United Fire Group, Inc. (NASDAQ:UFCS) Sees Significant Drop in Short Interest

United Fire Group, Inc. (NASDAQ:UFCS - Get Free Report) was the target of a large decrease in short interest in November. As of November 15th, there was short interest totalling 423,800 shares, a decrease of 15.7% from the October 31st total of 502,500 shares. Based on an average daily volume of 124,900 shares, the short-interest ratio is currently 3.4 days. Approximately 2.0% of the shares of the stock are short sold.

United Fire Group Stock Performance

UFCS traded up $0.68 on Friday, hitting $30.60. 79,268 shares of the company were exchanged, compared to its average volume of 109,729. United Fire Group has a 12 month low of $18.04 and a 12 month high of $31.14. The firm has a fifty day simple moving average of $22.72 and a two-hundred day simple moving average of $21.68. The stock has a market capitalization of $775.47 million, a PE ratio of 15.77 and a beta of 0.37.

United Fire Group (NASDAQ:UFCS - Get Free Report) last released its quarterly earnings data on Tuesday, November 5th. The insurance provider reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.60. The business had revenue of $322.96 million during the quarter, compared to analysts' expectations 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 last year, the business posted $0.31 EPS. On average, equities analysts expect that United Fire Group will post 1.84 earnings per share for the current year.

United Fire Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 29th will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.09%. The ex-dividend date is Friday, November 29th. United Fire Group's payout ratio is presently 32.99%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Innealta Capital LLC bought a new stake in shares of United Fire Group in the 2nd quarter worth $65,000. Point72 Asset Management L.P. lifted its position in shares of United Fire Group by 576.4% in the third quarter. Point72 Asset Management L.P. now owns 5,411 shares of the insurance provider's stock valued at $113,000 after acquiring an additional 4,611 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. lifted its position in shares of United Fire Group by 82.3% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 6,864 shares of the insurance provider's stock valued at $144,000 after acquiring an additional 3,098 shares in the last quarter. Lion Street Advisors LLC purchased a new position in shares of United Fire Group in the second quarter valued at about $201,000. Finally, Janus Henderson Group PLC purchased a new stake in shares of United Fire Group in the first quarter worth about $202,000. Hedge funds and other institutional investors own 62.68% of the company's stock.

Analyst Ratings Changes

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

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.