Abacus Planning Group Inc. Buys 4,327 Shares of International General Insurance Holdings Ltd. $IGIC

Abacus Planning Group Inc. grew its stake in International General Insurance Holdings Ltd. (NASDAQ:IGIC) by 49.4% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 13,091 shares of the company’s stock after buying an additional 4,327 shares during the quarter. Abacus Planning Group Inc.’s holdings in International General Insurance were worth $314,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Mackenzie Financial Corp lifted its position in International General Insurance by 2.9% in the 1st quarter. Mackenzie Financial Corp now owns 35,945 shares of the company’s stock valued at $946,000 after acquiring an additional 1,005 shares in the last quarter. PNC Financial Services Group Inc. raised its stake in shares of International General Insurance by 55.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 6,208 shares of the company’s stock valued at $163,000 after purchasing an additional 2,208 shares during the period. Boston Partners lifted its holdings in shares of International General Insurance by 12.2% in the first quarter. Boston Partners now owns 37,758 shares of the company’s stock valued at $993,000 after purchasing an additional 4,096 shares in the last quarter. US Bancorp DE boosted its position in shares of International General Insurance by 850.6% during the first quarter. US Bancorp DE now owns 4,753 shares of the company’s stock worth $125,000 after buying an additional 4,253 shares during the period. Finally, Catalyst Capital Advisors LLC bought a new position in shares of International General Insurance during the first quarter worth about $147,000. Institutional investors own 54.24% of the company’s stock.

International General Insurance Price Performance

Shares of International General Insurance stock opened at $23.45 on Friday. The stock has a market cap of $1.05 billion, a P/E ratio of 8.50 and a beta of 0.25. International General Insurance Holdings Ltd. has a 12-month low of $18.45 and a 12-month high of $27.76. The business’s 50 day moving average is $23.97 and its 200-day moving average is $23.98.

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

International General Insurance Dividend Announcement

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

Analysts Set New Price Targets

Separately, Weiss Ratings restated a “buy (b)” rating on shares of International General Insurance in a research note on Saturday, September 27th. Three investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $31.50.

International General Insurance 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.