Bank of New York Mellon Corp Buys 1,023 Shares of United Fire Group, Inc. (NASDAQ:UFCS)

Bank of New York Mellon Corp increased its holdings in shares of United Fire Group, Inc. (NASDAQ:UFCS) by 0.5% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 193,283 shares of the insurance provider’s stock after acquiring an additional 1,023 shares during the period. Bank of New York Mellon Corp owned about 0.76% of United Fire Group worth $4,154,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Quest Partners LLC acquired a new stake in shares of United Fire Group during the 4th quarter valued at about $113,000. New York State Common Retirement Fund boosted its position in shares of United Fire Group by 17.8% during the 4th quarter. New York State Common Retirement Fund now owns 7,976 shares of the insurance provider’s stock valued at $160,000 after acquiring an additional 1,203 shares in the last quarter. Lion Street Advisors LLC acquired a new stake in shares of United Fire Group during the 2nd quarter valued at about $201,000. Janus Henderson Group PLC acquired a new stake in shares of United Fire Group during the 1st quarter valued at about $202,000. Finally, Quadrature Capital Ltd acquired a new stake in shares of United Fire Group during the 1st quarter valued at about $251,000. 62.68% of the stock is currently owned by institutional investors and hedge funds.

United Fire Group Stock Up 2.4 %

NASDAQ:UFCS opened at $20.50 on Friday. The firm has a market cap of $519.47 million, a PE ratio of -29.48 and a beta of 0.36. United Fire Group, Inc. has a 12 month low of $18.04 and a 12 month high of $25.55. The company’s 50-day moving average price is $20.64 and its two-hundred day moving average price is $21.62.

United Fire Group (NASDAQ:UFCS) last released its quarterly earnings results on Tuesday, August 6th. The insurance provider reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.03). United Fire Group had a net margin of 3.17% and a return on equity of 5.23%. The firm had revenue of $301.17 million during the quarter, compared to analyst estimates of $300.80 million. During the same quarter last year, the firm earned ($2.27) earnings per share. On average, research analysts expect that United Fire Group, Inc. will post 1.1 EPS for the current fiscal year.

United Fire Group Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 13th. Stockholders of record on Friday, August 30th were given a dividend of $0.16 per share. The ex-dividend date of this dividend was Friday, August 30th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 3.12%. United Fire Group’s payout ratio is -92.75%.

Analyst Ratings Changes

A number of research firms have commented on UFCS. StockNews.com lowered shares of United Fire Group from a “buy” rating to a “hold” rating in a research report on Monday, August 12th. Piper Sandler reduced their price target on shares of United Fire Group from $21.00 to $19.00 and set an “underweight” rating on the stock in a research report on Thursday, August 8th.

United Fire Group 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.