National General (NGHC) Cut to Sell at Zacks Investment Research

National General (NASDAQ:NGHC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.

According to Zacks, “National General Holdings Corp. is a specialty personal lines insurance holding company. The Company, through its subsidiaries, provides personal and commercial automobile insurance, recreational vehicle and motorcycle insurance, supplemental health insurance products and other niche insurance products. It operates in two segments, Property and Casualty and Accident and Health. The Property and Casualty segment offers standard and preferred automobile and sub-standard automobile insurance policies; Recreational vehicle insurance policies; commercial automobile insurance policies; and motorcycle insurance policies for various types of motorcycles, as well as golf carts and all-terrain vehicles. The Accident and Health segment provides accident and non-major medical health insurance products. National General Holdings Corp. is headquartered in New York. “

NGHC has been the topic of a number of other reports. ValuEngine raised shares of National General from a “hold” rating to a “buy” rating in a research note on Thursday, November 1st. Morgan Stanley set a $30.00 price objective on shares of National General and gave the company a “hold” rating in a research note on Wednesday, November 14th. Finally, BidaskClub lowered shares of National General from a “buy” rating to a “hold” rating in a research note on Wednesday, January 9th. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $29.67.

Shares of NASDAQ NGHC opened at $24.86 on Wednesday. The firm has a market cap of $2.65 billion, a P/E ratio of 22.81 and a beta of 0.71. National General has a 12-month low of $18.53 and a 12-month high of $28.89.

In other National General news, President Robert Karfunkel acquired 20,000 shares of the company’s stock in a transaction on Monday, December 24th. The shares were purchased at an average cost of $23.22 per share, with a total value of $464,400.00. Following the completion of the purchase, the president now owns 86,071 shares of the company’s stock, valued at $1,998,568.62. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Barry Karfunkel acquired 7,000 shares of the company’s stock in a transaction on Monday, December 24th. The stock was acquired at an average cost of $23.23 per share, for a total transaction of $162,610.00. Following the completion of the purchase, the chief executive officer now directly owns 134,245 shares of the company’s stock, valued at approximately $3,118,511.35. The disclosure for this purchase can be found here. Insiders acquired 28,148 shares of company stock worth $652,840 over the last ninety days. Insiders own 3.40% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the business. Parkside Financial Bank & Trust lifted its stake in shares of National General by 37.3% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,968 shares of the insurance provider’s stock valued at $48,000 after buying an additional 535 shares in the last quarter. New York State Teachers Retirement System bought a new position in shares of National General in the fourth quarter valued at $131,000. Quantamental Technologies LLC bought a new position in shares of National General in the fourth quarter valued at $137,000. First Quadrant L P CA bought a new position in shares of National General in the third quarter valued at $164,000. Finally, Stevens Capital Management LP bought a new position in shares of National General during the fourth quarter valued at about $262,000. 47.94% of the stock is currently owned by hedge funds and other institutional investors.

About National General

National General Holdings Corp., a specialty personal lines insurance holding company, provides various insurance products and services in the United States. The company operates in two segments, Property and Casualty, and Accident and Health. The 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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