International General Insurance (NASDAQ:IGIC) Announces Quarterly Earnings Results, Misses Estimates By $0.17 EPS

International General Insurance (NASDAQ:IGIC – Get Free Report) issued its quarterly earnings results on Tuesday. The company reported $0.44 EPS for the quarter, missing the consensus estimate of $0.61 by ($0.17), Zacks reports. The company had revenue of $143.50 million for the quarter, compared to analyst estimates of $114.90 million. International General Insurance had a net margin of 20.68% and a return on equity of 16.94%.

International General Insurance Trading Down 0.1%

NASDAQ IGIC traded down $0.03 on Thursday, hitting $27.02. 8,840 shares of the company’s stock were exchanged, compared to its average volume of 69,018. International General Insurance has a 52 week low of $20.82 and a 52 week high of $29.58. The stock has a market cap of $1.15 billion, a price-to-earnings ratio of 10.85 and a beta of 0.11. The stock has a 50-day moving average of $26.65 and a 200-day moving average of $25.59.

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International General Insurance Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Shareholders of record on Tuesday, August 18th will be issued a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Tuesday, August 18th. International General Insurance’s dividend payout ratio (DPR) is currently 12.05%.

Hedge Funds Weigh In On International General Insurance

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. grew its stake in shares of International General Insurance by 83.4% during the second quarter. JPMorgan Chase & Co. now owns 15,107 shares of the company’s stock worth $363,000 after buying an additional 6,872 shares during the last quarter. Raymond James Financial Inc. grew 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 International General Insurance by 61.0% in 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 in the last quarter. IHT Wealth Management LLC acquired a new position in International General Insurance in the 2nd quarter worth about $233,000. Finally, Shay Capital LLC raised its position in International General Insurance by 5.4% in the second quarter. Shay Capital LLC now owns 210,250 shares of the company’s stock valued at $5,050,000 after purchasing an additional 10,823 shares during the last quarter. Institutional investors own 54.24% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Weiss Ratings reiterated a “buy (b-)” rating on shares of International General Insurance in a research note on Friday, July 31st. Royal Bank Of Canada lifted their price target on International General Insurance from $28.00 to $30.00 and gave the stock an “outperform” rating in a report on Monday, July 13th. Finally, Zacks Research downgraded International General Insurance from a “hold” rating to a “strong sell” rating in a research note on Monday, July 13th. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $30.00.

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About International General Insurance

(Get Free Report)

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.

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