National General (NGHC) Downgraded by BidaskClub
BidaskClub cut shares of National General (NASDAQ:NGHC) from a buy rating to a hold rating in a research note released on Wednesday morning.
NGHC has been the subject of several other reports. ValuEngine raised National General from a hold rating to a buy rating in a report on Thursday, November 1st. Zacks Investment Research cut National General from a hold rating to a sell rating in a report on Friday, November 2nd. Finally, Morgan Stanley set a $30.00 price target on National General and gave the company a hold rating in a report on Wednesday, November 14th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock has a consensus rating of Buy and an average target price of $29.67.
Shares of NGHC traded down $0.04 during mid-day trading on Wednesday, hitting $23.87. The company’s stock had a trading volume of 150,936 shares, compared to its average volume of 266,388. The stock has a market capitalization of $2.55 billion, a P/E ratio of 21.90 and a beta of 0.79. National General has a 1-year low of $18.22 and a 1-year high of $28.89.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 15th. Investors of record on Tuesday, January 1st will be issued a dividend of $0.04 per share. The ex-dividend date of this dividend is Friday, December 28th. This represents a $0.16 annualized dividend and a yield of 0.67%. National General’s dividend payout ratio is presently 14.68%.
In other news, President Robert Karfunkel acquired 20,000 shares of National General stock in a transaction that occurred on Monday, December 24th. The stock was purchased at an average cost of $23.22 per share, with a total value of $464,400.00. Following the completion of the acquisition, the president now owns 86,071 shares in the company, valued at approximately $1,998,568.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Barry Karfunkel acquired 7,000 shares of National General stock in a transaction that occurred on Monday, December 24th. The shares were purchased at an average cost of $23.23 per share, with a total value of $162,610.00. Following the completion of the acquisition, the chief executive officer now owns 134,245 shares of the company’s stock, valued at approximately $3,118,511.35. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 28,148 shares of company stock valued at $652,840. 3.40% of the stock is currently owned by insiders.
Hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC acquired a new position in National General during the second quarter worth $118,000. First Quadrant L P CA acquired a new position in National General during the third quarter worth $164,000. United Services Automobile Association increased its position in National General by 36.5% during the second quarter. United Services Automobile Association now owns 13,128 shares of the insurance provider’s stock worth $346,000 after buying an additional 3,508 shares in the last quarter. Advisors Asset Management Inc. increased its position in National General by 1,330.1% during the second quarter. Advisors Asset Management Inc. now owns 221,100 shares of the insurance provider’s stock worth $394,000 after buying an additional 205,640 shares in the last quarter. Finally, Zeke Capital Advisors LLC purchased a new position in National General during the third quarter worth $524,000. 48.33% of the stock is owned by hedge funds and other institutional investors.
National General Company Profile
National General Holdings Corp., a specialty personal lines insurance holding company, provides various insurance products and services in the United States. The company operates in two segments, Property and Casualty, and Accident and Health. The 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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