dividend payout ratio is currently 25.30%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on UFCS. Jones Trading reaffirmed a “buy” rating and set a $32.00 price target on shares of United Fire Group in a research report on Monday, May 12th. Wall Street Zen upgraded shares of United Fire Group from a “buy” rating to a “strong-buy” rating in a research note on Thursday, May 15th.

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.