United Fire Group, Inc. (NASDAQ:UFCS) Declares Quarterly Dividend of $0.16

United Fire Group, Inc. (NASDAQ:UFCSGet Free Report) declared a quarterly dividend on Wednesday, May 15th, Zacks reports. Shareholders of record on Friday, May 31st will be given a dividend of 0.16 per share by the insurance provider on Friday, June 14th. This represents a $0.64 dividend on an annualized basis and a yield of 2.91%. The ex-dividend date is Friday, May 31st.

United Fire Group has decreased its dividend payment by an average of 17.5% per year over the last three years and has raised its dividend every year for the last 2 years. United Fire Group has a dividend payout ratio of 39.5% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect United Fire Group to earn $1.50 per share next year, which means the company should continue to be able to cover its $0.64 annual dividend with an expected future payout ratio of 42.7%.

United Fire Group Stock Down 3.7 %

NASDAQ UFCS opened at $22.02 on Thursday. The firm’s 50 day moving average is $22.39 and its 200-day moving average is $21.89. The company has a market capitalization of $557.11 million, a PE ratio of -31.91 and a beta of 0.34. United Fire Group has a 12-month low of $18.41 and a 12-month high of $25.55.

United Fire Group (NASDAQ:UFCSGet Free Report) last issued its quarterly earnings results on Tuesday, May 7th. The insurance provider reported $0.56 EPS for the quarter, topping the consensus estimate of $0.55 by $0.01. The firm had revenue of $296.00 million for the quarter, compared to analysts’ expectations of $282.30 million. United Fire Group had a negative net margin of 1.50% and a negative return on equity of 2.63%. As a group, sell-side analysts expect that United Fire Group will post 1.1 EPS for the current year.

Wall Street Analysts Forecast Growth

UFCS has been the subject of a number of analyst reports. StockNews.com upgraded United Fire Group from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 16th. Piper Sandler reissued an “underweight” rating and issued a $21.00 target price on shares of United Fire Group in a research note on Monday, April 1st.

View Our Latest Report on UFCS

Insider Activity at United Fire Group

In other United Fire Group news, VP Micah G. Woolstenhulme purchased 1,500 shares of the stock in a transaction on Wednesday, March 13th. The shares were purchased at an average price of $21.76 per share, with a total value of $32,640.00. Following the completion of the transaction, the vice president now directly owns 32,763 shares in the company, valued at $712,922.88. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. In other United Fire Group news, VP Micah G. Woolstenhulme purchased 1,500 shares of the business’s stock in a transaction on Wednesday, March 13th. The stock was acquired at an average price of $21.76 per share, with a total value of $32,640.00. Following the acquisition, the vice president now directly owns 32,763 shares of the company’s stock, valued at approximately $712,922.88. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Christopher R. Drahozal sold 2,500 shares of the company’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $22.15, for a total transaction of $55,375.00. Following the completion of the transaction, the director now owns 454,363 shares in the company, valued at $10,064,140.45. The disclosure for this sale can be found here. 5.99% of the stock is currently owned by company insiders.

About United Fire Group

(Get Free Report)

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.

Further Reading

Dividend History for United Fire Group (NASDAQ:UFCS)

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