NI Holdings, Inc. $NODK Shares Purchased by M3F Inc.

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. increased its stake in shares of NI Holdings, Inc. (NASDAQ:NODK - Free Report) by 5.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,409,844 shares of the company's stock after purchasing an additional 73,514 shares during the period. NI accounts for approximately 5.5% of M3F Inc.'s investment portfolio, making the stock its 6th biggest position. M3F Inc. owned approximately 6.81% of NI worth $20,104,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of NODK. Bridgeway Capital Management LLC purchased a new stake in NI during the 4th quarter valued at about $1,116,000. Boothbay Fund Management LLC acquired a new position in NI in the 4th quarter valued at about $487,000. Nuveen LLC purchased a new stake in shares of NI in the 1st quarter valued at approximately $368,000. JPMorgan Chase & Co. grew its stake in shares of NI by 107.3% in the 4th quarter. JPMorgan Chase & Co. now owns 31,911 shares of the company's stock valued at $501,000 after buying an additional 16,520 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in shares of NI by 4.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 270,564 shares of the company's stock valued at $4,248,000 after buying an additional 11,240 shares during the period. Hedge funds and other institutional investors own 21.89% of the company's stock.

NI Stock Up 1.3%

Shares of NI stock traded up $0.17 during mid-day trading on Friday, hitting $13.39. The stock had a trading volume of 9,837 shares, compared to its average volume of 13,607. The firm has a 50-day moving average of $12.92 and a two-hundred day moving average of $13.24. NI Holdings, Inc. has a 12-month low of $12.01 and a 12-month high of $17.24. The firm has a market cap of $276.77 million, a P/E ratio of 167.38 and a beta of 0.33.

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

NI announced that its board has initiated a share repurchase plan on Monday, August 25th that authorizes the company to repurchase $5.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 1.9% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board believes its shares are undervalued.

About NI

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.