International General Insurance (NASDAQ:IGIC) Releases Quarterly Earnings Results, Beats Estimates By $0.08 EPS

International General Insurance (NASDAQ:IGIC) released its quarterly earnings results on Tuesday. The company reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.72 by $0.08, Zacks reports. International General Insurance had a net margin of 23.76% and a return on equity of 18.36%.

International General Insurance Trading Up 1.5%

NASDAQ IGIC traded up $0.37 during trading hours on Tuesday, hitting $25.38. 98,892 shares of the company’s stock were exchanged, compared to its average volume of 61,828. The firm has a market cap of $1.13 billion, a price-to-earnings ratio of 9.20 and a beta of 0.15. The stock has a 50-day simple moving average of $24.88 and a 200 day simple moving average of $23.99. International General Insurance has a 1-year low of $20.82 and a 1-year high of $27.76.

International General Insurance Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Wednesday, December 17th. This represents a $0.20 dividend on an annualized basis and a yield of 0.8%. International General Insurance’s dividend payout ratio is 7.25%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on IGIC. Royal Bank Of Canada began 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. Weiss Ratings restated a “buy (b)” rating on shares of International General Insurance in a research report on Thursday, January 22nd. Three investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $30.00.

International General Insurance announced that its Board of Directors has approved a stock repurchase plan on Wednesday, November 5th that allows the company to buyback $5.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 0.5% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Institutional Trading of International General Insurance

Several large investors have recently modified their holdings of the stock. XTX Topco Ltd acquired a new position in shares of International General Insurance during the 4th quarter valued at $291,000. Millennium Management LLC increased its stake in International General Insurance by 138.7% in the fourth quarter. Millennium Management LLC now owns 21,938 shares of the company’s stock valued at $550,000 after purchasing an additional 12,746 shares in the last quarter. Lazard Asset Management LLC bought a new stake in International General Insurance in the fourth quarter valued at $810,000. Trexquant Investment LP raised its holdings in shares of International General Insurance by 25.0% during the fourth quarter. Trexquant Investment LP now owns 38,532 shares of the company’s stock valued at $967,000 after purchasing an additional 7,713 shares during the period. Finally, Osaic Holdings Inc. boosted its position in shares of International General Insurance by 11.3% during the 4th quarter. Osaic Holdings Inc. now owns 7,135 shares of the company’s stock worth $179,000 after purchasing an additional 722 shares in the last quarter. Institutional investors and hedge funds own 54.24% of the company’s stock.

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.