United Fire Group, Inc. (NASDAQ:UFCS) Short Interest Up 26.8% in December

United Fire Group, Inc. (NASDAQ:UFCS) saw a large growth in short interest in the month of December. As of December 15th, there was short interest totalling 344,900 shares, a growth of 26.8% from the November 30th total of 272,100 shares. Based on an average trading volume of 124,900 shares, the days-to-cover ratio is currently 2.8 days. Approximately 1.7% of the shares of the company are short sold.

United Fire Group Trading Down 0.4 %

UFCS stock traded down $0.11 on Monday, hitting $28.37. 70,139 shares of the company’s stock traded hands, compared to its average volume of 111,415. The stock has a market cap of $718.95 million, a price-to-earnings ratio of 14.62 and a beta of 0.53. United Fire Group has a 1-year low of $18.04 and a 1-year high of $31.70. The stock has a fifty day moving average of $26.72 and a 200-day moving average of $22.78.

United Fire Group (NASDAQ:UFCS) 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 analyst estimates 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 period last year, the company posted $0.31 EPS. On average, equities research analysts anticipate that United Fire Group will post 1.84 earnings per share for the current fiscal year.

United Fire Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 29th were paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 2.26%. The ex-dividend date of this dividend was Friday, November 29th. United Fire Group’s dividend payout ratio is presently 32.99%.

Insiders Place Their Bets

In other news, VP Corey Lynn Ruehle sold 2,664 shares of the company’s stock in a transaction that occurred on Thursday, December 19th. The shares were sold at an average price of $29.60, for a total value of $78,854.40. Following the completion of the sale, the vice president now directly owns 12,523 shares of the company’s stock, valued at approximately $370,680.80. This represents a 17.54 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 5.99% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. lifted its position in shares of United Fire Group by 27.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 99,623 shares of the insurance provider’s stock valued at $2,085,000 after acquiring an additional 21,352 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in United Fire Group in the third quarter valued at about $575,000. Barclays PLC increased its stake in shares of United Fire Group by 147.8% during the 3rd quarter. Barclays PLC now owns 44,380 shares of the insurance provider’s stock worth $928,000 after purchasing an additional 26,469 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of United Fire Group by 0.6% in the third quarter. Geode Capital Management LLC now owns 502,232 shares of the insurance provider’s stock worth $10,514,000 after buying an additional 2,925 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd bought a new stake in shares of United Fire Group during the 3rd quarter worth about $211,000. 62.68% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on UFCS. Piper Sandler upgraded United Fire Group from an “underweight” rating to a “neutral” rating and lifted their price target for the company from $19.00 to $26.00 in a research report on Monday, November 18th. StockNews.com raised United Fire Group from a “hold” rating to a “buy” rating in a 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.