Karp Capital Management Corp Purchases New Position in United Fire Group, Inc (UFCS)

Karp Capital Management Corp bought a new position in United Fire Group, Inc (NASDAQ:UFCS) during the first quarter, Holdings Channel reports. The institutional investor bought 9,995 shares of the insurance provider’s stock, valued at approximately $427,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Norges Bank purchased a new position in United Fire Group during the fourth quarter worth $18,557,000. Guggenheim Capital LLC increased its position in United Fire Group by 743.5% in the fourth quarter. Guggenheim Capital LLC now owns 41,856 shares of the insurance provider’s stock worth $2,059,000 after buying an additional 36,894 shares during the period. State Street Corp increased its position in United Fire Group by 7.2% in the fourth quarter. State Street Corp now owns 477,548 shares of the insurance provider’s stock worth $23,484,000 after buying an additional 32,180 shares during the period. Macquarie Group Ltd. increased its position in United Fire Group by 7.4% in the fourth quarter. Macquarie Group Ltd. now owns 388,603 shares of the insurance provider’s stock worth $19,108,000 after buying an additional 26,831 shares during the period. Finally, Russell Investments Group Ltd. purchased a new position in United Fire Group during the fourth quarter worth $868,000. Hedge funds and other institutional investors own 59.52% of the company’s stock.

United Fire Group, Inc (UFCS) opened at 43.47 on Wednesday. The firm’s 50 day moving average price is $43.48 and its 200-day moving average price is $44.90. United Fire Group, Inc has a 12-month low of $37.54 and a 12-month high of $50.75. The stock has a market cap of $1.10 billion, a P/E ratio of 23.83 and a beta of 0.76.

United Fire Group (NASDAQ:UFCS) last posted its quarterly earnings results on Wednesday, May 3rd. The insurance provider reported $0.67 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.83 by $0.16. United Fire Group had a net margin of 4.11% and a return on equity of 4.42%. The company had revenue of $279.11 million for the quarter. Equities research analysts anticipate that United Fire Group, Inc will post $1.76 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Thursday, June 15th. Stockholders of record on Thursday, June 1st were paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.58%. The ex-dividend date was Tuesday, May 30th. This is an increase from United Fire Group’s previous quarterly dividend of $0.25. United Fire Group’s payout ratio is currently 61.20%.

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A number of research analysts have weighed in on UFCS shares. Keefe, Bruyette & Woods set a $44.00 target price on United Fire Group and gave the stock a “hold” rating in a report on Monday, March 27th. Sidoti started coverage on United Fire Group in a report on Friday, June 9th. They set a “neutral” rating and a $48.00 target price on the stock. Finally, BidaskClub upgraded United Fire Group from a “sell” rating to a “hold” rating in a report on Saturday, June 10th.

About United Fire Group

United Fire Group, Inc, formerly United Fire & Casualty Company, is engaged in the business of writing property and casualty insurance and life insurance and selling annuities. The Company operates in two segments: property and casualty insurance, and life insurance. The Company’s property and casualty insurance segment consists of commercial lines insurance, including surety bonds, personal lines insurance and assumed insurance.

Want to see what other hedge funds are holding UFCS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for United Fire Group, Inc (NASDAQ:UFCS).

Institutional Ownership by Quarter for United Fire Group (NASDAQ:UFCS)

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