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

International General Insurance (NASDAQ:IGIC) released its quarterly earnings results on Tuesday. The company reported $0.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.61 by ($0.17), Zacks reports. International General Insurance had a return on equity of 17.68% and a net margin of 23.68%.

International General Insurance Price Performance

Shares of NASDAQ:IGIC traded up $0.13 during midday trading on Tuesday, hitting $28.01. 190,093 shares of the company’s stock were exchanged, compared to its average volume of 68,490. International General Insurance has a 12 month low of $20.82 and a 12 month high of $29.58. The company has a market cap of $1.19 billion, a PE ratio of 10.11 and a beta of 0.11. The stock has a 50 day moving average price of $26.54 and a 200-day moving average price of $25.54.

International General Insurance Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 11th. Stockholders of record on Thursday, May 28th were given a dividend of $0.075 per share. The ex-dividend date of this dividend was Thursday, May 28th. This is a boost from International General Insurance’s previous quarterly dividend of $0.05. This represents a $0.30 annualized dividend and a dividend yield of 1.1%. International General Insurance’s payout ratio is presently 10.83%.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on IGIC. Zacks Research lowered shares of International General Insurance from a “hold” rating to a “strong sell” rating in a report on Monday, July 13th. Royal Bank Of Canada upped their target price on International General Insurance from $28.00 to $30.00 and gave the company an “outperform” rating in a research report on Monday, July 13th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of International General Insurance in a research note on Friday. Two analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $30.00.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Russell Investments Group Ltd. lifted its stake in International General Insurance by 0.4% during the 4th quarter. Russell Investments Group Ltd. now owns 396,512 shares of the company’s stock valued at $9,948,000 after acquiring an additional 1,661 shares in the last quarter. Shay Capital LLC raised its holdings in shares of International General Insurance by 13.1% in the third quarter. Shay Capital LLC now owns 237,694 shares of the company’s stock valued at $5,515,000 after purchasing an additional 27,444 shares during the last quarter. Raymond James Financial Inc. lifted its position in shares of International General Insurance by 16.7% during the third quarter. Raymond James Financial Inc. now owns 60,225 shares of the company’s stock valued at $1,397,000 after purchasing an additional 8,639 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in International General Insurance by 214.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 46,436 shares of the company’s stock worth $1,165,000 after purchasing an additional 31,675 shares during the last quarter. Finally, Franklin Resources Inc. grew its holdings in shares of International General Insurance by 7.0% in the fourth quarter. Franklin Resources Inc. now owns 43,195 shares of the company’s stock valued at $1,084,000 after acquiring an additional 2,810 shares in the last quarter. Hedge funds and other institutional investors own 54.24% of the company’s stock.

About International General Insurance

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.