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James Noyce, a director at United Fire Group Inc. (NASDAQ:UFCS), recently purchased 2,000 shares of the company's common stock, according to a recent SEC filing. The shares were acquired at a price of $26.97 each, totaling $53,940. The purchase comes as InvestingPro data shows the stock trading below its Fair Value, with shares up over 41% in the past six months. Following this transaction, Noyce's total direct ownership stands at 27,316 shares. This move underscores Noyce's ongoing investment in the $674 million market cap company, which operates within the fire, marine, and casualty insurance sector and boasts a 52-year streak of consecutive dividend payments, currently yielding 2.39%. InvestingPro subscribers can access additional insights, including 6 key ProTips and a comprehensive Pro Research Report analyzing UFCS's financial health and growth prospects.
In other recent news, United Fire Group, Inc. showcased a strong performance in its fourth-quarter earnings, significantly surpassing analyst expectations. The property and casualty insurer reported adjusted earnings per share of $1.25, a notable increase from the consensus estimate of $0.61. Additionally, revenue for the quarter was reported at $333.18 million, exceeding expectations of $294.8 million.
Net income also saw a substantial increase, rising to $31.4 million from $19.6 million in the year-ago quarter. This growth was complemented by a 13% YoY growth in net written premiums, reaching $278.5 million, largely influenced by strong performance in core commercial and assumed reinsurance business.
For the full year 2024, net income rose to $62.0 million, with net investment income jumping 37.5% to $82.0 million. In light of these recent developments, the company anticipates its fixed maturity portfolio to generate over $80 million of annualized income, with potential for further improvement from future reinvestment at higher rates.
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