United Fire Group, Inc. (NASDAQ:UFCS) Sees Large Increase in Short Interest

United Fire Group, Inc. (NASDAQ:UFCS) was the recipient of a large growth in short interest in the month of June. As of June 15th, there was short interest totalling 364,500 shares, a growth of 44.2% from the May 31st total of 252,700 shares. Approximately 1.8% of the shares of the stock are sold short. Based on an average daily volume of 105,100 shares, the short-interest ratio is currently 3.5 days.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on UFCS. Piper Sandler reaffirmed an “underweight” rating and set a $21.00 target price on shares of United Fire Group in a research note on Monday, April 1st. StockNews.com cut shares of United Fire Group from a “strong-buy” rating to a “buy” rating in a research note on Thursday.

Insider Activity

In other news, Director Christopher R. Drahozal sold 2,500 shares of the firm’s stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $21.06, for a total transaction of $52,650.00. Following the sale, the director now directly owns 449,363 shares in the company, valued at approximately $9,463,584.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 5.99% of the company’s stock.

Hedge Funds Weigh In On United Fire Group

A number of institutional investors and hedge funds have recently made changes to their positions in UFCS. Envestnet Asset Management Inc. grew its stake in shares of United Fire Group by 111.4% in the 3rd quarter. Envestnet Asset Management Inc. now owns 178,041 shares of the insurance provider’s stock worth $3,516,000 after buying an additional 93,810 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of United Fire Group by 8.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 363,590 shares of the insurance provider’s stock worth $7,315,000 after buying an additional 27,213 shares in the last quarter. Trexquant Investment LP purchased a new position in shares of United Fire Group in the 3rd quarter worth $422,000. GSA Capital Partners LLP grew its stake in shares of United Fire Group by 106.8% in the 3rd quarter. GSA Capital Partners LLP now owns 35,048 shares of the insurance provider’s stock worth $692,000 after buying an additional 18,097 shares in the last quarter. Finally, Invesco Ltd. grew its stake in shares of United Fire Group by 4.5% in the 3rd quarter. Invesco Ltd. now owns 373,607 shares of the insurance provider’s stock worth $7,379,000 after buying an additional 16,134 shares in the last quarter. 62.68% of the stock is owned by hedge funds and other institutional investors.

United Fire Group Stock Up 2.3 %

UFCS opened at $21.49 on Monday. The company has a fifty day moving average of $22.22 and a 200 day moving average of $21.99. United Fire Group has a fifty-two week low of $18.41 and a fifty-two week high of $25.55.

United Fire Group (NASDAQ:UFCS) last posted its earnings results on Tuesday, May 7th. The insurance provider reported $0.56 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.01. The company had revenue of $296.00 million during the quarter, compared to analysts’ expectations of $282.30 million. United Fire Group had a negative net margin of 1.50% and a negative return on equity of 2.63%. Sell-side analysts predict that United Fire Group will post 1.1 earnings per share for the current year.

United Fire Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Friday, May 31st were paid a $0.16 dividend. The ex-dividend date of this dividend was Friday, May 31st. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.98%. United Fire Group’s payout ratio is currently -92.75%.

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.