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.
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