International General Insurance (NASDAQ:IGIC) Issues Quarterly Earnings Results, Misses Expectations By $0.04 EPS

International General Insurance (NASDAQ:IGIC) released its earnings results on Tuesday. The company reported $0.87 earnings per share for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.04), Zacks reports. The company had revenue of $128.60 million for the quarter, compared to the consensus estimate of $135.40 million. International General Insurance had a net margin of 23.76% and a return on equity of 18.57%.

International General Insurance Stock Performance

International General Insurance stock traded down $0.35 during mid-day trading on Thursday, reaching $22.12. The stock had a trading volume of 79,063 shares, compared to its average volume of 108,175. International General Insurance has a fifty-two week low of $20.82 and a fifty-two week high of $27.76. The stock’s 50-day simple moving average is $23.17 and its 200-day simple moving average is $23.55. The firm has a market capitalization of $986.99 million, a PE ratio of 8.01 and a beta of 0.23.

International General Insurance Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 16th. Investors 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 dividend payout ratio (DPR) is currently 7.25%.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “buy (b)” rating on shares of International General Insurance in a research report on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $31.50.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. JPMorgan Chase & Co. grew its holdings in shares of International General Insurance by 83.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 15,107 shares of the company’s stock worth $363,000 after acquiring an additional 6,872 shares during the period. Raymond James Financial Inc. raised its holdings in International General Insurance by 220.3% in the 2nd quarter. Raymond James Financial Inc. now owns 51,586 shares of the company’s stock worth $1,239,000 after purchasing an additional 35,480 shares during the period. BNP Paribas Financial Markets raised its holdings in International General Insurance by 61.0% in the 2nd quarter. BNP Paribas Financial Markets now owns 7,824 shares of the company’s stock worth $188,000 after purchasing an additional 2,963 shares during the period. IHT Wealth Management LLC bought a new position in International General Insurance in the 2nd quarter worth $233,000. Finally, Shay Capital LLC increased its stake in International General Insurance by 5.4% in the 2nd quarter. Shay Capital LLC now owns 210,250 shares of the company’s stock worth $5,050,000 after buying an additional 10,823 shares in the last quarter. Institutional investors own 54.24% of the company’s stock.

International General Insurance announced that its board has approved a stock repurchase program on Wednesday, November 5th that allows the company to buyback $5.00 million in shares. This buyback authorization allows the company to reacquire up to 0.5% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

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.