Diamond Hill Capital Management Inc. Grows Stock Holdings in International General Insurance Holdings Ltd. (NASDAQ:IGIC)

Key Points

• Diamond Hill Capital Management Inc. increased its holdings in International General Insurance by 16.1%, owning approximately 0.49% of the company valued at $5.82 million as of the latest SEC filing.
• International General Insurance recently announced a $0.05 quarterly dividend, translating to 0.83% yield, with a payout ratio of 7.35%.
• The company reported $0.42 EPS for the last quarter, missing estimates, with total revenue of $129 million against an expected $135.5 million.

Diamond Hill Capital Management Inc. grew its position in shares of International General Insurance Holdings Ltd. (NASDAQ:IGIC - Free Report) by 16.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 221,271 shares of the company's stock after buying an additional 30,708 shares during the quarter. Diamond Hill Capital Management Inc. owned 0.49% of International General Insurance worth $5,822,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in the company. Quantbot Technologies LP bought a new position in International General Insurance during the fourth quarter valued at approximately $87,000. State of Wyoming bought a new position in International General Insurance in the fourth quarter worth approximately $107,000. Catalyst Capital Advisors LLC bought a new position in International General Insurance in the first quarter worth approximately $147,000. BNP Paribas Financial Markets bought a new stake in shares of International General Insurance during the 4th quarter valued at $199,000. Finally, Cubist Systematic Strategies LLC bought a new stake in shares of International General Insurance during the 4th quarter valued at $201,000. Hedge funds and other institutional investors own 54.24% of the company's stock.

International General Insurance Price Performance

Shares of IGIC stock traded down $0.44 on Monday, hitting $23.56. 32,373 shares of the stock traded hands, compared to its average volume of 118,447. The firm has a market cap of $1.05 billion, a price-to-earnings ratio of 8.66 and a beta of 0.24. The firm has a 50 day simple moving average of $23.41 and a two-hundred day simple moving average of $24.43. International General Insurance Holdings Ltd. has a 52 week low of $15.00 and a 52 week high of $27.76.

International General Insurance (NASDAQ:IGIC - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.47 by ($0.05). International General Insurance had a net margin of 23.16% and a return on equity of 19.54%. The company had revenue of $129.00 million for the quarter, compared to analysts' expectations of $135.50 million. Sell-side 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 disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Monday, June 2nd were paid a $0.05 dividend. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.85%. International General Insurance's payout ratio is currently 7.35%.

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.