United Fire Group (UFCS) Cut to Sell at BidaskClub

United Fire Group (NASDAQ:UFCS) was downgraded by BidaskClub from a “hold” rating to a “sell” rating in a research note issued on Tuesday.

Separately, Sandler O’Neill raised shares of United Fire Group from a “hold” rating to a “buy” rating and upped their price objective for the stock from $46.00 to $47.00 in a research note on Friday, September 22nd.

Shares of United Fire Group (NASDAQ UFCS) opened at $46.11 on Tuesday. The stock has a market cap of $1,160.29, a price-to-earnings ratio of 103.64 and a beta of 0.70. United Fire Group has a one year low of $38.97 and a one year high of $50.75.

United Fire Group (NASDAQ:UFCS) last released its quarterly earnings data on Wednesday, November 8th. The insurance provider reported ($0.73) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.14 by ($0.87). United Fire Group had a return on equity of 1.32% and a net margin of 1.49%. The business had revenue of $269.55 million during the quarter.

United Fire Group announced that its board has authorized a share buyback program on Wednesday, November 8th that allows the company to repurchase 2,240,000 shares. This repurchase authorization allows the insurance provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

In related news, VP Neal R. Scharmer sold 2,537 shares of the company’s stock in a transaction dated Wednesday, November 22nd. The shares were sold at an average price of $47.97, for a total value of $121,699.89. Following the completion of the sale, the vice president now directly owns 17,473 shares of the company’s stock, valued at $838,179.81. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Michael J. Sheeley sold 3,850 shares of the company’s stock in a transaction dated Tuesday, November 21st. The stock was sold at an average price of $48.04, for a total transaction of $184,954.00. Following the completion of the sale, the chief operating officer now directly owns 9,529 shares of the company’s stock, valued at $457,773.16. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 11,481 shares of company stock valued at $548,710. 5.83% of the stock is owned by insiders.

A number of institutional investors have recently made changes to their positions in the business. Stifel Financial Corp raised its holdings in United Fire Group by 2.5% in the second quarter. Stifel Financial Corp now owns 5,620 shares of the insurance provider’s stock worth $248,000 after purchasing an additional 136 shares in the last quarter. Oppenheimer Asset Management Inc. raised its holdings in United Fire Group by 0.8% in the second quarter. Oppenheimer Asset Management Inc. now owns 26,869 shares of the insurance provider’s stock worth $1,184,000 after purchasing an additional 202 shares in the last quarter. Rhumbline Advisers raised its holdings in United Fire Group by 0.6% in the second quarter. Rhumbline Advisers now owns 44,878 shares of the insurance provider’s stock worth $1,977,000 after purchasing an additional 273 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in United Fire Group by 3.2% in the second quarter. Russell Investments Group Ltd. now owns 16,665 shares of the insurance provider’s stock worth $734,000 after purchasing an additional 520 shares in the last quarter. Finally, Teachers Advisors LLC raised its holdings in United Fire Group by 1.5% in the first quarter. Teachers Advisors LLC now owns 36,485 shares of the insurance provider’s stock worth $1,560,000 after purchasing an additional 531 shares in the last quarter. Institutional investors and hedge funds own 58.37% of the company’s stock.

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United Fire Group Company Profile

United Fire Group, Inc, formerly United Fire & Casualty Company, is engaged in the business of writing property and casualty insurance and life insurance and selling annuities. The Company operates in two segments: property and casualty insurance, and life insurance. The Company’s property and casualty insurance segment consists of commercial lines insurance, including surety bonds, personal lines insurance and assumed insurance.

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