International General Insurance (NASDAQ:IGIC) Announces Quarterly Earnings Results

Key Points

• International General Insurance reported quarterly EPS of $0.44, missing the consensus estimate of $0.61 by $0.17. The company posted a 17.68% return on equity and a 23.68% net margin.
• The company increased its quarterly dividend to $0.075 per share from $0.05, implying an annualized dividend of $0.30 and a 1.1% yield.
• Analyst sentiment remains mixed: RBC raised its price target to $30 and maintained an outperform rating, while Zacks Research downgraded the stock to strong sell. The consensus rating is Hold, with a $30 target price.

International General Insurance (NASDAQ:IGIC - Get Free Report) issued its quarterly earnings data on Tuesday. The company reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.61 by ($0.17), Zacks reports. International General Insurance had a return on equity of 17.68% and a net margin of 23.68%.

International General Insurance Price Performance

NASDAQ:IGIC traded up $0.13 during mid-day trading on Tuesday, reaching $28.01. The stock had a trading volume of 190,093 shares, compared to its average volume of 68,490. International General Insurance has a 12 month low of $20.82 and a 12 month high of $29.58. The stock has a 50-day simple moving average of $26.54 and a two-hundred day simple moving average of $25.54. The stock has a market capitalization of $1.19 billion, a PE ratio of 10.11 and a beta of 0.11.

International General Insurance Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 11th. Stockholders of record on Thursday, May 28th were issued a dividend of $0.075 per share. This is a boost from International General Insurance's previous quarterly dividend of $0.05. The ex-dividend date of this dividend was Thursday, May 28th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.1%. International General Insurance's payout ratio is currently 10.83%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on IGIC shares. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of International General Insurance in a research report on Friday. Zacks Research downgraded International General Insurance from a "hold" rating to a "strong sell" rating in a research note on Monday, July 13th. Finally, Royal Bank Of Canada upped their price objective on International General Insurance from $28.00 to $30.00 and gave the company an "outperform" rating in a report on Monday, July 13th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, International General Insurance has an average rating of "Hold" and a consensus target price of $30.00.

Institutional Trading of International General Insurance

Several large investors have recently bought and sold shares of IGIC. Russell Investments Group Ltd. increased its position in International General Insurance by 0.4% during the 4th quarter. Russell Investments Group Ltd. now owns 396,512 shares of the company's stock worth $9,948,000 after purchasing an additional 1,661 shares in the last quarter. Shay Capital LLC increased its holdings in International General Insurance by 13.1% in the third quarter. Shay Capital LLC now owns 237,694 shares of the company's stock valued at $5,515,000 after purchasing an additional 27,444 shares during the period. Raymond James Financial Inc. increased its holdings in International General Insurance by 16.7% in the third quarter. Raymond James Financial Inc. now owns 60,225 shares of the company's stock valued at $1,397,000 after purchasing an additional 8,639 shares during the period. Goldman Sachs Group Inc. raised its position in International General Insurance by 214.6% during the 4th quarter. Goldman Sachs Group Inc. now owns 46,436 shares of the company's stock worth $1,165,000 after purchasing an additional 31,675 shares during the last quarter. Finally, Franklin Resources Inc. raised its position in International General Insurance by 7.0% during the 4th quarter. Franklin Resources Inc. now owns 43,195 shares of the company's stock worth $1,084,000 after purchasing an additional 2,810 shares during the last quarter. 54.24% of the stock is owned by institutional investors and hedge funds.

About International General Insurance

International General Insurance NASDAQ: IGIC is a global specialty insurer and reinsurer focused on underwriting a diverse portfolio of property and casualty risks. Headquartered in Pembroke, Bermuda, the company provides tailored risk solutions across a broad range of industry sectors. IGIC operates within the excess and surplus lines market, leveraging specialized expertise to cover complex and hard-to-place risks that fall outside the scope of standard commercial insurance.

Founded in 1988, IGIC has grown its product offering to include marine, energy, aviation, construction, professional liability and credit & surety lines.

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