Royal Fund Management LLC Makes New Investment in United Fire Group, Inc. (NASDAQ:UFCS)

Royal Fund Management LLC purchased a new position in United Fire Group, Inc. (NASDAQ:UFCS) during the 1st quarter, according to its most recent disclosure with the SEC. The fund purchased 1,900 shares of the insurance provider’s stock, valued at approximately $61,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. ETRADE Capital Management LLC increased its position in United Fire Group by 8.9% in the 1st quarter. ETRADE Capital Management LLC now owns 10,621 shares of the insurance provider’s stock worth $346,000 after buying an additional 864 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of United Fire Group by 30.9% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,793 shares of the insurance provider’s stock valued at $58,000 after purchasing an additional 423 shares during the period. First Trust Advisors LP increased its position in shares of United Fire Group by 7.7% during the first quarter. First Trust Advisors LP now owns 8,004 shares of the insurance provider’s stock valued at $261,000 after purchasing an additional 573 shares during the period. Rhumbline Advisers increased its position in shares of United Fire Group by 6.4% during the first quarter. Rhumbline Advisers now owns 78,503 shares of the insurance provider’s stock valued at $2,560,000 after purchasing an additional 4,753 shares during the period. Finally, SG Americas Securities LLC increased its position in shares of United Fire Group by 155.7% during the first quarter. SG Americas Securities LLC now owns 7,391 shares of the insurance provider’s stock valued at $241,000 after purchasing an additional 4,501 shares during the period. 60.80% of the stock is currently owned by institutional investors.

Shares of UFCS stock opened at $27.47 on Friday. The stock’s fifty day simple moving average is $28.49 and its 200 day simple moving average is $38.70. United Fire Group, Inc. has a one year low of $22.08 and a one year high of $53.68.

United Fire Group (NASDAQ:UFCS) last announced its quarterly earnings results on Wednesday, May 6th. The insurance provider reported $0.05 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.12 by ($0.07). The company had revenue of $271.21 million during the quarter, compared to analyst estimates of $287.30 million. United Fire Group had a negative net margin of 9.52% and a negative return on equity of 5.42%. Research analysts expect that United Fire Group, Inc. will post -0.25 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, June 19th. Investors of record on Friday, June 5th will be paid a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 4.81%. The ex-dividend date of this dividend is Thursday, June 4th. United Fire Group’s dividend payout ratio is -122.22%.

In other United Fire Group news, CEO Randy A. Ramlo sold 1,285 shares of the business’s stock in a transaction on Thursday, March 19th. The stock was sold at an average price of $30.19, for a total value of $38,794.15. Following the transaction, the chief executive officer now owns 72,996 shares of the company’s stock, valued at $2,203,749.24. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Mary K. Quass sold 2,727 shares of the business’s stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $24.50, for a total value of $66,811.50. Following the completion of the transaction, the director now directly owns 20,809 shares in the company, valued at approximately $509,820.50. The disclosure for this sale can be found here. 6.66% of the stock is owned by insiders.

A number of analysts have recently issued reports on the company. Piper Sandler lowered their price objective on United Fire Group from $44.00 to $30.00 and set a “neutral” rating on the stock in a research report on Monday, April 6th. Zacks Investment Research upgraded United Fire Group from a “hold” rating to a “buy” rating and set a $33.00 price objective on the stock in a research report on Saturday, April 18th. BidaskClub cut United Fire Group from a “sell” rating to a “strong sell” rating in a research report on Friday, May 15th. TheStreet cut United Fire Group from a “c” rating to a “d” rating in a research report on Wednesday, May 6th. Finally, Sidoti decreased their price target on United Fire Group from $35.00 to $31.00 and set a “neutral” rating on the stock in a research note on Monday, May 4th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $31.33.

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, as well as assumed reinsurance products. Its commercial policies include fire and allied lines, other liability, automobile, workers' compensation, and surety coverage; and personal lines comprise automobile, and fire and allied lines coverage, including homeowners.

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

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