M3F Inc. Buys 73,514 Shares of NI Holdings, Inc. $NODK

Key Points

• M3F Inc. increased its stake in NI Holdings, Inc. by 5.5%, now holding approximately 6.81% of the company worth $20.1 million.
• Several institutional investors, including JPMorgan Chase and Wells Fargo, have raised their holdings in NI Holdings significantly during the last quarter, indicating growing interest in the company's stock.
• NI Holdings approved a $5 million share buyback plan, suggesting the board believes its shares are undervalued.

M3F Inc. boosted its stake in shares of NI Holdings, Inc. (NASDAQ:NODK - Free Report) by 5.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,409,844 shares of the company's stock after purchasing an additional 73,514 shares during the quarter. NI comprises 5.5% of M3F Inc.'s holdings, making the stock its 6th largest holding. M3F Inc. owned 6.81% of NI worth $20,104,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently added to or reduced their stakes in NODK. Tower Research Capital LLC TRC raised its stake in shares of NI by 26.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 3,882 shares of the company's stock worth $61,000 after purchasing an additional 815 shares during the last quarter. Wells Fargo & Company MN raised its position in NI by 27.8% during the fourth quarter. Wells Fargo & Company MN now owns 4,579 shares of the company's stock valued at $72,000 after acquiring an additional 997 shares in the last quarter. Citadel Advisors LLC raised its position in NI by 61.4% during the fourth quarter. Citadel Advisors LLC now owns 18,328 shares of the company's stock valued at $288,000 after acquiring an additional 6,972 shares in the last quarter. Bank of America Corp DE increased its position in shares of NI by 17.0% in the fourth quarter. Bank of America Corp DE now owns 19,320 shares of the company's stock valued at $303,000 after buying an additional 2,811 shares in the last quarter. Finally, Hsbc Holdings PLC raised its stake in shares of NI by 20.4% during the 4th quarter. Hsbc Holdings PLC now owns 24,523 shares of the company's stock worth $387,000 after buying an additional 4,159 shares during the period. Institutional investors own 21.89% of the company's stock.

NI Price Performance

NASDAQ NODK traded down $0.27 on Tuesday, hitting $13.12. The company had a trading volume of 2,365 shares, compared to its average volume of 15,369. The company has a market capitalization of $271.19 million, a PE ratio of 164.00 and a beta of 0.34. The company's fifty day moving average price is $12.93 and its 200-day moving average price is $13.23. NI Holdings, Inc. has a 12-month low of $12.01 and a 12-month high of $17.24.

NI (NASDAQ:NODK - Get Free Report) last issued its quarterly earnings results on Friday, August 8th. The company reported ($0.57) EPS for the quarter. The company had revenue of $76.06 million during the quarter. NI had a return on equity of 0.63% and a net margin of 0.50%.

NI announced that its Board of Directors has approved a stock buyback program on Monday, August 25th that permits the company to buyback $5.00 million in shares. This buyback authorization permits the company to purchase up to 1.9% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its shares are undervalued.

NI Company Profile

NI Holdings, Inc underwrites property and casualty insurance products in the United States. Its products include private passenger auto, non-standard automobile, homeowners, farm owners, crop hail and multi-peril crop, and liability insurance policies. The company was founded in 1946 and is headquartered in Fargo, North Dakota.