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 its most recent disclosure with the Securities and Exchange Commission. The fund owned 59,267 shares of the company's stock after purchasing an additional 55,014 shares during the quarter. International General Insurance makes up about 2.1% of New Vernon Investment Management LLC's investment portfolio, making the stock its 18th biggest holding. New Vernon Investment Management LLC owned 0.13% of International General Insurance worth $1,559,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. State of Wyoming acquired a new position in International General Insurance during the fourth quarter worth $107,000. US Bancorp DE boosted its holdings 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 last quarter. Catalyst Capital Advisors LLC acquired a new position in International General Insurance during the first quarter worth $147,000. PNC Financial Services Group Inc. raised its position 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 acquiring an additional 2,208 shares in the last quarter. Finally, BNP Paribas Financial Markets bought a new stake in International General Insurance during the fourth quarter worth $199,000. Institutional investors and hedge funds own 54.24% of the company's stock.

International General Insurance Price Performance

NASDAQ IGIC traded up $0.15 on Thursday, hitting $24.24. 10,276 shares of the stock were exchanged, compared to its average volume of 114,625. The business's fifty day moving average is $23.99 and its 200 day moving average is $24.27. International General Insurance Holdings Ltd. has a 52 week low of $17.06 and a 52 week high of $27.76. The company has a market capitalization of $1.08 billion, a PE ratio of 8.78 and a beta of 0.26.

International General Insurance (NASDAQ:IGIC - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $0.51 earnings per share (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 firm had revenue of $132.90 million for the quarter, compared to the consensus estimate of $140.40 million. Analysts predict that International General Insurance Holdings Ltd. will post 3.18 EPS for the current fiscal year.

International General Insurance Announces Dividend

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