Share Buyback Program Initiated by NI (NASDAQ:NODK) Board of Directors

NI (NASDAQ:NODK) announced that its Board of Directors has approved a stock repurchase program on Monday, August 25th, RTT News reports. The company plans to repurchase $5.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 1.9% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

NI Trading Up 1.2%

Shares of NASDAQ NODK opened at $13.30 on Thursday. The firm’s 50-day moving average price is $12.89 and its 200-day moving average price is $13.27. The stock has a market capitalization of $274.91 million, a price-to-earnings ratio of 166.25 and a beta of 0.33. NI has a 12-month low of $12.01 and a 12-month high of $17.24.

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

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.