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July 31, 2020, 9:05 a.m. EDT

National General Holdings Corp. Reports Second Quarter 2020 Results

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NEW YORK, July 31, Jul 31, 2020 (GLOBE NEWSWIRE via COMTEX) -- National General Holdings Corp. /zigman2/quotes/202458366/composite NGHC -0.07% reported second quarter 2020 net income of $157.6 million or $1.37 per diluted share, compared to net income of $69.0 million or $0.60 per diluted share in the second quarter of 2019. Second quarter 2020 operating earnings (non-GAAP) were $157.6 million or $1.36 per diluted share compared to $78.1 million or $0.67 per diluted share in the second quarter of 2019.

Second Quarter 2020 Highlights versus Second Quarter 2019*

-- Gross written premium grew by $50.4 million to $1,243.2 million compared to the prior year's quarter due to our P&C segment growth of 3.2%, driven by the acquisition of National Farmers Union Property and Casualty Company ("Farmers Union Insurance") in the third quarter of 2019, and organic growth, largely offset by the premium refund provided due to lower miles driven as a result of the COVID-19 pandemic; and our A&H domestic segment growth of 20.2%, excluding our previously sold A&H international business.

-- The overall combined ratio was 80.5% compared to 90.9% in the prior year's quarter, excluding non-cash amortization of intangible assets. The P&C segment reported an improved combined ratio to 83.6% from 92.6% in the prior year's quarter driven by our continued strong underwriting and recent declines in miles driven. The P&C combined ratio includes prior year unfavorable loss development of $8.6 million compared to $10.4 million unfavorable loss development in the prior year's quarter, and $35.3 million of catastrophe losses related to weather-related events compared to $18.4 million of catastrophe losses in the prior year's quarter. The A&H segment reported a decrease in the combined ratio to 65.0% from 82.6% in the prior year's quarter, driven by strong operating results in our small group self-funded and individual products, absence of our international business which was sold in the fourth quarter of 2019, and growth in service and fee income of 51.3%. The A&H combined ratio includes $11.4 million of favorable loss development compared to $8.1 million of favorable loss development in the prior year's quarter.

-- Stockholders' equity was $3.0 billion and fully diluted book value per share was $22.02 at June 30, 2020, growth of 13.0% and 15.5%, respectively, from December 31, 2019. Excluding accumulated other comprehensive income, fully diluted book value per share was $20.40 at June 30, 2020, growth of 10.7%, from December 31, 2019. Our trailing twelve-month operating return on average equity (ROE) was 18.1% as of June 30, 2020.

-- Second quarter of 2020 operating earnings (non-GAAP)excludes the following, net of tax: $0.1 million loss on equity method investments, $4.4 million or $0.04 per share of net gain on investments and $4.2 million or $0.04 per share of non-cash amortization of intangible assets.

-- Repurchased 459,083 shares during the second quarter of 2020 as part of our share repurchase program.

-- Agreement announced on July 7, 2020 to be acquired by Allstate for expected total consideration of $34.50 per share cash (consisting of $32.00 in cash and an up to $2.50 per share closing dividend), subject to shareholder and regulatory approval and other customary closing conditions.

Barry Karfunkel, National General's CEO, stated: "Our well diversified platform continues to perform well. With our recently announced agreement to be acquired by Allstate, we look forward to contributing to the greater Allstate. I want to personally thank each and every one of the National General team members for their outstanding and continued work during these unprecedented times and for their continuing contribution to the success of the pending acquisition."

*NOTE: Unless specified otherwise, discussion of our second quarter 2020 and 2019 results do not include financial results from the Reciprocal Exchanges, which are presented within our consolidated financial results within this release but are not included in net income available to NGHC common stockholders.

