International General Insurance's (IGIC) "Buy (B)" Rating Reaffirmed at Weiss Ratings

Key Points

• International General Insurance's stock received a reaffirmed "buy (B)" rating from analysts at Weiss Ratings, indicating positive analyst sentiment.
• For the last quarter, IGIC reported $0.51 EPS, which fell short of analysts' expectations of $0.55, with revenue coming in at $132.90 million against a $140.40 million estimate.
• Institutional investors and hedge funds control 54.24% of the company's stock, reflecting increasing interest as many firms have adjusted their positions in the past quarter.

International General Insurance (NASDAQ:IGIC - Get Free Report)'s stock had its "buy (b)" rating reaffirmed by analysts at Weiss Ratings in a report released on Wednesday,Weiss Ratings reports.

International General Insurance Trading Down 1.2%

Shares of IGIC opened at $23.03 on Wednesday. The stock has a market cap of $1.03 billion, a P/E ratio of 8.34 and a beta of 0.25. The company has a 50-day moving average of $23.96 and a two-hundred day moving average of $23.92. International General Insurance has a 12-month low of $18.84 and a 12-month high of $27.76.

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

Hedge Funds Weigh In On International General Insurance

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. CWA Asset Management Group LLC acquired a new position in shares of International General Insurance in the first quarter valued at approximately $1,112,000. Invesco Ltd. raised its position in shares of International General Insurance by 33.6% in the first quarter. Invesco Ltd. now owns 43,599 shares of the company's stock valued at $1,147,000 after buying an additional 10,954 shares during the last quarter. Diamond Hill Capital Management Inc. raised its position 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 valued at $5,822,000 after buying an additional 30,708 shares during the last quarter. New Vernon Investment Management LLC raised its position in shares of International General Insurance by 1,293.5% in the first quarter. New Vernon Investment Management LLC now owns 59,267 shares of the company's stock valued at $1,559,000 after buying an additional 55,014 shares during the last quarter. Finally, Royce & Associates LP raised its position in shares of International General Insurance by 10.1% in the first quarter. Royce & Associates LP now owns 2,636,063 shares of the company's stock valued at $69,355,000 after buying an additional 242,104 shares during the last quarter. Institutional investors and hedge funds own 54.24% of the company's stock.

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.

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