Envestnet Asset Management Inc. increased its position in shares of National General Holdings Corp (NASDAQ:NGHC) by 5.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 47,435 shares of the insurance provider’s stock after buying an additional 2,381 shares during the period. Envestnet Asset Management Inc.’s holdings in National General were worth $1,092,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently bought and sold shares of NGHC. Hillcrest Asset Management LLC grew its position in shares of National General by 0.6% during the 2nd quarter. Hillcrest Asset Management LLC now owns 534,562 shares of the insurance provider’s stock worth $12,263,000 after buying an additional 3,220 shares during the period. Park West Asset Management LLC raised its stake in shares of National General by 2.7% during the 2nd quarter. Park West Asset Management LLC now owns 5,248,841 shares of the insurance provider’s stock worth $120,408,000 after purchasing an additional 138,130 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. bought a new stake in shares of National General during the 2nd quarter worth approximately $1,064,000. Jacobs Levy Equity Management Inc. raised its stake in shares of National General by 263.4% during the 2nd quarter. Jacobs Levy Equity Management Inc. now owns 214,674 shares of the insurance provider’s stock worth $4,925,000 after purchasing an additional 155,607 shares in the last quarter. Finally, LSV Asset Management raised its stake in National General by 15.2% in the 2nd quarter. LSV Asset Management now owns 263,686 shares of the insurance provider’s stock valued at $6,048,000 after acquiring an additional 34,700 shares during the period. 52.32% of the stock is owned by institutional investors and hedge funds.
A number of brokerages have commented on NGHC. Zacks Investment Research lowered National General from a “hold” rating to a “sell” rating in a report on Wednesday, October 23rd. BidaskClub cut shares of National General from a “sell” rating to a “strong sell” rating in a research report on Thursday, October 24th. Finally, ValuEngine downgraded National General from a “hold” rating to a “sell” rating in a report on Thursday. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $31.40.
In other National General news, CFO Michael Hal Weiner sold 5,111 shares of the company’s stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $22.08, for a total value of $112,850.88. Following the sale, the chief financial officer now owns 82,746 shares in the company, valued at $1,827,031.68. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Peter A. Rendall sold 9,858 shares of the company’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $21.77, for a total transaction of $214,608.66. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,079 shares of company stock valued at $451,530. Insiders own 3.38% of the company’s stock.
NGHC opened at $21.37 on Friday. The firm has a market capitalization of $2.46 billion, a P/E ratio of 9.33 and a beta of 0.60. The company has a fifty day moving average price of $22.32 and a 200-day moving average price of $23.33. National General Holdings Corp has a one year low of $20.36 and a one year high of $27.47.
National General (NASDAQ:NGHC) last posted its quarterly earnings results on Wednesday, October 30th. The insurance provider reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.65 by ($0.06). The business had revenue of $1.25 billion during the quarter, compared to the consensus estimate of $1.24 billion. National General had a return on equity of 15.70% and a net margin of 5.34%. The business’s revenue for the quarter was up 11.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.65 earnings per share. Research analysts forecast that National General Holdings Corp will post 2.65 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Wednesday, January 1st will be paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 0.94%. The ex-dividend date of this dividend is Monday, December 30th. National General’s dividend payout ratio (DPR) is 9.57%.
About National General
National General Holdings Corp., a specialty personal lines insurance holding company, provides various insurance products and services in the United States, Bermuda, Luxembourg, and Sweden. The company’s Property and Casualty segment offers standard, preferred, and nonstandard automobile insurance products; and recreational vehicle (RV) insurance products that carry RV-specific endorsements comprising automatic personal effects coverage, optional replacement cost coverage, RV storage coverage, and full-time liability coverage.
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