Millennium Management LLC Boosts Stock Position in United Fire Group, Inc. (NASDAQ:UFCS)

Millennium Management LLC boosted its holdings in United Fire Group, Inc. (NASDAQ:UFCS) by 40.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 234,214 shares of the insurance provider’s stock after purchasing an additional 67,838 shares during the period. Millennium Management LLC’s holdings in United Fire Group were worth $5,033,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of UFCS. Mitchell Sinkler & Starr PA purchased a new position in United Fire Group in the first quarter worth $283,000. BNP Paribas Financial Markets raised its stake in shares of United Fire Group by 66.0% in the first quarter. BNP Paribas Financial Markets now owns 18,986 shares of the insurance provider’s stock valued at $413,000 after buying an additional 7,549 shares during the period. Empowered Funds LLC raised its stake in shares of United Fire Group by 8.2% in the first quarter. Empowered Funds LLC now owns 62,592 shares of the insurance provider’s stock valued at $1,363,000 after buying an additional 4,725 shares during the period. State Board of Administration of Florida Retirement System bought a new stake in shares of United Fire Group in the first quarter valued at $257,000. Finally, UniSuper Management Pty Ltd bought a new stake in shares of United Fire Group in the first quarter valued at $265,000. Hedge funds and other institutional investors own 62.68% of the company’s stock.

United Fire Group Stock Performance

NASDAQ:UFCS opened at $19.69 on Friday. United Fire Group, Inc. has a 52-week low of $18.04 and a 52-week high of $25.55. The firm has a market cap of $498.08 million, a price-to-earnings ratio of -28.54 and a beta of 0.36. The business’s fifty day moving average is $20.13 and its 200 day moving average is $21.31.

United Fire Group (NASDAQ:UFCS) last released its quarterly earnings data on Tuesday, August 6th. The insurance provider reported ($0.07) earnings per share (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 company had revenue of $301.17 million for the quarter, compared to the consensus estimate of $300.80 million. During the same quarter in the previous year, the firm posted ($2.27) earnings per share. Equities analysts predict that United Fire Group, Inc. will post 1.1 EPS for the current fiscal year.

United Fire Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 13th. Investors of record on Friday, August 30th were paid 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 3.25%. United Fire Group’s payout ratio is -92.75%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on UFCS. StockNews.com upgraded United Fire Group from a “hold” rating to a “buy” rating in a research note on Friday, October 4th. Piper Sandler lowered their target price on United Fire Group from $21.00 to $19.00 and set an “underweight” rating on the stock in a research note on Thursday, August 8th.

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.