Overview of Second Quarter 2020 as Compared to Second Quarter 2019

-- Property & Casualty - Gross written premium grew by 3.2% to $1,053.5 million, net written premium increased by 0.4% to $789.4 million, and net earned premium increased by 2.9% to $842.0 million. P&C gross written premium growth was driven by $47.7 million of added premiums from the acquisition of Farmers Union Insurance, and organic growth, largely offset by the premium refund provided due to lower miles driven as a result of the COVID-19 pandemic. Service and fee income was $112.0 million compared to $113.1 million in the prior year's quarter. Excluding non-cash amortization of intangible assets, the combined ratio was 83.6% with a loss and LAE ratio of 59.8% and an expense ratioof 23.8%, versus a prior year combined ratio of 92.6% with a loss and LAE ratio of 72.6% and an expense ratio of 20.0%. The loss and LAE ratio was impacted by pre-tax catastrophe losses of approximately $35.3 million primarily related to weather-related events in the second quarter of 2020, compared to $18.4 million of losses in the second quarter of 2019. Unfavorable loss development was $8.6 million in the second quarter of 2020 primarily driven by small business auto, compared to unfavorable loss development of $10.4 million in the second quarter of 2019.

-- Accident & Health - Gross written premium grew by $18.0 million compared to the prior year's quarter due to growth in both our small group self-funded and individual products. Excluding our A&H international business, our A&H domestic segment grew by 20.2% to $189.7 million. Service and fee income grew 51.3% to $80.1 million compared to $52.9 million in the prior year's quarter. Excluding non-cash amortization of intangible assets, the combined ratio was 65.0% with a loss and LAE ratio of 39.5% and an expense ratio of 25.5%, versus a prior year combined ratio of 82.6% with a loss and LAE ratio of 52.0% and an expense ratio of 30.6%. The loss and LAE ratio reflects strong performance in both small group self-funded and individual products. Favorable loss development was $11.4 million in the second quarter of 2020, compared to favorable loss development of $8.1 million in the second quarter of 2019.

-- Reciprocal Exchanges - Results for the Reciprocal Exchanges are not included in net income available to NGHC common stockholders. Gross written premium was $98.4 million, net written premium was $57.3 million, and net earned premium was $54.8 million. Reciprocal Exchanges combined ratio excluding non-cash amortization of intangible assets was 83.1% with a loss and LAE ratio of 54.8% and an expense ratioof 28.3%.

Second quarter of 2020 net investment income decreased to $30.5 million, compared to $35.9 million in the second quarter of 2019. Total investments and cash and cash equivalents (including restricted cash) were $5.2 billion as of June 30, 2020. Accumulated other comprehensive income increased to a $186.9 million gain at June 30, 2020, from a $74.5 million gain at December 31, 2019, primarily due to market improvement.

Interest expense was $11.8 million, down from $12.9 million in the prior year's quarter. Debt was $682.3 million at June 30, 2020, compared to $686.0 million at December 31, 2019.

The second quarter of 2020 provision for income taxes was $49.0 million and the effective tax rate for the quarter was 22.7% compared with income taxes of $22.3 million and an effective rate of 22.2% in the second quarter of 2019.

Stockholders' equity was $2,995.1 million at June 30, 2020, growth of 13.0% from $2,649.5 million at December 31, 2019. Fully diluted book value per share was $22.02 at June 30, 2020, growth of 15.5% from $19.06 at December 31, 2019. Excluding accumulated other comprehensive income, fully diluted book value per share was $20.40 at June 30, 2020, growth of 10.7%, from December 31, 2019. Our trailing twelve-month operating return on average equity (ROE) was 18.1% as of June 30, 2020.







        Year-to-Date P&C Segment Notable Large Losses
        Year  Quarter  Event                   P&C Notable Large Losses and LAE  P&C Loss and LAE Ratio Points*  EPS Impact After Tax
                                               ($ millions)
        2020  Q2       Weather-related Events  $35.3                             4.2%                            $0.24
        2020  Q1       Weather-related Events  $8.1                              0.9%                            $0.06
        2019  Q2       Weather-related Events  $18.4                             2.2%                            $0.13
        2019  Q1       Winter Weather          $12.1                             1.6%                            $0.08
        


* Loss and LAE ratio points related to P&C net earned premium in quarter the loss event was recorded.

Additional item -

Homeowners Quota Share - Effective July 1, 2020, we cede 20.0% of net liability and receive a 37.0% ceding commission on in-force, new and renewal business, under our homeowners quota share reinsurance agreement.

About National General Holdings Corp.

National General Holdings Corp. /zigman2/quotes/202458366/composite NGHC -0.07% , headquartered in New York City, is a specialty personal lines insurance holding company. National General traces its roots to 1939, has a financial strength rating of A- (excellent) from A.M. Best, and provides personal and commercial automobile, homeowners, umbrella, recreational vehicle, motorcycle, lender-placed, supplemental health and other niche insurance products.

