Abacus Planning Group Inc. Has $314,000 Position in International General Insurance Holdings Ltd. $IGIC

Abacus Planning Group Inc. boosted its holdings in International General Insurance Holdings Ltd. (NASDAQ:IGIC) by 49.4% during the second quarter, Holdings Channel reports. The fund owned 13,091 shares of the company’s stock after purchasing an additional 4,327 shares during the period. Abacus Planning Group Inc.’s holdings in International General Insurance were worth $314,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. 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 purchasing an additional 55,014 shares during the period. Trexquant Investment LP acquired a new position in International General Insurance in the 1st quarter valued at about $252,000. Boston Partners raised its holdings in International General Insurance by 12.2% in the 1st quarter. Boston Partners now owns 37,758 shares of the company’s stock valued at $993,000 after acquiring an additional 4,096 shares during the period. Russell Investments Group Ltd. increased its stake in shares of International General Insurance by 13.0% during the first quarter. Russell Investments Group Ltd. now owns 409,043 shares of the company’s stock worth $10,762,000 after purchasing an additional 46,961 shares during the period. Finally, Invesco Ltd. lifted its holdings in shares of International General Insurance by 33.6% during the first quarter. Invesco Ltd. now owns 43,599 shares of the company’s stock worth $1,147,000 after buying an additional 10,954 shares in the last quarter. 54.24% of the stock is owned by institutional investors.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “buy (b)” rating on shares of International General Insurance in a research report on Saturday, September 27th. Three equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $31.50.

International General Insurance Price Performance

Shares of IGIC opened at $23.45 on Friday. The firm has a 50 day simple moving average of $23.97 and a two-hundred day simple moving average of $23.98. International General Insurance Holdings Ltd. has a one year low of $18.45 and a one year high of $27.76. The company has a market cap of $1.05 billion, a P/E ratio of 8.50 and a beta of 0.25.

International General Insurance (NASDAQ:IGIC) last issued its earnings results on Tuesday, August 5th. The company reported $0.51 earnings per share for the quarter, missing analysts’ consensus estimates of $0.55 by ($0.04). International General Insurance had a net margin of 23.52% and a return on equity of 17.40%. The business had revenue of $132.90 million during the quarter, compared to analyst estimates of $140.40 million. On average, analysts expect that International General Insurance Holdings Ltd. will post 3.18 earnings per share for the current fiscal year.

International General Insurance Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 16th. Shareholders of record on Monday, September 1st were paid a dividend of $0.05 per share. The ex-dividend date of this dividend was Friday, August 29th. This represents a $0.20 annualized dividend and a yield of 0.9%. International General Insurance’s payout ratio is presently 7.25%.

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.