Acadian Asset Management LLC Trims Stake in International General Insurance Holdings Ltd. $IGIC

Key Points

• Acadian Asset Management LLC reduced its stake in International General Insurance Holdings Ltd. by 8.6%, now holding approximately 160,898 shares valued at $4.23 million.
• The company reported $0.51 EPS for the last quarter, missing estimates, with revenue of $132.90 million compared to expectations of $140.40 million.
• International General Insurance declared a quarterly $0.05 dividend, with a 0.8% dividend yield and an ex-dividend date of August 29th.

Acadian Asset Management LLC lowered its stake in International General Insurance Holdings Ltd. (NASDAQ:IGIC - Free Report) by 8.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 160,898 shares of the company's stock after selling 15,138 shares during the period. Acadian Asset Management LLC owned approximately 0.36% of International General Insurance worth $4,233,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of IGIC. Royce & Associates LP increased its holdings in International General Insurance by 10.1% during the 1st quarter. Royce & Associates LP now owns 2,636,063 shares of the company's stock valued at $69,355,000 after purchasing an additional 242,104 shares during the period. New Vernon Investment Management LLC increased its holdings in International General Insurance by 1,293.5% during the 1st quarter. New Vernon Investment Management LLC now owns 59,267 shares of the company's stock valued at $1,559,000 after purchasing an additional 55,014 shares during the period. Russell Investments Group Ltd. increased its holdings in International General Insurance by 13.0% during the 1st quarter. Russell Investments Group Ltd. now owns 409,043 shares of the company's stock valued at $10,762,000 after purchasing an additional 46,961 shares during the period. CWA Asset Management Group LLC purchased a new position in International General Insurance during the 1st quarter valued at about $1,112,000. Finally, Diamond Hill Capital Management Inc. increased its holdings in International General Insurance by 16.1% during the 1st quarter. Diamond Hill Capital Management Inc. now owns 221,271 shares of the company's stock valued at $5,822,000 after purchasing an additional 30,708 shares during the period. Hedge funds and other institutional investors own 54.24% of the company's stock.

International General Insurance Price Performance

NASDAQ:IGIC traded down $0.21 during mid-day trading on Friday, reaching $23.97. 102,121 shares of the company's stock traded hands, compared to its average volume of 60,341. International General Insurance Holdings Ltd. has a 12-month low of $18.45 and a 12-month high of $27.76. The firm has a market capitalization of $1.07 billion, a price-to-earnings ratio of 8.68 and a beta of 0.26. The company has a 50 day moving average price of $24.03 and a 200-day moving average price of $24.09.

International General Insurance (NASDAQ:IGIC - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $0.51 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.55 by ($0.04). International General Insurance had a net margin of 23.52% and a return on equity of 17.40%. The business had revenue of $132.90 million for the quarter, compared to analysts' expectations of $140.40 million. As a group, analysts forecast that International General Insurance Holdings Ltd. will post 3.18 EPS for the current year.

International General Insurance Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 16th. Investors of record on Monday, September 1st were issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date was Friday, August 29th. International General Insurance's payout ratio is currently 7.25%.

About International General Insurance

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.