IMPORTANT INFORMATION FOR INVESTORS

Additional Information and Where to Find It

This communication may be deemed solicitation material in respect of the proposed acquisition of National General Holdings Corp. (the "Company") by The Allstate Corporation. In connection with the merger, the Company plans to file with the Securities and Exchange Commission and furnish its stockholders a proxy statement. Additionally, the Company will file other relevant materials with the Securities and Exchange Commission in connection with the proposed transaction.

The materials to be filed by the Company with the Securities and Exchange Commission may be obtained free of charge at the Securities and Exchange Commission's web site at www.sec.gov . In addition, stockholders also may obtain free copies of the proxy statement, when available, from the Company by contacting National General Holdings Corp. Investor Relations at 59 Maiden Lane, 38th Floor New York, New York 10038, telephone number (212) 380-9462 or InvestorRelations@ngic.com.

INVESTORS AND STOCKHOLDERS OF THE COMPANY ARE URGED TO READ THE PROXY STATEMENT AND THE OTHER RELEVANT MATERIALS WHEN THEY BECOME AVAILABLE BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO THE PROPOSED MERGER BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER AND THE PARTIES TO THE MERGER.

Participants in the Solicitation

The Company and its directors, executive officers and other members of management and employees, under the Securities and Exchange Commission rules, may be deemed to be participants in the solicitation of proxies of the Company's stockholders in connection with the proposed merger. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of certain of the Company's executive officers and directors in the solicitation by reading the Company's proxy statement for its 2020 annual meeting of stockholders and the proxy statement and other relevant materials which may be filed with the Securities and Exchange Commission in connection with the merger when and if they become available. Information concerning the interests of the Company's participants in the solicitation, which may, in some cases, be different than those of the Company's stockholders generally, will be set forth in the proxy statement relating to the merger when and if it becomes available. Additional information regarding the Company's executive officers and directors in the solicitation is available by reading the Company's proxy statement for its 2020 annual meeting of stockholders.

Forward Looking Statements

This news release contains "forward-looking statements" that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are based on the Company's current expectations and beliefs concerning future developments and their potential effects on the Company. Forward-looking statements can generally be identified by the use of forward-looking terminology, such as "may," "will," "plan," "expect," "project," "intend," "estimate," "anticipate" and "believe" or their variations or similar terminology. There can be no assurance that actual developments will be those anticipated by us. Actual results may differ materially from those expressed or implied in these statements as a result of significant risks and uncertainties, including, but not limited to, plans and expectations related to our proposed merger with The Allstate Corporation ("Allstate"), including anticipated timing for closing of the merger, the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement with Allstate, the inability to complete the proposed merger due to the failure to obtain stockholder approval for the proposed merger or the failure to satisfy other conditions to completion of the proposed merger, the possibility that competing offers will be made, non-receipt of expected payments from insureds or reinsurers, changes in interest rates, a downgrade in the financial strength ratings of our insurance subsidiaries, the potential effect of changes in LIBOR reporting practices, the effects of pandemics or other widespread health problems such as the ongoing COVID-19 pandemic on our business, including our investment portfolio, and the national and global economy generally, the effect of the performance of financial markets on our investment portfolio, our ability to accurately underwrite and price our products and to maintain and establish accurate loss reserves, estimates of the fair value of investments, development of claims and the effect on loss reserves, large loss activity including hurricanes and wildfires, the cost and availability of reinsurance coverage, the effects of emerging claim and coverage issues, the effect of unpredictable catastrophic losses, changes in the demand for our products, our degree of success in integrating acquired businesses, the effect of general economic conditions, state and federal legislation, the effects of tax reform, regulations and regulatory investigations into industry practices, risks associated with conducting business outside the United States, developments relating to existing agreements, disruptions to our business relationships with third party vendors or agencies, breaches in data security or other disruptions involving our technology, heightened competition, changes in pricing environments, and changes in asset valuations. The forward-looking statements contained in this news release are made only as of the date of this release. The Company undertakes no obligation to publicly update any forward-looking statement except as may be required by law. Additional information about these risks and uncertainties, as well as others that may cause actual results to differ materially from those projected, is contained in the Company's filings with the Securities and Exchange Commission.

