Heartland Advisors Inc. Decreases Stock Holdings in 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. decreased its position in shares of International General Insurance Holdings Ltd. (NASDAQ:IGIC - Free Report) by 25.9% in the first quarter, according to the company in its most recent Form 13F filing 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 approximately 0.89% of International General Insurance worth $10,524,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Quantbot Technologies LP purchased a new position in International General Insurance in the fourth quarter worth $87,000. State of Wyoming purchased a new position in shares of International General Insurance in the 4th quarter valued at about $107,000. Catalyst Capital Advisors LLC acquired a new position in shares of International General Insurance during the 1st quarter worth about $147,000. BNP Paribas Financial Markets acquired a new stake in International General Insurance in the 4th quarter valued at about $199,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in shares of International General Insurance in the 4th quarter valued at approximately $201,000. Hedge funds and other institutional investors own 54.24% of the company's stock.

International General Insurance Price Performance

Shares of NASDAQ:IGIC traded down $0.68 during mid-day trading on Monday, reaching $23.32. 94,897 shares of the company were exchanged, compared to its average volume of 118,936. The firm has a market cap of $1.04 billion, a price-to-earnings ratio of 8.57 and a beta of 0.24. The firm's 50-day simple moving average is $23.41 and its 200 day simple moving average is $24.43. International General Insurance Holdings Ltd. has a 1 year low of $15.00 and a 1 year high of $27.76.

International General Insurance (NASDAQ:IGIC - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $0.42 EPS 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 business had revenue of $129.00 million during the quarter, compared to analysts' expectations of $135.50 million. On average, research analysts forecast that International General Insurance Holdings Ltd. will post 3.18 earnings per share for the current fiscal year.

International General Insurance Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Monday, June 2nd were given a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 0.86%. The ex-dividend date of this dividend was Monday, June 2nd. International General Insurance's payout ratio is currently 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.