International General Insurance Holdings Ltd. $IGIC Stock Sold by Royce & Associates LP

Royce & Associates LP trimmed its position in shares of International General Insurance Holdings Ltd. (NASDAQ:IGIC) by 21.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,575,051 shares of the company’s stock after selling 712,679 shares during the period. International General Insurance accounts for 0.6% of Royce & Associates LP’s portfolio, making the stock its 21st largest holding. Royce & Associates LP owned 6.04% of International General Insurance worth $62,574,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Diamond Hill Capital Management LLC Investment Advisor purchased a new position in shares of International General Insurance during the 2nd quarter valued at $13,773,000. Hingham Institution for Savings increased its stake in International General Insurance by 24.9% in the 3rd quarter. Hingham Institution for Savings now owns 100,400 shares of the company’s stock worth $2,440,000 after buying an additional 20,000 shares in the last quarter. R Squared Ltd increased its stake in International General Insurance by 48.2% in the 3rd quarter. R Squared Ltd now owns 21,425 shares of the company’s stock worth $521,000 after buying an additional 6,967 shares in the last quarter. Corsair Capital Management L.P. bought a new stake in International General Insurance during the first quarter valued at about $352,000. Finally, Keybank National Association OH bought a new stake in International General Insurance during the third quarter valued at about $287,000. 54.24% of the stock is currently owned by institutional investors.

International General Insurance Stock Performance

Shares of International General Insurance stock traded up $0.47 on Friday, hitting $24.36. 60,303 shares of the company traded hands, compared to its average volume of 74,160. The stock has a market capitalization of $1.04 billion, a P/E ratio of 10.15 and a beta of 0.05. International General Insurance Holdings Ltd. has a 52 week low of $22.14 and a 52 week high of $29.58. The business has a 50-day simple moving average of $24.75 and a 200 day simple moving average of $25.54.

International General Insurance (NASDAQ:IGIC) last issued its earnings results on Tuesday, November 3rd. The company reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.01. The firm had revenue of $140.00 million during the quarter, compared to analyst estimates of $121.50 million. International General Insurance had a net margin of 19.21% and a return on equity of 15.64%. Research analysts expect that International General Insurance Holdings Ltd. will post 2.48 earnings per share for the current year.

International General Insurance Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 2nd. Shareholders of record on Tuesday, November 17th will be given a dividend of $0.0750 per share. The ex-dividend date is Tuesday, November 17th. This represents a $0.30 annualized dividend and a yield of 1.2%. International General Insurance’s dividend payout ratio (DPR) is 12.50%.

Wall Street Analyst Weigh In

Separately, Weiss Ratings downgraded International General Insurance from a “buy (b+)” rating to a “buy (b)” rating in a research report on Wednesday. Two equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $30.00.

About International General Insurance

International General Insurance Holdings Ltd. is a specialty insurer and reinsurer that provides coverage for commercial and industrial risks. Founded in 2001 and headquartered in Bermuda, the company serves clients and brokers in markets around the world. Its offerings include specialty property and energy insurance, construction and engineering coverage, marine insurance, and protection for risks such as political violence. IGI also underwrites professional indemnity and other financial and casualty lines, as well as reinsurance for insurers.