National General Holdings Corp (NASDAQ:NGHC) Sees Significant Increase in Short Interest
National General Holdings Corp (NASDAQ:NGHC) was the recipient of a large increase in short interest in the month of July. As of July 15th, there was short interest totalling 678,800 shares, an increase of 8.0% from the June 15th total of 628,800 shares. Approximately 1.0% of the company’s shares are sold short. Based on an average daily trading volume, of 236,600 shares, the short-interest ratio is presently 2.9 days.
Shares of NASDAQ NGHC traded up $1.71 during trading hours on Tuesday, hitting $24.61. The stock had a trading volume of 391,333 shares, compared to its average volume of 241,001. The firm has a market capitalization of $2.59 billion, a P/E ratio of 11.78 and a beta of 0.67. The company’s 50-day moving average price is $23.16. National General has a 52 week low of $21.22 and a 52 week high of $28.89.
National General (NASDAQ:NGHC) last announced its quarterly earnings results on Monday, July 29th. The insurance provider reported $0.67 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.07. The business had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.37 billion. National General had a return on equity of 16.86% and a net margin of 4.89%. The firm’s quarterly revenue was up 12.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.54 EPS. On average, equities analysts predict that National General will post 2.68 EPS for the current year.
NGHC has been the topic of several research analyst reports. Compass Point set a $36.00 target price on National General and gave the company a “hold” rating in a research note on Monday, June 24th. BidaskClub cut Zynerba Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Wednesday, June 26th. ValuEngine raised Zogenix from a “buy” rating to a “strong-buy” rating in a research note on Thursday, June 27th. B. Riley set a $18.00 target price on TiVo and gave the company a “buy” rating in a research note on Friday, May 31st. Finally, Zacks Investment Research cut ZEALAND PHARMA/S from a “buy” rating to a “hold” rating in a research note on Saturday. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $31.17.
In other National General news, CFO Michael Hal Weiner sold 5,110 shares of the business’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $24.09, for a total transaction of $123,099.90. Following the sale, the chief financial officer now owns 44,623 shares in the company, valued at approximately $1,074,968.07. The transaction was disclosed in a filing with the SEC, which is available through this link. In the last 90 days, insiders have sold 15,846 shares of company stock worth $370,130. Corporate insiders own 3.38% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in NGHC. APG Asset Management N.V. lifted its holdings in shares of National General by 51.7% during the fourth quarter. APG Asset Management N.V. now owns 26,400 shares of the insurance provider’s stock worth $559,000 after buying an additional 9,000 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of National General by 10.6% during the fourth quarter. Bank of America Corp DE now owns 693,140 shares of the insurance provider’s stock worth $16,782,000 after buying an additional 66,327 shares during the last quarter. American International Group Inc. raised its stake in National General by 4.1% during the fourth quarter. American International Group Inc. now owns 42,562 shares of the insurance provider’s stock worth $1,030,000 after acquiring an additional 1,665 shares in the last quarter. Norges Bank acquired a new position in National General during the fourth quarter worth $29,088,000. Finally, Geode Capital Management LLC raised its stake in National General by 19.2% during the fourth quarter. Geode Capital Management LLC now owns 837,134 shares of the insurance provider’s stock worth $20,266,000 after acquiring an additional 134,820 shares in the last quarter. 51.87% of the stock is owned by institutional investors and hedge funds.
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, 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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