Stock Buyback Plan Declared by NI (NASDAQ:NODK) Board

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 of Directors has approved a share repurchase program on Monday, August 25th, RTT News reports. The company plans to buyback $5.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 1.9% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its shares are undervalued.

NI Price Performance

NASDAQ NODK traded up $0.17 on Friday, reaching $13.39. The company had a trading volume of 9,837 shares, compared to its average volume of 13,607. The firm has a market cap of $276.77 million, a price-to-earnings ratio of 167.38 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. The business has a 50 day moving average of $12.92 and a two-hundred day moving average of $13.24.

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

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.