International General Insurance (NASDAQ:IGIC) Issues Quarterly Earnings Results

International General Insurance (NASDAQ:IGIC) announced its quarterly earnings results on Tuesday. The company reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.72 by $0.08, Zacks reports. The company had revenue of $126.40 million for the quarter, compared to the consensus estimate of $116.40 million. International General Insurance had a net margin of 24.61% and a return on equity of 17.26%.

International General Insurance Trading Down 0.1%

Shares of IGIC stock traded down $0.02 during trading hours on Thursday, reaching $25.18. 27,477 shares of the company’s stock were exchanged, compared to its average volume of 62,716. International General Insurance has a fifty-two week low of $20.82 and a fifty-two week high of $27.63. The stock’s 50 day moving average is $24.88 and its 200-day moving average is $24.01. The company has a market cap of $1.12 billion, a price-to-earnings ratio of 8.77 and a beta of 0.15.

International General Insurance Dividend Announcement

The company also recently declared an annual dividend, which will be paid on Monday, April 6th. Shareholders of record on Wednesday, March 18th will be given a dividend of $1.15 per share. This represents a dividend yield of 460.0%. The ex-dividend date of this dividend is Wednesday, March 18th. International General Insurance’s dividend payout ratio is presently 7.25%.

Institutional Investors Weigh In On International General Insurance

A number of large investors have recently modified their holdings of the business. Russell Investments Group Ltd. increased its holdings in shares of International General Insurance by 0.4% during the fourth quarter. Russell Investments Group Ltd. now owns 396,512 shares of the company’s stock valued at $9,948,000 after acquiring an additional 1,661 shares in the last quarter. Shay Capital LLC raised its holdings in shares of International General Insurance by 13.1% in the third quarter. Shay Capital LLC now owns 237,694 shares of the company’s stock worth $5,515,000 after buying an additional 27,444 shares during the last quarter. Raymond James Financial Inc. increased its position in shares of International General Insurance by 16.7% in the 3rd quarter. Raymond James Financial Inc. now owns 60,225 shares of the company’s stock valued at $1,397,000 after acquiring an additional 8,639 shares during the period. Goldman Sachs Group Inc. raised its stake in International General Insurance by 214.6% in the 4th quarter. Goldman Sachs Group Inc. now owns 46,436 shares of the company’s stock worth $1,165,000 after acquiring an additional 31,675 shares during the last quarter. Finally, Franklin Resources Inc. raised its stake in International General Insurance by 7.0% in the 4th quarter. Franklin Resources Inc. now owns 43,195 shares of the company’s stock worth $1,084,000 after acquiring an additional 2,810 shares during the last quarter. Hedge funds and other institutional investors own 54.24% of the company’s stock.

International General Insurance declared that its board has initiated a stock buyback program on Wednesday, November 5th that permits the company to repurchase $5.00 million in outstanding shares. This repurchase authorization permits the company to repurchase up to 0.5% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

IGIC has been the subject of a number of recent research reports. Weiss Ratings reissued a “buy (b)” rating on shares of International General Insurance in a research note on Thursday, January 22nd. Royal Bank Of Canada started coverage on International General Insurance in a research report on Tuesday, December 16th. They set an “outperform” rating and a $28.00 target price for the company. Three analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $30.00.

International General Insurance Company Profile

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.