International General Insurance (NASDAQ:IGIC) Shares Gap Down Following Weak Earnings

International General Insurance Holdings Ltd. (NASDAQ:IGIC - Get Free Report) shares gapped down before the market opened on Wednesday following a dissappointing earnings announcement. 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 trading hands.

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

International General Insurance Dividend Announcement

The business also recently declared 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 of this dividend was Friday, April 4th. This represents a dividend yield of 0.4%. International General Insurance's payout ratio is currently 3.68%.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Royal Bank of Canada lifted their price objective on shares of 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 price target on shares of International General Insurance from $30.00 to $32.00 and gave the stock an "outperform" rating in a research note on Thursday, February 27th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Royce & Associates LP lifted its position in International General Insurance by 10.1% during the first quarter. Royce & Associates LP now owns 2,636,063 shares of the company's stock valued at $69,355,000 after purchasing an additional 242,104 shares during the period. Shay Capital LLC increased its stake in shares of International General Insurance by 13.1% in the fourth quarter. Shay Capital LLC now owns 226,759 shares of the company's stock worth $5,388,000 after purchasing an additional 26,210 shares in the last quarter. Diamond Hill Capital Management Inc. increased its stake in shares of International General Insurance by 16.1% in the first quarter. Diamond Hill Capital Management Inc. now owns 221,271 shares of the company's stock worth $5,822,000 after purchasing an additional 30,708 shares in the last quarter. Deroy & Devereaux Private Investment Counsel Inc. increased its stake in shares of International General Insurance by 3.2% in the first quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 195,890 shares of the company's stock worth $5,154,000 after purchasing an additional 6,065 shares in the last quarter. Finally, Renaissance Technologies LLC increased its stake in shares of International General Insurance by 22.2% in the fourth quarter. Renaissance Technologies LLC now owns 115,500 shares of the company's stock worth $2,744,000 after purchasing an additional 21,000 shares in the last quarter. Institutional investors own 54.24% of the company's stock.

International General Insurance Stock Down 0.5%

The stock's 50 day moving average price is $24.83 and its 200-day moving average price is $24.74. The stock has a market capitalization of $1.03 billion, a PE ratio of 7.48 and a beta of 0.24.

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.