State of Alaska Department of Revenue Decreases Holdings in United Fire Group, Inc. (NASDAQ:UFCS)

State of Alaska Department of Revenue cut its stake in shares of United Fire Group, Inc. (NASDAQ:UFCS – Get Rating) by 8.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 14,997 shares of the insurance provider’s stock after selling 1,365 shares during the period. State of Alaska Department of Revenue owned about 0.06% of United Fire Group worth $430,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Lazard Asset Management LLC bought a new position in United Fire Group in the 2nd quarter worth $31,000. Captrust Financial Advisors boosted its holdings in United Fire Group by 72.0% in the 1st 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 period. Prospera Financial Services Inc bought a new position in United Fire Group in the 2nd quarter worth $62,000. First Horizon Advisors Inc. bought a new position in shares of United Fire Group during the 2nd quarter valued at about $89,000. Finally, Venture Visionary Partners LLC bought a new position in shares of United Fire Group during the 2nd quarter valued at about $101,000. 64.56% of the stock is currently owned by hedge funds and other institutional investors.

United Fire Group Stock Up 3.6 %

UFCS opened at $30.08 on Friday. The firm has a 50-day simple moving average of $28.50 and a two-hundred day simple moving average of $29.99. The company has a market capitalization of $757.93 million, a PE ratio of 14.53 and a beta of 0.08. United Fire Group, Inc. has a 52 week low of $22.96 and a 52 week high of $37.26.

United Fire Group (NASDAQ:UFCS – Get Rating) last announced its earnings results on Wednesday, November 2nd. The insurance provider reported ($0.47) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.48) by $0.01. The firm had revenue of $235.57 million for the quarter, compared to analysts’ expectations of $234.40 million. United Fire Group had a net margin of 5.41% and a return on equity of 8.22%. As a group, sell-side analysts expect that United Fire Group, Inc. will post 1.27 earnings per share for the current year.

United Fire Group Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, December 16th. Stockholders of record on Friday, December 2nd were given a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 2.13%. The ex-dividend date of this dividend was Thursday, December 1st. United Fire Group’s dividend payout ratio is 30.92%.

Insider Activity

In other United Fire Group news, Director Mark A. Green bought 1,800 shares of the firm’s stock in a transaction dated Monday, November 7th. The shares were purchased at an average cost of $28.31 per share, for a total transaction of $50,958.00. Following the transaction, the director now owns 4,205 shares of the company’s stock, valued at $119,043.55. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 5.71% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on UFCS. Piper Sandler increased their price objective on shares of United Fire Group from $29.00 to $30.00 in a report on Tuesday. StockNews.com began coverage on shares of United Fire Group in a report on Wednesday, October 12th. They set a “hold” rating for the company.

United Fire Group Profile

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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.