NI (NASDAQ:NODK) to Repurchase $5.00 million in Outstanding Stock

Key Points

• NI Holdings, Inc. has authorized a stock buyback plan worth $5.00 million, representing up to 1.9% of its outstanding shares, signaling management's belief that the stock is undervalued.
• As of the article's publication, shares of NI (NASDAQ:NODK) are trading down 2.2% at $12.55, with a market capitalization of $259.41 million.
• In its latest quarterly earnings report, NI reported a loss of $0.57 earnings per share (EPS) and revenue of $76.06 million.

NI (NASDAQ:NODK - Get Free Report) declared that its board has authorized a stock buyback plan on Monday, August 25th, RTT News reports. The company plans to buyback $5.00 million in shares. This buyback authorization allows the company to buy up to 1.9% of its stock through open market purchases. Stock buyback plans are often an indication that the company's management believes its stock is undervalued.

NI Trading Down 2.2%

Shares of NODK traded down $0.28 during midday trading on Monday, hitting $12.55. The stock had a trading volume of 27,654 shares, compared to its average volume of 12,308. The business has a 50-day simple moving average of $12.86 and a two-hundred day simple moving average of $13.27. The firm has a market cap of $259.41 million, a P/E ratio of 156.88 and a beta of 0.33. NI has a fifty-two week low of $12.01 and a fifty-two week high of $17.24.

NI (NASDAQ:NODK - Get Free Report) last posted its quarterly earnings results on Friday, August 8th. The company reported ($0.57) earnings per share (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%.

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.

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