United Fire Group, Inc. (NASDAQ:UFCS) Sees Large Increase in Short Interest

United Fire Group, Inc. (NASDAQ:UFCS) saw a significant growth in short interest in the month of December. As of December 15th, there was short interest totalling 344,900 shares, a growth of 26.8% from the November 30th total of 272,100 shares. Based on an average trading volume of 124,900 shares, the days-to-cover ratio is presently 2.8 days. Currently, 1.7% of the shares of the company are sold short.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on UFCS shares. StockNews.com raised United Fire Group from a “hold” rating to a “buy” rating in a research report on Friday, October 4th. Piper Sandler raised United Fire Group from an “underweight” rating to a “neutral” rating and lifted their price objective for the stock from $19.00 to $26.00 in a report on Monday, November 18th.

United Fire Group Stock Performance

Shares of NASDAQ:UFCS traded down $0.56 during midday trading on Friday, reaching $28.48. 80,260 shares of the company’s stock were exchanged, compared to its average volume of 111,683. The company’s 50 day simple moving average is $26.72 and its two-hundred day simple moving average is $22.77. United Fire Group has a 12 month low of $18.04 and a 12 month high of $31.70. The firm has a market capitalization of $721.74 million, a PE ratio of 14.68 and a beta of 0.53.

United Fire Group (NASDAQ:UFCS) last announced its quarterly earnings results on Tuesday, November 5th. The insurance provider reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $0.60. The firm had revenue of $322.96 million during the quarter, compared to analysts’ expectations of $306.80 million. United Fire Group had a net margin of 4.15% and a return on equity of 6.75%. During the same quarter last year, the company earned $0.31 earnings per share. On average, research analysts anticipate that United Fire Group will post 1.84 earnings per share for the current year.

United Fire Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 29th were paid a $0.16 dividend. This represents a $0.64 annualized dividend and a yield of 2.25%. The ex-dividend date was Friday, November 29th. United Fire Group’s dividend payout ratio is 32.99%.

Insider Activity

In other news, VP Corey Lynn Ruehle sold 2,664 shares of the business’s stock in a transaction dated Thursday, December 19th. The shares were sold at an average price of $29.60, for a total transaction of $78,854.40. Following the transaction, the vice president now owns 12,523 shares in the company, valued at approximately $370,680.80. The trade was a 17.54 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 5.99% of the stock is owned by company insiders.

Institutional Trading of United Fire Group

A number of large investors have recently bought and sold shares of the stock. Earnest Partners LLC boosted its stake in shares of United Fire Group by 2.2% in the 2nd quarter. Earnest Partners LLC now owns 1,293,367 shares of the insurance provider’s stock valued at $27,794,000 after purchasing an additional 27,376 shares in the last quarter. State Street Corp lifted its holdings in United Fire Group by 2.2% during the 3rd quarter. State Street Corp now owns 821,566 shares of the insurance provider’s stock valued at $17,195,000 after purchasing an additional 17,415 shares during the last quarter. Geode Capital Management LLC boosted its position in United Fire Group by 0.6% in the third quarter. Geode Capital Management LLC now owns 502,232 shares of the insurance provider’s stock valued at $10,514,000 after buying an additional 2,925 shares in the last quarter. Systematic Financial Management LP grew its stake in United Fire Group by 11.0% during the third quarter. Systematic Financial Management LP now owns 485,633 shares of the insurance provider’s stock worth $10,164,000 after buying an additional 48,049 shares during the last quarter. Finally, Assenagon Asset Management S.A. increased its holdings in shares of United Fire Group by 42.3% during the third quarter. Assenagon Asset Management S.A. now owns 315,779 shares of the insurance provider’s stock worth $6,609,000 after buying an additional 93,836 shares in the last quarter. 62.68% of the stock is currently owned by institutional investors.

United Fire Group Company Profile

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.