Income Statement - Second Quarter

$ in thousands

(Unaudited)







                                                                                             Three Months Ended June 30,
                                                                                             2020                                                     2019
                                                                                             NGHC             Reciprocal Exchanges  Consolidated      NGHC             Reciprocal Exchanges  Consolidated
        Revenues:
        Gross written premium                                                                $    1,243,165   $      98,436         $    1,341,601    $   1,192,762    $      121,146        $    1,313,908
        Net written premium                                                                  957,640          57,268                1,014,908         939,178          56,220                995,398
        Net earned premium                                                                   1,010,782        54,785                1,065,567         984,021          46,630                1,030,651
        Ceding commission income                                                             35,530           11,110                46,640            43,346           16,846                60,192
        Service and fee income                                                               192,023          2,336                 180,592           166,049          1,516                 148,908
        Net investment income                                                                30,523           2,012                 31,175            35,949           2,124                 35,131
        Net gain (loss) on investments                                                       5,511            (353          )       5,158             (5,274        )  44                    (5,230         )
        Total revenues                                                                       $    1,274,369   $      69,890         $    1,329,132    $   1,224,091    $      67,160         $    1,269,652
        Expenses:
        Loss and loss adjustment expense                                                     $    570,439     $      30,007         $    600,446      $   680,246      $      35,289         $    715,535
        Acquisition costs and other underwriting expenses                                    219,278          10,100                229,378           185,951          8,175                 194,126
        General and administrative expenses                                                  257,318          18,858                262,409           244,827          21,597                247,767
        Interest expense                                                                     11,779           1,360                 11,779            12,925           2,942                 12,925
        Total expenses                                                                       $    1,058,814   $      60,325         $    1,104,012    $   1,123,949    $      68,003         $    1,170,353
        Income (loss) before provision (benefit) for income taxes                            $    215,555     $      9,565          $    225,120      $   100,142      $      (843    )      $    99,299
        Provision (benefit) for income taxes                                                 48,981           1,526                 50,507            22,266           (25            )      22,241
        Net income (loss) before non-controlling interest and dividends on preferred shares  166,574          8,039                 174,613           77,876           (818           )      77,058
        Less: net income (loss) attributable to noncontrolling interest                      --               8,039                 8,039             --               (818           )      (818           )
        Net income before dividends on preferred shares                                      166,574          --                    166,574           77,876           --                    77,876
        Less: dividends on preferred shares                                                  8,925            --                    8,925             8,925            --                    8,925
        Net income available to common stockholders                                          $    157,649     $      --             $    157,649      $   68,951       $      --             $    68,951
        


NOTES: Consolidated column includes eliminations as follows: (A) $(13,767), (B) $(1,360), (C) $(15,127), (D) $(13,767), (E) $(1,360), (F) $(15,127), (G) $(18,657), (H) $(2,942), (I) $(21,599), (J) $(18,657), (K) $(2,942) and (L) $(21,599).

Income Statement - Year To Date

$ in thousands

(Unaudited)







