Teacher Retirement System of Texas decreased its holdings in National General Holdings (NASDAQ:NGHC) by 35.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,829 shares of the insurance provider’s stock after selling 6,567 shares during the period. Teacher Retirement System of Texas’ holdings in National General were worth $288,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of NGHC. Aperio Group LLC acquired a new position in shares of National General in the 1st quarter valued at about $209,000. US Bancorp DE increased its holdings in National General by 80.3% in the fourth quarter. US Bancorp DE now owns 12,332 shares of the insurance provider’s stock worth $242,000 after buying an additional 5,492 shares during the last quarter. MetLife Investment Advisors LLC acquired a new position in National General in the fourth quarter worth approximately $471,000. Envestnet Asset Management Inc. increased its holdings in National General by 11.4% in the fourth quarter. Envestnet Asset Management Inc. now owns 25,314 shares of the insurance provider’s stock worth $497,000 after buying an additional 2,594 shares during the last quarter. Finally, Comerica Bank increased its holdings in National General by 30.6% in the first quarter. Comerica Bank now owns 19,731 shares of the insurance provider’s stock worth $503,000 after buying an additional 4,627 shares during the last quarter. Institutional investors own 46.61% of the company’s stock.
In other National General news, COO Peter A. Rendall sold 6,637 shares of the stock in a transaction that occurred on Thursday, March 29th. The stock was sold at an average price of $24.31, for a total transaction of $161,345.47. Following the transaction, the chief operating officer now owns 17 shares in the company, valued at $413.27. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 3.40% of the company’s stock.
Shares of National General opened at $27.75 on Thursday, Marketbeat.com reports. National General Holdings has a 12 month low of $16.21 and a 12 month high of $28.05. The company has a market cap of $2.98 billion, a price-to-earnings ratio of 25.46 and a beta of 0.94.
National General (NASDAQ:NGHC) last announced its quarterly earnings results on Monday, May 7th. The insurance provider reported $0.62 EPS for the quarter, beating the consensus estimate of $0.52 by $0.10. National General had a return on equity of 8.80% and a net margin of 2.23%. The company had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.11 billion. During the same quarter last year, the company posted $0.33 earnings per share. The company’s revenue for the quarter was up 1.7% compared to the same quarter last year. equities research analysts forecast that National General Holdings will post 2.26 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, July 16th. Shareholders of record on Monday, July 2nd will be issued a dividend of $0.04 per share. The ex-dividend date is Friday, June 29th. This represents a $0.16 annualized dividend and a yield of 0.58%. National General’s dividend payout ratio (DPR) is presently 14.68%.
A number of research firms recently commented on NGHC. JMP Securities increased their price objective on National General from $30.00 to $32.00 and gave the stock a “market outperform” rating in a report on Monday, June 11th. ValuEngine upgraded National General from a “hold” rating to a “buy” rating in a report on Wednesday, May 2nd. Morgan Stanley increased their price objective on National General from $25.00 to $27.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 9th. Keefe, Bruyette & Woods downgraded National General from an “outperform” rating to a “market perform” rating and set a $27.00 price objective on the stock. in a report on Monday, June 4th. Finally, BidaskClub upgraded National General from a “hold” rating to a “buy” rating in a report on Friday, June 1st. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company has an average rating of “Buy” and an average target price of $28.43.
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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