International General Insurance (NASDAQ:IGIC) Issues Quarterly Earnings Results

by · The Markets Daily

International General Insurance (NASDAQ:IGIC – Get Free Report) announced its quarterly earnings data on Tuesday. The company reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.08, Zacks reports. International General Insurance had a return on equity of 18.36% and a net margin of 23.76%.

International General Insurance Trading Up 1.5%

International General Insurance stock traded up $0.37 during trading on Tuesday, hitting $25.38. 98,892 shares of the company were exchanged, compared to its average volume of 61,828. The company has a market capitalization of $1.13 billion, a P/E ratio of 9.20 and a beta of 0.15. The business’s 50 day moving average is $24.88 and its 200 day moving average is $23.99. International General Insurance has a 52 week low of $20.82 and a 52 week high of $27.76.

International General Insurance Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Wednesday, December 17th. This represents a $0.20 annualized dividend and a dividend yield of 0.8%. International General Insurance’s payout ratio is presently 7.25%.

International General Insurance announced that its Board of Directors has initiated a stock buyback program on Wednesday, November 5th that authorizes the company to buyback $5.00 million in shares. This buyback authorization authorizes the company to reacquire up to 0.5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on IGIC shares. Weiss Ratings reiterated a “buy (b)” rating on shares of International General Insurance in a report on Thursday, January 22nd. Royal Bank Of Canada began coverage on shares of International General Insurance in a report on Tuesday, December 16th. They set an “outperform” rating and a $28.00 price objective on the stock. Three equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $30.00.

Read Our Latest Report on IGIC

Institutional Trading of International General Insurance

Several institutional investors and hedge funds have recently made changes to their positions in the company. Smartleaf Asset Management LLC bought a new position in shares of International General Insurance during the fourth quarter valued at about $56,000. State of Wyoming increased its stake in International General Insurance by 179.2% in the 2nd quarter. State of Wyoming now owns 6,665 shares of the company’s stock valued at $160,000 after buying an additional 4,278 shares during the last quarter. Osaic Holdings Inc. lifted its position in shares of International General Insurance by 29.2% during the 2nd quarter. Osaic Holdings Inc. now owns 6,752 shares of the company’s stock worth $162,000 after buying an additional 1,524 shares in the last quarter. Royal Bank of Canada boosted its stake in shares of International General Insurance by 16.5% in the 4th quarter. Royal Bank of Canada now owns 6,559 shares of the company’s stock worth $165,000 after buying an additional 929 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its holdings in shares of International General Insurance by 61.0% in the second quarter. BNP Paribas Financial Markets now owns 7,824 shares of the company’s stock valued at $188,000 after acquiring an additional 2,963 shares in the last quarter. Hedge funds and other institutional investors own 54.24% of the company’s stock.

About International General Insurance

(Get Free Report)

International General Insurance (NASDAQ:IGIC) is a global specialty insurer and reinsurer focused on underwriting a diverse portfolio of property and casualty risks. Headquartered in Pembroke, Bermuda, the company provides tailored risk solutions across a broad range of industry sectors. IGIC operates within the excess and surplus lines market, leveraging specialized expertise to cover complex and hard-to-place risks that fall outside the scope of standard commercial insurance.

Founded in 1988, IGIC has grown its product offering to include marine, energy, aviation, construction, professional liability and credit & surety lines.

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