International General Insurance (NASDAQ:IGIC) Releases Quarterly Earnings Results, Beats Estimates By $0.04 EPS

by · The Markets Daily

International General Insurance (NASDAQ:IGIC – Get Free Report) released its quarterly earnings data on Tuesday. The company reported $0.87 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.04, Zacks reports. International General Insurance had a net margin of 23.52% and a return on equity of 17.40%.

International General Insurance Trading Down 0.8%

Shares of NASDAQ:IGIC traded down $0.17 on Tuesday, reaching $21.28. 203,358 shares of the company’s stock were exchanged, compared to its average volume of 107,735. The company has a fifty day moving average of $23.27 and a 200-day moving average of $23.58. International General Insurance has a twelve month low of $20.82 and a twelve month high of $27.76. The company has a market capitalization of $949.73 million, a price-to-earnings ratio of 7.71 and a beta of 0.23.

International General Insurance Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 16th. Shareholders of record on Monday, September 1st were given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date was Friday, August 29th. International General Insurance’s dividend payout ratio is presently 7.25%.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “buy (b)” rating on shares of International General Insurance in a research note on Wednesday, October 8th. Three analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $31.50.

Get Our Latest Report on IGIC

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. State of Wyoming grew its position in shares of International General Insurance by 179.2% during the 2nd quarter. State of Wyoming now owns 6,665 shares of the company’s stock worth $160,000 after purchasing an additional 4,278 shares in the last quarter. Raymond James Financial Inc. lifted its holdings in shares of International General Insurance by 220.3% during the 2nd quarter. Raymond James Financial Inc. now owns 51,586 shares of the company’s stock worth $1,239,000 after acquiring an additional 35,480 shares during the period. BNP Paribas Financial Markets lifted its holdings in shares of International General Insurance by 61.0% during the 2nd quarter. BNP Paribas Financial Markets now owns 7,824 shares of the company’s stock worth $188,000 after acquiring an additional 2,963 shares during the period. IHT Wealth Management LLC bought a new stake in shares of International General Insurance during the 2nd quarter worth approximately $233,000. Finally, Shay Capital LLC lifted its holdings in shares of International General Insurance by 5.4% during the 2nd quarter. Shay Capital LLC now owns 210,250 shares of the company’s stock worth $5,050,000 after acquiring an additional 10,823 shares during the period. Institutional investors and hedge funds own 54.24% of the company’s stock.

International General Insurance Company Profile

(Get Free Report)

International General Insurance Holdings Ltd. engages in the provision of specialty insurance and reinsurance solutions worldwide. The company operates through three segments: Specialty Long-tail, Specialty Short-tail, and Reinsurance. It is involved in underwriting a portfolio of specialty risks, including energy, property, construction and engineering, ports and terminals, general aviation, political violence, professional lines, financial institutions, motor, marine liability, contingency, marine, treaty, and casualty insurance and reinsurance.

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