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United Fire Group, Inc. Plans Quarterly Dividend of $0.16 (NASDAQ:UFCS)

kopsource · Aug 30, 2022 10:11

United Fire Group, Inc. (NASDAQ:UFCS – Get Rating) declared a quarterly dividend on Friday, August 19th, Zacks reports. Stockholders of record on Friday, September 2nd will be paid a dividend of 0.16 per share by the insurance provider on Friday, September 16th. This represents a $0.64 annualized dividend and a dividend yield of 2.13%. The ex-dividend date is Thursday, September 1st.

United Fire Group has decreased its dividend payment by an average of 47.8% annually over the last three years and has increased its dividend annually for the last 1 consecutive years. United Fire Group has a payout ratio of 23.6% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect United Fire Group to earn $2.30 per share next year, which means the company should continue to be able to cover its $0.64 annual dividend with an expected future payout ratio of 27.8%.

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United Fire Group Trading Up 0.0 %

NASDAQ UFCS traded up $0.01 during trading on Tuesday, reaching $30.05. The company's stock had a trading volume of 48,617 shares, compared to its average volume of 86,748. United Fire Group has a 1-year low of $19.85 and a 1-year high of $37.26. The stock has a market capitalization of $755.16 million, a PE ratio of 11.56 and a beta of 0.01. The business has a 50-day moving average price of $32.07 and a 200-day moving average price of $30.69.

Insider Buying and Selling

In related news, VP Micah G. Woolstenhulme acquired 1,000 shares of the firm's stock in a transaction on Wednesday, August 10th. The stock was bought at an average price of $29.10 per share, for a total transaction of $29,100.00. Following the completion of the purchase, the vice president now directly owns 25,753 shares of the company's stock, valued at approximately $749,412.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 5.71% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Captrust Financial Advisors raised its stake in United Fire Group by 72.0% during the first quarter. Captrust Financial Advisors now owns 1,488 shares of the insurance provider's stock worth $46,000 after buying an additional 623 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in United Fire Group by 51.3% in the first quarter. PNC Financial Services Group Inc. now owns 3,838 shares of the insurance provider's stock valued at $119,000 after acquiring an additional 1,302 shares during the last quarter. Bank of Montreal Can purchased a new position in United Fire Group in the first quarter valued at about $225,000. Advisor Group Holdings Inc. raised its position in shares of United Fire Group by 9.2% in the first quarter. Advisor Group Holdings Inc. now owns 7,240 shares of the insurance provider's stock valued at $225,000 after purchasing an additional 608 shares during the period. Finally, Engineers Gate Manager LP bought a new stake in shares of United Fire Group in the first quarter valued at approximately $244,000. 65.32% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently weighed in on UFCS shares. TheStreet downgraded shares of United Fire Group from a "b-" rating to a "c" rating in a research report on Thursday, May 5th. Piper Sandler raised United Fire Group from a "neutral" rating to an "overweight" rating and set a $37.00 target price for the company in a report on Friday, August 5th. They noted that the move was a valuation call. Finally, StockNews.com downgraded United Fire Group from a "buy" rating to a "hold" rating in a research note on Friday, August 5th.

About United Fire Group

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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 commercial multiple peril and inland marine insurance, as well as assumed reinsurance products.