International General Insurance (NASDAQ:IGIC) Issues Earnings Results, Misses Expectations By $0.17 EPS

International General Insurance (NASDAQ:IGIC) posted its quarterly earnings results on Tuesday. The company reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.61 by ($0.17), Zacks reports. International General Insurance had a return on equity of 17.68% and a net margin of 23.68%.

International General Insurance Trading Up 0.5%

IGIC stock traded up $0.13 during trading on Tuesday, hitting $28.01. 191,435 shares of the stock traded hands, compared to its average volume of 68,499. International General Insurance has a one year low of $20.82 and a one year high of $29.58. The stock has a market cap of $1.19 billion, a price-to-earnings ratio of 10.11 and a beta of 0.11. The company has a 50 day simple moving average of $26.54 and a 200 day simple moving average of $25.54.

International General Insurance Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 11th. Investors of record on Thursday, May 28th were given a dividend of $0.075 per share. This is an increase from International General Insurance’s previous quarterly dividend of $0.05. The ex-dividend date was Thursday, May 28th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.1%. International General Insurance’s dividend payout ratio is 10.83%.

Institutional Trading of International General Insurance

Large investors have recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC acquired a new stake in International General Insurance during the 4th quarter valued at $56,000. State of Wyoming boosted its stake in International General Insurance by 179.2% in the second quarter. State of Wyoming now owns 6,665 shares of the company’s stock worth $160,000 after purchasing an additional 4,278 shares in the last quarter. Osaic Holdings Inc. grew its holdings in shares of International General Insurance by 29.2% during the second quarter. Osaic Holdings Inc. now owns 6,752 shares of the company’s stock worth $162,000 after purchasing an additional 1,524 shares during the last quarter. Royal Bank of Canada grew its holdings in shares of International General Insurance by 16.5% during the fourth quarter. Royal Bank of Canada now owns 6,559 shares of the company’s stock worth $165,000 after purchasing an additional 929 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its holdings in shares of International General Insurance by 61.0% during the second 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 last quarter. 54.24% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Royal Bank Of Canada lifted their price objective on International General Insurance from $28.00 to $30.00 and gave the company an “outperform” rating in a report on Monday, July 13th. Weiss Ratings reissued a “buy (b-)” rating on shares of International General Insurance in a report on Friday. Finally, Zacks Research downgraded International General Insurance from a “hold” rating to a “strong sell” rating in a research report on Monday, July 13th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $30.00.

About International General Insurance

International General Insurance (NASDAQ:IGIC) is a global specialty insurer and reinsurer focused on underwriting a diverse portfolio of property and casualty risks. Headquartered in Pembroke, Bermuda, the company provides tailored risk solutions across a broad range of industry sectors. IGIC operates within the excess and surplus lines market, leveraging specialized expertise to cover complex and hard-to-place risks that fall outside the scope of standard commercial insurance.

Founded in 1988, IGIC has grown its product offering to include marine, energy, aviation, construction, professional liability and credit & surety lines.