International General Insurance (NASDAQ:IGIC) Issues Earnings Results

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

International General Insurance Stock Down 1.3%

NASDAQ:IGIC traded down $0.30 during trading hours on Thursday, reaching $22.16. 70,641 shares of the company’s stock were exchanged, compared to its average volume of 108,132. The company has a market capitalization of $989.18 million, a P/E ratio of 8.03 and a beta of 0.23. International General Insurance has a 12 month low of $20.82 and a 12 month high of $27.76. The business’s 50-day simple moving average is $23.17 and its two-hundred day simple moving average is $23.55.

International General Insurance Announces Dividend

The business also recently disclosed 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. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date was Friday, August 29th. International General Insurance’s dividend payout ratio (DPR) is currently 7.25%.

Analyst Ratings Changes

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

International General Insurance declared that its board has approved a share buyback plan on Wednesday, November 5th that authorizes the company to buyback $5.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 0.5% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On International General Insurance

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its position in International General Insurance by 83.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 15,107 shares of the company’s stock worth $363,000 after buying an additional 6,872 shares in the last quarter. Raymond James Financial Inc. lifted its position in International General Insurance by 220.3% during the 2nd quarter. Raymond James Financial Inc. now owns 51,586 shares of the company’s stock worth $1,239,000 after acquiring an additional 35,480 shares during the last quarter. BNP Paribas Financial Markets increased its holdings in shares of International General Insurance by 61.0% during 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 shares of International General Insurance during the 2nd quarter worth about $233,000. Finally, Shay Capital LLC increased its holdings in shares of International General Insurance by 5.4% during the 2nd quarter. Shay Capital LLC now owns 210,250 shares of the company’s stock worth $5,050,000 after purchasing an additional 10,823 shares during the period. Institutional investors and hedge funds own 54.24% of the company’s stock.

About International General Insurance

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.