National General Holdings Corp. (NGHC) Downgraded to Equal Weight at Morgan Stanley
Morgan Stanley cut shares of National General Holdings Corp. (NASDAQ:NGHC) from an overweight rating to an equal weight rating in a research note released on Friday. They currently have $23.00 price target on the stock. The analysts noted that the move was a valuation call.
Several other research firms have also recently issued reports on NGHC. Zacks Investment Research raised National General Holdings Corp. from a hold rating to a buy rating and set a $25.00 price objective on the stock in a research report on Wednesday, September 28th. William Blair reaffirmed an outperform rating on shares of National General Holdings Corp. in a research report on Saturday, September 10th. Finally, Keefe, Bruyette & Woods upped their price objective on National General Holdings Corp. from $26.00 to $27.00 and gave the company an outperform rating in a research report on Wednesday, August 3rd. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of Buy and a consensus target price of $26.00.
Shares of National General Holdings Corp. (NASDAQ:NGHC) traded up 0.244% during trading on Friday, hitting $22.555. The stock had a trading volume of 19,369 shares. The stock’s 50-day moving average price is $21.68 and its 200 day moving average price is $21.58. The firm has a market capitalization of $2.40 billion, a P/E ratio of 18.656 and a beta of 1.27. National General Holdings Corp. has a 1-year low of $18.04 and a 1-year high of $23.59.
National General Holdings Corp. (NASDAQ:NGHC) last posted its quarterly earnings results on Wednesday, November 2nd. The company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.38 by $0.07. The company earned $857.38 million during the quarter, compared to analysts’ expectations of $846.07 million. National General Holdings Corp. had a return on equity of 12.60% and a net margin of 4.36%. The business’s quarterly revenue was up 56.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.43 EPS. On average, analysts anticipate that National General Holdings Corp. will post $1.47 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 17th. Investors of record on Tuesday, January 3rd will be issued a $0.04 dividend. The ex-dividend date is Thursday, December 29th. This represents a $0.16 dividend on an annualized basis and a yield of 0.71%. National General Holdings Corp.’s dividend payout ratio is currently 13.11%.
In related news, General Counsel Jeffrey Weissmann sold 18,000 shares of the firm’s stock in a transaction on Tuesday, November 15th. The stock was sold at an average price of $22.78, for a total value of $410,040.00. Following the transaction, the general counsel now directly owns 34,053 shares of the company’s stock, valued at approximately $775,727.34. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 14.10% of the stock is owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in the company. Allianz Asset Management AG boosted its position in shares of National General Holdings Corp. by 137.3% in the second quarter. Allianz Asset Management AG now owns 2,245,554 shares of the company’s stock worth $48,100,000 after buying an additional 1,299,233 shares in the last quarter. Royal Bank of Canada boosted its position in shares of National General Holdings Corp. by 22.9% in the first quarter. Royal Bank of Canada now owns 3,661,930 shares of the company’s stock worth $79,061,000 after buying an additional 683,518 shares in the last quarter. Schroder Investment Management Group bought a new position in shares of National General Holdings Corp. during the second quarter worth approximately $12,512,000. BlackRock Institutional Trust Company N.A. boosted its position in shares of National General Holdings Corp. by 44.9% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 1,409,932 shares of the company’s stock worth $30,201,000 after buying an additional 437,123 shares in the last quarter. Finally, Hillcrest Asset Management LLC bought a new position in shares of National General Holdings Corp. during the third quarter worth approximately $8,623,000. 42.18% of the stock is currently owned by institutional investors.
About National General Holdings Corp.
National General Holdings Corp. is a personal lines insurance holding company. Through its subsidiaries, the Company provides a range of insurance products, including personal and commercial automobile, homeowners, umbrella, recreational vehicle, supplemental health, lender-placed and other niche products.
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