NI (NASDAQ:NODK) Approves Stock Repurchase Plan

NI (NASDAQ:NODK) declared that its Board of Directors has authorized a stock buyback plan on Monday, August 25th, RTT News reports. The company plans to repurchase $5.00 million in outstanding shares. This repurchase authorization allows the company to purchase up to 1.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

NI Price Performance

Shares of NASDAQ NODK opened at $12.55 on Tuesday. The company’s 50 day simple moving average is $12.86 and its 200 day simple moving average is $13.27. NI has a fifty-two week low of $12.01 and a fifty-two week high of $17.24. The firm has a market capitalization of $259.41 million, a P/E ratio of 156.88 and a beta of 0.33.

NI (NASDAQ:NODK) last announced its quarterly earnings data 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 business had revenue of $76.06 million during the quarter.

About NI

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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.