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

Key Points

• International General Insurance reported quarterly EPS of $0.67, beating the $0.66 consensus estimate by one cent. Return on equity was 17.03%, and net margin was 20.68%.
• Shares rose 0.17 to $25.02 in Tuesday mid-day trading. The stock’s average analyst rating is Hold, with a $30 price target; ratings included two Buy recommendations and one Sell.

International General Insurance (NASDAQ:IGIC - Get Free Report) released its earnings results on Tuesday. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.01, Zacks reports. International General Insurance had a return on equity of 17.03% and a net margin of 20.68%.

International General Insurance Stock Performance

Shares of IGIC traded up $0.17 during mid-day trading on Tuesday, reaching $25.02. The company had a trading volume of 69,876 shares, compared to its average volume of 73,323. The company has a market capitalization of $1.07 billion, a price-to-earnings ratio of 10.05 and a beta of 0.04. The company's 50 day simple moving average is $25.23 and its 200 day simple moving average is $25.56. International General Insurance has a 1-year low of $21.00 and a 1-year high of $29.58.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on IGIC. Weiss Ratings upgraded International General Insurance from a "buy (b)" rating to a "buy (b+)" rating in a research note on Thursday, October 8th. Zacks Research cut International General Insurance from a "hold" rating to a "strong sell" rating in a report on Monday, July 13th. Finally, Royal Bank Of Canada upped their price objective on International General Insurance from $28.00 to $30.00 and gave the stock an "outperform" rating in a research report on Monday, July 13th. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $30.00.

International General Insurance Company Profile

International General Insurance Holdings Ltd. NASDAQ: IGIC is a specialty insurance and reinsurance company that underwrites risks for commercial clients, brokers and other insurers. The company focuses on complex and specialized lines of business rather than broad consumer insurance products.

Its offerings include energy, property, engineering, marine, aviation, casualty, political violence and other specialty insurance products, along with treaty and facultative reinsurance. Coverage is designed for businesses and industries that may require tailored underwriting and risk-management solutions.

International General Insurance was established in 2001 and serves clients and insurance partners across international markets through underwriting operations in locations including Bermuda, London and Jordan.

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