International General Insurance (NASDAQ:IGIC) Shares Gap Down After Earnings Miss

International General Insurance Holdings Ltd. (NASDAQ:IGIC - Get Free Report)'s share price gapped down before the market opened on Wednesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $25.74, but opened at $24.11. International General Insurance shares last traded at $24.14, with a volume of 69,822 shares traded.

The company reported $0.42 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.47 by ($0.05). International General Insurance had a return on equity of 22.78% and a net margin of 26.24%. The firm had revenue of $129.00 million for the quarter, compared to the consensus estimate of $135.50 million.

International General Insurance Dividend Announcement

The firm also recently disclosed a -- dividend, which was paid on Tuesday, April 22nd. Stockholders of record on Friday, April 4th were paid a dividend of $0.85 per share. The ex-dividend date was Friday, April 4th. This represents a dividend yield of 0.4%. International General Insurance's dividend payout ratio is 3.34%.

Analyst Ratings Changes

IGIC has been the subject of a number of analyst reports. Royal Bank of Canada raised their price target on International General Insurance from $28.00 to $31.00 and gave the company an "outperform" rating in a research note on Thursday, February 27th. Oppenheimer boosted their target price on shares of International General Insurance from $30.00 to $32.00 and gave the stock an "outperform" rating in a report on Thursday, February 27th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. ORG Wealth Partners LLC acquired a new position in shares of International General Insurance in the fourth quarter valued at $60,000. Quantbot Technologies LP bought a new position in International General Insurance in the 4th quarter valued at about $87,000. PNC Financial Services Group Inc. acquired a new stake in International General Insurance during the fourth quarter worth approximately $95,000. State of Wyoming bought a new stake in shares of International General Insurance during the fourth quarter worth approximately $107,000. Finally, Catalyst Capital Advisors LLC acquired a new position in shares of International General Insurance in the first quarter valued at approximately $147,000. 54.24% of the stock is currently owned by institutional investors.

International General Insurance Stock Down 6.2 %

The company has a market cap of $1.09 billion, a P/E ratio of 7.91 and a beta of 0.24. The stock has a 50 day moving average price of $24.96 and a two-hundred day moving average price of $24.62.

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.

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