Envestnet Asset Management Inc. Grows Stake in United Fire Group, Inc. (NASDAQ:UFCS)

Envestnet Asset Management Inc. grew its position in shares of United Fire Group, Inc. (NASDAQ:UFCS) by 8.3% in the second quarter, Holdings Channel reports. The firm owned 26,004 shares of the insurance provider’s stock after purchasing an additional 1,996 shares during the period. Envestnet Asset Management Inc.’s holdings in United Fire Group were worth $721,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Legal & General Group Plc lifted its holdings in shares of United Fire Group by 9.2% during the 1st quarter. Legal & General Group Plc now owns 66,363 shares of the insurance provider’s stock worth $2,164,000 after acquiring an additional 5,594 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in shares of United Fire Group by 48.4% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 10,705 shares of the insurance provider’s stock worth $349,000 after acquiring an additional 3,492 shares during the last quarter. Deutsche Bank AG lifted its holdings in shares of United Fire Group by 19.1% during the 1st quarter. Deutsche Bank AG now owns 8,891 shares of the insurance provider’s stock worth $290,000 after acquiring an additional 1,427 shares during the last quarter. BNP Paribas Arbitrage SA lifted its holdings in shares of United Fire Group by 10.9% during the 1st quarter. BNP Paribas Arbitrage SA now owns 8,908 shares of the insurance provider’s stock worth $290,000 after acquiring an additional 873 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in United Fire Group by 7.2% in the first quarter. Geode Capital Management LLC now owns 326,769 shares of the insurance provider’s stock worth $10,655,000 after purchasing an additional 22,087 shares during the last quarter. Hedge funds and other institutional investors own 61.18% of the company’s stock.

In other United Fire Group news, Director Mary K. Quass sold 2,727 shares of the business’s stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $24.50, for a total value of $66,811.50. Following the transaction, the director now owns 20,809 shares in the company, valued at $509,820.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 6.89% of the stock is currently owned by insiders.

UFCS stock opened at $25.37 on Friday. The firm’s 50-day moving average price is $26.96 and its two-hundred day moving average price is $32.88. United Fire Group, Inc. has a 12-month low of $22.08 and a 12-month high of $53.68. The stock has a market capitalization of $642.41 million, a price-to-earnings ratio of -6.20 and a beta of 0.07.

United Fire Group (NASDAQ:UFCS) last released its quarterly earnings data on Wednesday, May 6th. The insurance provider reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.07). United Fire Group had a negative net margin of 9.52% and a negative return on equity of 5.42%. The firm had revenue of $271.21 million during the quarter, compared to analysts’ expectations of $287.30 million. On average, research analysts expect that United Fire Group, Inc. will post -1.5 EPS for the current fiscal year.

UFCS has been the subject of several recent research reports. BidaskClub raised shares of United Fire Group from a “strong sell” rating to a “sell” rating in a research note on Saturday, July 18th. Piper Sandler lowered their price target on shares of United Fire Group from $44.00 to $30.00 and set a “neutral” rating for the company in a research note on Monday, April 6th. TheStreet downgraded shares of United Fire Group from a “c” rating to a “d” rating in a research note on Wednesday, May 6th. Zacks Investment Research downgraded shares of United Fire Group from a “hold” rating to a “sell” rating in a research note on Friday, July 10th. Finally, Sidoti lowered their price target on shares of United Fire Group from $35.00 to $31.00 and set a “neutral” rating for the company in a research note on Monday, May 4th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $31.33.

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, as well as assumed reinsurance products. Its commercial policies include fire and allied lines, other liability, automobile, workers' compensation, and surety coverage; and personal lines comprise automobile, and fire and allied lines coverage, including homeowners.

Further Reading: Equity Income

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Institutional Ownership by Quarter for United Fire Group (NASDAQ:UFCS)

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