International General Insurance (NASDAQ:IGIC) Issues Quarterly Earnings Results, Beats Estimates By $0.04 EPS

International General Insurance (NASDAQ:IGIC) issued its quarterly earnings data on Tuesday. The company reported $0.87 EPS for the quarter, beating the consensus estimate of $0.83 by $0.04, Zacks reports. International General Insurance had a net margin of 23.52% and a return on equity of 17.40%.

International General Insurance Stock Down 0.8%

NASDAQ:IGIC traded down $0.17 during trading hours on Tuesday, reaching $21.28. The company had a trading volume of 203,358 shares, compared to its average volume of 107,735. The firm has a market cap of $949.73 million, a price-to-earnings ratio of 7.71 and a beta of 0.23. The business’s 50-day simple moving average is $23.27 and its two-hundred day simple moving average is $23.58. International General Insurance has a twelve month low of $20.82 and a twelve month high of $27.76.

International General Insurance Dividend Announcement

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

Institutional Investors Weigh In On International General Insurance

Large investors have recently bought and sold shares of the stock. State of Wyoming grew its holdings in International General Insurance by 179.2% in the second quarter. State of Wyoming now owns 6,665 shares of the company’s stock worth $160,000 after purchasing an additional 4,278 shares during the period. Osaic Holdings Inc. grew its holdings in International General Insurance by 29.2% in the second quarter. Osaic Holdings Inc. now owns 6,752 shares of the company’s stock worth $162,000 after purchasing an additional 1,524 shares during the period. BNP Paribas Financial Markets grew its holdings in International General Insurance by 61.0% in the second 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 acquired a new stake in International General Insurance in the second quarter worth $233,000. Finally, JPMorgan Chase & Co. grew its holdings in International General Insurance by 83.4% in the second quarter. JPMorgan Chase & Co. now owns 15,107 shares of the company’s stock worth $363,000 after purchasing an additional 6,872 shares during the period. 54.24% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

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.