Heartland Advisors Inc. Sells 140,150 Shares of International General Insurance Holdings Ltd. (NASDAQ:IGIC)

Key Points

• Heartland Advisors Inc. reduced its holdings in International General Insurance Holdings Ltd. by 25.9%, now owning approximately 400,000 shares valued at $10.5 million.
• Institutional investors collectively own 54.24% of International General Insurance, with notable changes from firms like JPMorgan Chase & Co. and Lazard Asset Management LLC.
• International General Insurance's recent quarterly earnings report revealed an EPS of $0.42, missing expectations, with revenue of $129 million compared to a forecast of $135.5 million.

Heartland Advisors Inc. cut its position in International General Insurance Holdings Ltd. (NASDAQ:IGIC - Free Report) by 25.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 400,000 shares of the company's stock after selling 140,150 shares during the period. Heartland Advisors Inc. owned 0.89% of International General Insurance worth $10,524,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Royce & Associates LP raised its stake in shares of International General Insurance by 10.1% in the first quarter. Royce & Associates LP now owns 2,636,063 shares of the company's stock worth $69,355,000 after acquiring an additional 242,104 shares during the last quarter. Diamond Hill Capital Management Inc. raised its stake in shares of International General Insurance by 16.1% in the first quarter. Diamond Hill Capital Management Inc. now owns 221,271 shares of the company's stock worth $5,822,000 after acquiring an additional 30,708 shares during the last quarter. Catalyst Capital Advisors LLC bought a new position in shares of International General Insurance in the first quarter worth about $147,000. Deroy & Devereaux Private Investment Counsel Inc. raised its stake in shares of International General Insurance by 3.2% in the first quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 195,890 shares of the company's stock worth $5,154,000 after acquiring an additional 6,065 shares during the last quarter. Finally, CWA Asset Management Group LLC bought a new position in shares of International General Insurance in the first quarter worth about $1,112,000. 54.24% of the stock is currently owned by institutional investors and hedge funds.

International General Insurance Stock Performance

Shares of NASDAQ IGIC traded up $0.17 during trading on Wednesday, reaching $23.57. The company had a trading volume of 17,629 shares, compared to its average volume of 118,313. International General Insurance Holdings Ltd. has a 52 week low of $15.00 and a 52 week high of $27.76. The stock has a market cap of $1.05 billion, a PE ratio of 8.66 and a beta of 0.24. The business's 50 day moving average price is $23.40 and its 200-day moving average price is $24.42.

International General Insurance (NASDAQ:IGIC - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported $0.42 earnings per share for the quarter, missing analysts' consensus estimates of $0.47 by ($0.05). International General Insurance had a return on equity of 19.54% and a net margin of 23.16%. The company had revenue of $129.00 million during the quarter, compared to the consensus estimate of $135.50 million. Equities analysts anticipate that International General Insurance Holdings Ltd. will post 3.18 earnings per share for the current year.

International General Insurance Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Monday, June 2nd were paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.85%. The ex-dividend date was Monday, June 2nd. International General Insurance's dividend payout ratio (DPR) is 7.35%.

International General Insurance Company Profile

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.