Charles Schwab Investment Management Inc. Sells 56,064 Shares of United Fire Group, Inc. (NASDAQ:UFCS)

Charles Schwab Investment Management Inc. cut its holdings in shares of United Fire Group, Inc. (NASDAQ:UFCS - Free Report) by 16.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 280,642 shares of the insurance provider's stock after selling 56,064 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 1.11% of United Fire Group worth $5,874,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of UFCS. Bank of New York Mellon Corp raised its stake in United Fire Group by 0.5% in the second quarter. Bank of New York Mellon Corp now owns 193,283 shares of the insurance provider's stock valued at $4,154,000 after buying an additional 1,023 shares during the period. Oppenheimer Asset Management Inc. lifted its holdings in United Fire Group by 10.5% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 17,108 shares of the insurance provider's stock valued at $368,000 after purchasing an additional 1,625 shares during the last quarter. American Century Companies Inc. increased its holdings in shares of United Fire Group by 6.6% in the second quarter. American Century Companies Inc. now owns 33,616 shares of the insurance provider's stock valued at $722,000 after purchasing an additional 2,085 shares during the last quarter. Envestnet Asset Management Inc. raised its position in shares of United Fire Group by 1.4% in the second quarter. Envestnet Asset Management Inc. now owns 190,672 shares of the insurance provider's stock valued at $4,098,000 after purchasing an additional 2,541 shares during the period. Finally, Public Sector Pension Investment Board lifted its stake in shares of United Fire Group by 6.1% during the 2nd quarter. Public Sector Pension Investment Board now owns 46,727 shares of the insurance provider's stock worth $1,004,000 after buying an additional 2,680 shares during the last quarter. 62.68% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently commented on UFCS. StockNews.com upgraded shares of United Fire Group from a "hold" rating to a "buy" rating in a research note on Friday, October 4th. Piper Sandler upgraded shares of United Fire Group from an "underweight" rating to a "neutral" rating and upped their price target for the company from $19.00 to $26.00 in a research note on Monday, November 18th.

United Fire Group Price Performance

United Fire Group stock traded down $0.14 during mid-day trading on Friday, reaching $30.72. 38,600 shares of the company were exchanged, compared to its average volume of 109,918. The company has a fifty day simple moving average of $24.59 and a 200-day simple moving average of $22.18. The firm has a market cap of $778.44 million, a PE ratio of 15.91 and a beta of 0.53. United Fire Group, Inc. has a 12 month low of $18.04 and a 12 month high of $31.70.

United Fire Group (NASDAQ:UFCS - Get Free Report) last posted its quarterly earnings results on Tuesday, November 5th. The insurance provider reported $0.81 EPS for the quarter, beating analysts' consensus estimates of $0.21 by $0.60. The business had revenue of $322.96 million during the quarter, compared to the consensus estimate of $306.80 million. United Fire Group had a return on equity of 6.75% and a net margin of 4.15%. During the same quarter in the previous year, the firm earned $0.31 earnings per share. Sell-side analysts anticipate that United Fire Group, Inc. will post 1.84 earnings per share for the current year.

United Fire Group Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.08%. The ex-dividend date of this dividend is Friday, November 29th. United Fire Group's dividend payout ratio (DPR) is presently 32.99%.

About United Fire Group

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.