International General Insurance (NASDAQ:IGIC) Earns Outperform Rating from Analysts at Royal Bank Of Canada

Royal Bank Of Canada initiated coverage on shares of International General Insurance (NASDAQ:IGIC) in a research report released on Tuesday morning, MarketBeat reports. The brokerage issued an outperform rating and a $28.00 price objective on the stock.

Separately, Weiss Ratings restated a “buy (b)” rating on shares of International General Insurance in a research note on Wednesday, October 8th. Three research analysts have rated the stock with a Buy rating, According to data from MarketBeat, International General Insurance presently has a consensus rating of “Buy” and a consensus price target of $30.00.

International General Insurance Trading Up 0.7%

NASDAQ IGIC opened at $25.38 on Tuesday. The company has a 50-day moving average price of $23.20 and a two-hundred day moving average price of $23.53. The stock has a market cap of $1.13 billion, a price-to-earnings ratio of 9.20 and a beta of 0.17. International General Insurance has a 52 week low of $20.82 and a 52 week high of $27.76.

International General Insurance (NASDAQ:IGIC) last issued its quarterly earnings data on Tuesday, November 4th. The company reported $0.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.04). International General Insurance had a return on equity of 18.36% and a net margin of 23.76%.The business had revenue of $128.60 million during the quarter, compared to the consensus estimate of $135.40 million. As a group, equities research analysts expect that International General Insurance will post 3.18 earnings per share for the current fiscal year.

International General Insurance announced that its Board of Directors has approved a stock repurchase program on Wednesday, November 5th that allows the company to repurchase $5.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 0.5% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

International General Insurance Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th will be issued a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend is Wednesday, December 17th. International General Insurance’s payout ratio is presently 7.25%.

Hedge Funds Weigh In On International General Insurance

Several hedge funds have recently made changes to their positions in the business. Invesco Ltd. boosted its holdings in 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. New Vernon Investment Management LLC grew its holdings in shares of International General Insurance by 1,293.5% in the 1st quarter. New Vernon Investment Management LLC now owns 59,267 shares of the company’s stock worth $1,559,000 after acquiring an additional 55,014 shares during the last quarter. PNC Financial Services Group Inc. raised its position in shares of International General Insurance by 55.2% during the first quarter. PNC Financial Services Group Inc. now owns 6,208 shares of the company’s stock worth $163,000 after purchasing an additional 2,208 shares during the period. Russell Investments Group Ltd. lifted its holdings 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 valued at $10,762,000 after purchasing an additional 46,961 shares during the last quarter. Finally, Trexquant Investment LP acquired a new position in shares of International General Insurance in the 1st quarter valued at $252,000. Institutional investors and hedge funds own 54.24% of the company’s stock.

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.