New Vernon Investment Management LLC Buys 55,014 Shares of International General Insurance Holdings Ltd. $IGIC

Key Points

• New Vernon Investment Management LLC significantly increased its stake in International General Insurance Holdings Ltd. by 1,293.5% in the first quarter, now holding a total of 59,267 shares worth approximately $1.56 million.
• The company recently declared a quarterly dividend of $0.05 per share, with an annualized yield of 0.8%, reflecting a payout ratio of 7.25%.
• International General Insurance reported $0.51 earnings per share for its latest quarter, missing analysts' expectations by $0.04, with revenue falling short at $132.90 million.

New Vernon Investment Management LLC increased its holdings in shares of International General Insurance Holdings Ltd. (NASDAQ:IGIC - Free Report) by 1,293.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 59,267 shares of the company's stock after buying an additional 55,014 shares during the quarter. International General Insurance accounts for about 2.1% of New Vernon Investment Management LLC's holdings, making the stock its 18th biggest holding. New Vernon Investment Management LLC owned approximately 0.13% of International General Insurance worth $1,559,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. State of Wyoming bought a new position in International General Insurance in the 4th quarter valued at approximately $107,000. US Bancorp DE grew its stake in International General Insurance by 850.6% during the first quarter. US Bancorp DE now owns 4,753 shares of the company's stock worth $125,000 after purchasing an additional 4,253 shares during the period. Catalyst Capital Advisors LLC acquired a new stake in International General Insurance during the first quarter worth approximately $147,000. PNC Financial Services Group Inc. grew its stake in International General Insurance by 55.2% during the first quarter. PNC Financial Services Group Inc. now owns 6,208 shares of the company's stock worth $163,000 after purchasing an additional 2,208 shares during the period. Finally, BNP Paribas Financial Markets acquired a new stake in International General Insurance during the fourth quarter worth approximately $199,000. 54.24% of the stock is currently owned by institutional investors.

International General Insurance Trading Up 0.7%

NASDAQ IGIC traded up $0.16 during trading hours on Tuesday, hitting $24.30. 46,658 shares of the company's stock were exchanged, compared to its average volume of 115,695. The stock has a 50-day simple moving average of $23.95 and a 200 day simple moving average of $24.27. International General Insurance Holdings Ltd. has a 1-year low of $17.06 and a 1-year high of $27.76. The firm has a market cap of $1.08 billion, a price-to-earnings ratio of 8.80 and a beta of 0.26.

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

International General Insurance Announces Dividend

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

International General Insurance 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.