Sowell Financial Services LLC Sells 27,343 Shares of International General Insurance Holdings Ltd. $IGIC

Sowell Financial Services LLC decreased its holdings in International General Insurance Holdings Ltd. (NASDAQ:IGIC) by 32.2% in the third quarter, HoldingsChannel.com reports. The fund owned 57,580 shares of the company’s stock after selling 27,343 shares during the period. Sowell Financial Services LLC’s holdings in International General Insurance were worth $1,336,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Raymond James Financial Inc. raised its holdings in International General Insurance by 220.3% in the 2nd quarter. Raymond James Financial Inc. now owns 51,586 shares of the company’s stock worth $1,239,000 after purchasing an additional 35,480 shares in the last quarter. Quantbot Technologies LP increased its position in shares of International General Insurance by 430.1% during the second quarter. Quantbot Technologies LP now owns 19,549 shares of the company’s stock valued at $470,000 after buying an additional 15,861 shares during the period. Invesco Ltd. increased its position in shares of International General Insurance by 33.6% during the first quarter. Invesco Ltd. now owns 43,599 shares of the company’s stock valued at $1,147,000 after buying an additional 10,954 shares during the period. Shay Capital LLC raised its stake in International General Insurance by 5.4% in the second quarter. Shay Capital LLC now owns 210,250 shares of the company’s stock worth $5,050,000 after buying an additional 10,823 shares in the last quarter. Finally, IHT Wealth Management LLC purchased a new stake in International General Insurance in the second quarter worth about $233,000. 54.24% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on IGIC. Royal Bank Of Canada initiated coverage on International General Insurance in a report on Tuesday, December 16th. They set an “outperform” rating and a $28.00 target price on the stock. Weiss Ratings restated a “buy (b)” rating on shares of International General Insurance in a research report on Wednesday, October 8th. Three research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $30.00.

International General Insurance Stock Down 0.7%

International General Insurance stock opened at $25.31 on Wednesday. International General Insurance Holdings Ltd. has a twelve month low of $20.82 and a twelve month high of $27.76. The company has a market capitalization of $1.13 billion, a P/E ratio of 9.17 and a beta of 0.17. The stock’s 50 day moving average is $23.67 and its 200 day moving average is $23.68.

International General Insurance (NASDAQ:IGIC) last released its earnings results on Tuesday, November 4th. The company reported $0.87 EPS for the quarter, missing the consensus estimate of $0.91 by ($0.04). International General Insurance had a return on equity of 18.36% and a net margin of 23.76%.The company had revenue of $128.60 million during the quarter, compared to the consensus estimate of $135.40 million. As a group, equities analysts expect that International General Insurance Holdings Ltd. will post 3.18 EPS for the current year.

International General Insurance Announces Dividend

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

International General Insurance declared that its Board of Directors has initiated a stock repurchase program on Wednesday, November 5th that permits the company to repurchase $5.00 million in shares. This repurchase authorization permits the company to purchase up to 0.5% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

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.