                                                                                             Six Months Ended June 30,
                                                                                             2020                                                          2019
                                                                                             NGHC              Reciprocal Exchanges  Consolidated          NGHC              Reciprocal Exchanges  Consolidated
        Revenues:
        Gross written premium                                                                $    2,627,866    $      190,289        $    2,818,155        $    2,596,971    $      226,715        $    2,823,686
        Net written premium                                                                  2,111,948         112,563               2,224,511             2,054,887         105,175               2,160,062
        Net earned premium                                                                   2,028,390         112,383               2,140,773             1,902,520         92,288                1,994,808
        Ceding commission income                                                             72,121            24,824                96,945                94,346            35,380                129,726
        Service and fee income                                                               383,180           3,493                 360,033               346,437           2,886                 314,415
        Net investment income                                                                60,270            4,195                 61,418                70,232            4,294                 68,576
        Net gain (loss) on investments                                                       (557           )  (1,146         )      (1,703         )      (4,508         )  (700           )      (5,208         )
        Total revenues                                                                       $    2,543,404    $      143,749        $    2,657,466        $    2,409,027    $      134,148        $    2,502,317
        Expenses:
        Loss and loss adjustment expense                                                     $    1,220,070    $      72,374         $    1,292,444        $    1,290,030    $      77,314         $    1,367,344
        Acquisition costs and other underwriting expenses                                    437,023           20,597                457,620               389,284           16,760                406,044
        General and administrative expenses                                                  518,197           38,421                529,978               487,660           43,109                495,861
        Interest expense                                                                     23,559            3,047                 23,559                25,924            5,950                 25,924
        Total expenses                                                                       $    2,198,849    $      134,439        $    2,303,601        $    2,192,898    $      143,133        $    2,295,173
        Income (loss) before provision (benefit) for income taxes                            $    344,555      $      9,310          $    353,865          $    216,129      $      (8,985  )      $    207,144
        Provision (benefit) for income taxes                                                 77,222            1,457                 78,679                46,495            (1,748         )      44,747
        Net income (loss) before non-controlling interest and dividends on preferred shares  267,333           7,853                 275,186               169,634           (7,237         )      162,397
        Less: net income (loss) attributable to noncontrolling interest                      --                7,853                 7,853                 --                (7,237         )      (7,237         )
        Net income before dividends on preferred shares                                      267,333           --                    267,333               169,634           --                    169,634
        Less: dividends on preferred shares                                                  16,800            --                    16,800                16,800            --                    16,800
        Net income available to common stockholders                                          $    250,533      $      --             $    250,533          $    152,834      $      --             $    152,834
        


NOTES: Consolidated column includes eliminations as follows: (A) $(26,640), (B) $(3,047), (C) $(29,687), (D) $(26,640), (E) $(3,047), (F) $(29,687) (G) $(34,908), (H) $(5,950), (I) $(40,858), (J) $(34,908), (K) $(5,950) and (L) $(40,858).

Earnings and Per Share Data

$ in thousands, except shares and per share data

(Unaudited)







                                                               Three Months Ended June 30,    Six Months Ended June 30,
                                                               2020            2019           2020            2019
        Net income available to common stockholders            $     157,649   $     68,951   $     250,533   $     152,834
        Basic net income per common share                      $     1.39      $     0.61     $     2.21      $     1.35
        Diluted net income per common share                    $     1.37      $     0.60     $     2.17      $     1.33
        Operating earnings attributable to NGHC (non-GAAP)     $     157,643   $     78,140   $     263,402   $     167,856
        Basic operating earnings per common share (non-GAAP)   $     1.39      $     0.69     $     2.32      $     1.48
        Diluted operating earnings per common share (non-GAAP) $     1.36      $     0.67     $     2.27      $     1.45
        Dividends declared per common share                    $     0.05      $     0.04     $     0.10      $     0.08
        Weighted average number of basic shares outstanding    113,542,628     113,178,552    113,549,952     113,097,084
        Weighted average number of diluted shares outstanding  115,720,069     116,050,267    115,898,110     116,062,721
        Shares outstanding, end of period                      113,397,545     113,215,632
        Fully diluted shares outstanding, end of period        115,574,986     116,087,347
        Book value per share                                   $     22.44     $     17.92
        Fully diluted book value per share                     $     22.02     $     17.48
        


Reconciliation of Net Income to Operating Earnings (Non-GAAP)

$ in thousands, except per share data

(Unaudited)







                                                                 Three Months Ended June 30,      Six Months Ended June 30,
                                                                 2020             2019            2020             2019
        Net income available to common stockholders              $   157,649      $   68,951      $   250,533      $   152,834
        Add (subtract):
        Equity in (earnings) losses of equity method investments 160              (731       )    3,888            203
        Net (gain) loss on investments                           (5,511      )    5,274           557              4,508
        Non-cash amortization of intangible assets               5,343            7,089           11,845           14,305
        Income tax expense (benefit)                             2                (2,443     )    (3,421      )    (3,994      )
        Operating earnings attributable to NGHC (non-GAAP)       $   157,643      $   78,140      $   263,402      $   167,856
        Operating earnings per common share (non-GAAP):
        Basic operating earnings per common share (non-GAAP)     $   1.39         $   0.69        $   2.32         $   1.48
        Diluted operating earnings per common share (non-GAAP)   $   1.36         $   0.67        $   2.27         $   1.45
        


