Convergence Investment Partners LLC Takes Position in National General Holdings Corp (NASDAQ:NGHC)

Convergence Investment Partners LLC bought a new stake in shares of National General Holdings Corp (NASDAQ:NGHC) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 34,645 shares of the insurance provider’s stock, valued at approximately $749,000.

Several other hedge funds have also made changes to their positions in NGHC. State of Michigan Retirement System purchased a new position in shares of National General in the 1st quarter worth about $21,515,000. Norges Bank purchased a new position in shares of National General in the 4th quarter worth about $25,458,000. BlackRock Inc. raised its position in shares of National General by 11.1% in the 1st quarter. BlackRock Inc. now owns 5,482,979 shares of the insurance provider’s stock worth $90,743,000 after purchasing an additional 549,728 shares during the last quarter. Park West Asset Management LLC raised its position in shares of National General by 10.4% in the 1st quarter. Park West Asset Management LLC now owns 5,761,825 shares of the insurance provider’s stock worth $95,358,000 after purchasing an additional 542,662 shares during the last quarter. Finally, Nut Tree Capital Management LP raised its position in shares of National General by 34.9% in the 1st quarter. Nut Tree Capital Management LP now owns 1,849,859 shares of the insurance provider’s stock worth $30,615,000 after purchasing an additional 478,545 shares during the last quarter. Hedge funds and other institutional investors own 52.66% of the company’s stock.

A number of equities analysts have weighed in on NGHC shares. ValuEngine lowered National General from a “sell” rating to a “strong sell” rating in a research report on Friday, May 1st. TheStreet raised National General from a “c” rating to a “b-” rating in a research report on Tuesday, June 16th. William Blair lowered National General from an “outperform” rating to a “market perform” rating in a research report on Wednesday, July 8th. JMP Securities lowered National General from an “outperform” rating to a “market perform” rating in a research report on Thursday, July 9th. Finally, BidaskClub raised National General from a “sell” rating to a “hold” rating in a research report on Tuesday, May 19th. One investment analyst has rated the stock with a sell rating and six have given a hold rating to the company. National General currently has a consensus rating of “Hold” and an average price target of $32.83.

Shares of National General stock traded up $0.19 during trading hours on Friday, reaching $33.99. 1,675,099 shares of the stock traded hands, compared to its average volume of 3,047,859. The company has a 50 day moving average price of $26.79 and a 200 day moving average price of $21.05. The firm has a market capitalization of $3.87 billion, a price-to-earnings ratio of 12.18 and a beta of 0.86. National General Holdings Corp has a one year low of $11.82 and a one year high of $34.48.

National General (NASDAQ:NGHC) last released its quarterly earnings results on Friday, July 31st. The insurance provider reported $1.36 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.55. The business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.36 billion. National General had a return on equity of 16.97% and a net margin of 6.60%. The business’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.67 EPS. On average, sell-side analysts expect that National General Holdings Corp will post 3.22 EPS for the current year.

National General 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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Institutional Ownership by Quarter for National General (NASDAQ:NGHC)

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