United Fire Group (NASDAQ:UFCS) Stock Price Crosses Above 200-Day Moving Average – Here’s Why

Shares of United Fire Group, Inc (NASDAQ:UFCS) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $32.12 and traded as high as $35.70. United Fire Group shares last traded at $35.67, with a volume of 78,598 shares traded.

Analyst Upgrades and Downgrades

Several research firms have commented on UFCS. Jones Trading lifted their target price on shares of United Fire Group from $33.00 to $38.00 and gave the stock a “buy” rating in a research report on Wednesday, November 12th. Piper Sandler lifted their price target on United Fire Group from $35.00 to $37.00 and gave the stock a “neutral” rating in a report on Monday, December 22nd. Wall Street Zen raised United Fire Group from a “hold” rating to a “buy” rating in a research report on Sunday, November 16th. Zacks Research lowered United Fire Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 5th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of United Fire Group in a research note on Monday, December 29th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $37.50.

United Fire Group Stock Up 1.4%

The firm has a market capitalization of $909.94 million, a PE ratio of 8.41 and a beta of 0.45. The stock has a 50-day simple moving average of $36.34 and a 200-day simple moving average of $32.12. The company has a quick ratio of 0.37, a current ratio of 0.37 and a debt-to-equity ratio of 0.16.

United Fire Group (NASDAQ:UFCS) last posted its quarterly earnings results on Tuesday, November 4th. The insurance provider reported $1.50 earnings per share for the quarter, topping the consensus estimate of $0.69 by $0.81. United Fire Group had a return on equity of 13.64% and a net margin of 8.22%.The company had revenue of $354.02 million during the quarter, compared to the consensus estimate of $354.46 million. Analysts forecast that United Fire Group, Inc will post 2.42 EPS for the current year.

United Fire Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 19th. Stockholders of record on Friday, December 5th were paid a $0.16 dividend. The ex-dividend date was Friday, December 5th. This represents a $0.64 annualized dividend and a dividend yield of 1.8%. United Fire Group’s dividend payout ratio (DPR) is presently 15.09%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of UFCS. EverSource Wealth Advisors LLC raised its holdings in United Fire Group by 812.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,570 shares of the insurance provider’s stock valued at $45,000 after acquiring an additional 1,398 shares during the period. Covestor Ltd grew its position in shares of United Fire Group by 3,351.1% in the third quarter. Covestor Ltd now owns 1,622 shares of the insurance provider’s stock valued at $49,000 after purchasing an additional 1,575 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of United Fire Group by 19.8% during the 4th quarter. GAMMA Investing LLC now owns 1,743 shares of the insurance provider’s stock valued at $63,000 after purchasing an additional 288 shares during the period. Tower Research Capital LLC TRC lifted its holdings in United Fire Group by 301.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 2,263 shares of the insurance provider’s stock worth $65,000 after purchasing an additional 1,699 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its stake in United Fire Group by 17.7% in the 1st quarter. NewEdge Advisors LLC now owns 2,499 shares of the insurance provider’s stock worth $74,000 after purchasing an additional 375 shares during the period. 62.68% of the stock is owned by institutional investors.

About United Fire Group

United Fire Group, Inc (NASDAQ: UFCS) is an insurance holding company based in Cedar Rapids, Iowa, that specializes in property and casualty coverage for commercial and personal lines. The company underwrites business through three primary segments: commercial, personal and specialty insurance. Within the commercial segment, United Fire Group offers tailored policies for small- and medium-sized enterprises, including general liability, commercial property and workers’ compensation. Its personal lines cover homeowners, auto, farm and umbrella policies.

United Fire Group distributes its products primarily through a national network of independent insurance agents and brokers.