Balance Sheet

$ in thousands

(Unaudited)







                                                                    June 30, 2020                                                  December 31, 2019
        ASSETS                                                      NGHC              Reciprocal Exchanges  Consolidated           NGHC             Reciprocal Exchanges  Consolidated
        Total investments                                           $    4,853,180    $      340,103        $    5,085,750         $    4,632,960   $      329,494        $    4,854,998
        Cash and cash equivalents, including restricted cash        334,771           237                   335,008                163,480          983                   164,463
        Premiums and other receivables, net                         1,438,085         49,649                1,487,734              1,373,089        55,859                1,428,948
        Reinsurance balances                                        1,614,713         196,005               1,810,718              1,745,036        225,019               1,970,055
        Intangible assets, net                                      347,686           3,135                 350,821                362,598          3,225                 365,823
        Goodwill                                                    179,328           --                    179,328                179,328          --                    179,328
        Other                                                       776,916           29,364                768,484                798,675          29,070                792,919
        Total assets                                                $    9,544,679    $      618,493        $    10,017,843        $    9,255,166   $      643,650        $    9,756,534
        LIABILITIES AND STOCKHOLDERS' EQUITY
        Liabilities:
        Unpaid loss and loss adjustment expense reserves            $    2,626,314    $      200,270        $    2,826,584         $    2,680,628   $      205,786        $    2,886,414
        Unearned premiums and other revenue                         2,102,044         226,403               2,328,447              2,059,688        252,553               2,312,241
        Reinsurance payable                                         437,989           23,907                461,896                527,155          35,689                562,844
        Accounts payable and accrued expenses                       320,176           45,549                327,929                306,869          43,323                315,366
        Debt                                                        682,266           107,533               682,266                686,006          107,456               686,006
        Other                                                       380,766           30,279                411,045                345,366          30,803                376,169
        Total liabilities                                           $    6,549,555    $      633,941        $    7,038,167         $    6,605,712   $      675,610        $    7,139,040
        Stockholders' equity:
        Preferred stock                                             $    450,000      $      --             $    450,000           $    450,000     $      --             $    450,000
        Common stock                                                1,139             --                    1,139                  1,134            --                    1,134
        Treasury stock, at cost                                     (8,482         )  --                    (8,482          )      --               --                    --
        Additional paid-in capital                                  1,069,152         --                    1,069,152              1,065,634        --                    1,065,634
        Accumulated other comprehensive income                      186,864           --                    186,864                74,548           --                    74,548
        Retained earnings                                           1,296,451         --                    1,296,451              1,058,138        --                    1,058,138
        Total National General Holdings Corp. stockholders' equity  2,995,124         --                    2,995,124              2,649,454        --                    2,649,454
        Noncontrolling interest                                     --                (15,448        )      (15,448         )      --               (31,960        )      (31,960        )
        Total stockholders' equity                                  $    2,995,124    $      (15,448 )      $    2,979,676         $    2,649,454   $      (31,960 )      $    2,617,494
        Total liabilities and stockholders' equity                  $    9,544,679    $      618,493        $    10,017,843        $    9,255,166   $      643,650        $    9,756,534
        


NOTES: Consolidated column includes eliminations as follows: (A) $(107,533), (B) $(37,796), (C) $(145,329), (D) $(37,796), (E) $(107,533), (F) $(145,329), (G) $(145,329) (H) $(107,456), (I) $(34,826), (J) $(142,282), (K) $(34,826), (L) $(107,456), (M) $(142,282) and (N) $(142,282).

/zigman2/quotes/202458366/composite
US : U.S.: Nasdaq
$ 33.88
-0.03 -0.07%
Volume: 493,576
Sept. 25, 2020 4:00p
P/E Ratio
9.49
Dividend Yield
0.59%
Market Cap
$3.84 billion
Rev. per Employee
$545,968
loading...
/zigman2/quotes/202458366/composite
US : U.S.: Nasdaq
$ 33.88
-0.03 -0.07%
Volume: 493,576
Sept. 25, 2020 4:00p
P/E Ratio
9.49
Dividend Yield
0.59%
Market Cap
$3.84 billion
Rev. per Employee
$545,968
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