Assenagon Asset Management S.A. Acquires New Position in United Fire Group, Inc. (NASDAQ:UFCS)

Assenagon Asset Management S.A. bought a new position in United Fire Group, Inc. (NASDAQ:UFCS - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The fund bought 221,943 shares of the insurance provider's stock, valued at approximately $4,770,000. Assenagon Asset Management S.A. owned 0.88% of United Fire Group at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank grew its position in United Fire Group by 22.6% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,190 shares of the insurance provider's stock valued at $104,000 after buying an additional 957 shares during the period. Quest Partners LLC bought a new stake in shares of United Fire Group during the 4th quarter valued at $113,000. New York State Common Retirement Fund increased its stake in shares of United Fire Group by 17.8% in the 4th quarter. New York State Common Retirement Fund now owns 7,976 shares of the insurance provider's stock worth $160,000 after purchasing an additional 1,203 shares in the last quarter. Janus Henderson Group PLC bought a new position in United Fire Group in the 1st quarter worth $202,000. Finally, Lion Street Advisors LLC purchased a new position in United Fire Group during the second quarter valued at $201,000. 62.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at United Fire Group

In other news, Director Christopher R. Drahozal sold 2,500 shares of the business's stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $21.06, for a total value of $52,650.00. Following the transaction, the director now owns 449,363 shares of the company's stock, valued at $9,463,584.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders purchased a total of 2,500 shares of company stock valued at $50,310 in the last three months. 5.99% of the stock is currently owned by corporate insiders.

United Fire Group Price Performance

Shares of UFCS stock traded up $0.36 on Monday, hitting $19.99. 104,758 shares of the stock traded hands, compared to its average volume of 102,600. The firm has a market cap of $505.67 million, a price-to-earnings ratio of -28.45 and a beta of 0.38. The firm has a 50 day simple moving average of $20.97 and a two-hundred day simple moving average of $21.95. United Fire Group, Inc. has a 52 week low of $18.04 and a 52 week high of $25.55.

United Fire Group (NASDAQ:UFCS - Get Free Report) last posted its quarterly earnings results on Tuesday, August 6th. The insurance provider reported ($0.07) EPS for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.03). The business had revenue of $301.17 million for the quarter, compared to the consensus estimate of $300.80 million. United Fire Group had a net margin of 3.17% and a return on equity of 5.23%. During the same period in the prior year, the business earned ($2.27) earnings per share. Sell-side analysts forecast that United Fire Group, Inc. will post 1.1 EPS for the current year.

United Fire Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 13th. Shareholders of record on Friday, August 30th will be paid a $0.16 dividend. The ex-dividend date of this dividend is Friday, August 30th. This represents a $0.64 annualized dividend and a yield of 3.20%. United Fire Group's payout ratio is -92.75%.

Analyst Upgrades and Downgrades

UFCS has been the subject of a number of analyst reports. StockNews.com cut United Fire Group from a "buy" rating to a "hold" rating in a research report on Monday, August 12th. Piper Sandler reduced their target price on shares of United Fire Group from $21.00 to $19.00 and set an "underweight" rating for the company in a report on Thursday, August 8th.

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.