On Aug 23, Zacks Investment Research upgraded
United Fire Group, Inc
) to a Zacks Rank #1 (Strong Buy).
GLOBAL INDEMNTY (GBLI): Free Stock Analysis
HCI GROUP INC (HCI): Free Stock Analysis
EVEREST RE LTD (RE): Free Stock Analysis
UNITED FIRE GRP (UFCS): Free Stock Analysis
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Why the Upgrade?
United Fire Group has witnessed rising earnings estimates on the
back of strong second-quarter 2013 results. Moreover, this
property and casualty insurer delivered positive earnings
surprises in 3 of the last 4 quarters with an average beat of
43.0%. The long-term expected earnings growth rate for this stock
United Fire Group reported second-quarter results on Aug 6.
Non-GAAP earnings per share came in at 25 cents, surpassing the
Zacks Consensus Estimate by 100%. Higher premiums written by the
property and casualty segment and new business volume growth
mainly led to the upside. Results were however 10.7% down year
Total revenue of United Fire increased 10.1% year over year to
$219.7 million in the second quarter, driven mainly by an
improvement in net premiums earned. It also surpassed the Zacks
Consensus Estimate of $216 million.
Net written premiums in the quarter increased 9.1% year over year
to $214.2 million.
The company experienced rate increases with slight increase in
policy retention. United Fire Group expects to achieve mid to
upper single digit rate increases for the rest of the year.
The Zacks Consensus Estimate for 2013 increased 22.9% to $2.15
per share over the last 30 days. For 2014, the Zacks Consensus
Estimate moved north by 6.9% to $2.31 per share.
Other Stocks to Consider
Property and casualty insurers
Everest Re Group Ltd
Global Indemnity plc
HCI Group, Inc
) with Zacks Rank #1 are also performing well and are worth