United Fire Group (NASDAQ:UFCS) Stock Passes Above 200 Day Moving Average – Time to Sell?

United Fire Group, Inc (NASDAQ:UFCS)’s share price crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $34.73 and traded as high as $37.72. United Fire Group shares last traded at $37.28, with a volume of 105,195 shares.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. JonesTrading upped their price objective on United Fire Group from $38.00 to $40.00 and gave the company a “buy” rating in a report on Monday, March 2nd. Piper Sandler raised their target price on United Fire Group from $37.00 to $41.00 and gave the stock a “neutral” rating in a report on Thursday, February 12th. Zacks Research lowered United Fire Group from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 5th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of United Fire Group in a research note on Monday, December 29th. Finally, Wall Street Zen downgraded shares of United Fire Group from a “buy” rating to a “hold” rating in a research report on Saturday, March 7th. Two equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, United Fire Group currently has an average rating of “Moderate Buy” and an average target price of $40.50.

United Fire Group Price Performance

The company has a 50 day moving average of $36.93 and a 200 day moving average of $34.73. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.16. The firm has a market cap of $951.39 million, a price-to-earnings ratio of 8.32 and a beta of 0.44.

United Fire Group (NASDAQ:UFCS) last posted its earnings results on Wednesday, February 11th. The insurance provider reported $1.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.60. United Fire Group had a return on equity of 13.84% and a net margin of 8.52%.The firm had revenue of $365.81 million during the quarter, compared to analysts’ expectations of $332.34 million. Equities research analysts predict that United Fire Group, Inc will post 2.42 EPS for the current fiscal year.

United Fire Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 10th. Shareholders of record on Tuesday, February 24th were paid a $0.20 dividend. The ex-dividend date of this dividend was Tuesday, February 24th. This is an increase from United Fire Group’s previous quarterly dividend of $0.16. This represents a $0.80 dividend on an annualized basis and a yield of 2.1%. United Fire Group’s payout ratio is presently 17.86%.

Insider Activity at United Fire Group

In other United Fire Group news, major shareholder Dee Ann Mcintyre sold 4,250 shares of United Fire Group stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $38.84, for a total value of $165,070.00. Following the sale, the insider owned 437,613 shares of the company’s stock, valued at $16,996,888.92. This trade represents a 0.96% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Christopher R. Drahozal sold 4,250 shares of the business’s stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $38.49, for a total value of $163,582.50. Following the completion of the sale, the director owned 429,113 shares in the company, valued at approximately $16,516,559.37. This trade represents a 0.98% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 12,750 shares of company stock valued at $493,723 in the last quarter. Corporate insiders own 6.12% of the company’s stock.

Institutional Investors Weigh In On United Fire Group

A number of hedge funds and other institutional investors have recently bought and sold shares of UFCS. Allianz Asset Management GmbH bought a new position in shares of United Fire Group during the 3rd quarter worth approximately $5,940,000. Ellsworth Advisors LLC bought a new stake in shares of United Fire Group in the third quarter worth $777,000. Campbell & CO Investment Adviser LLC acquired a new position in United Fire Group during the second quarter worth $371,000. Inspire Investing LLC acquired a new position in United Fire Group during the third quarter worth $998,000. Finally, Hillsdale Investment Management Inc. grew its position in United Fire Group by 16.0% in the third quarter. Hillsdale Investment Management Inc. now owns 227,268 shares of the insurance provider’s stock valued at $6,913,000 after purchasing an additional 31,400 shares in the last quarter. Institutional investors and hedge funds own 62.68% of the company’s stock.

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.