International General Insurance (NASDAQ:IGIC) Posts Earnings Results, Misses Expectations By $0.11 EPS

International General Insurance (NASDAQ:IGIC) announced its quarterly earnings results on Tuesday. The company reported $0.56 EPS for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.11), Zacks reports. International General Insurance had a net margin of 23.68% and a return on equity of 17.47%. The business had revenue of $125.70 million during the quarter, compared to the consensus estimate of $112.70 million.

International General Insurance Price Performance

Shares of IGIC stock traded down $0.63 during mid-day trading on Thursday, hitting $25.87. The stock had a trading volume of 52,646 shares, compared to its average volume of 59,391. The firm’s 50-day moving average is $25.00 and its two-hundred day moving average is $24.40. The firm has a market capitalization of $1.11 billion, a P/E ratio of 9.34 and a beta of 0.14. International General Insurance has a 12-month low of $20.82 and a 12-month high of $27.43.

International General Insurance Announces Dividend

The business also recently disclosed an annual dividend, which was paid on Monday, April 6th. Investors of record on Wednesday, March 18th were issued a dividend of $1.15 per share. The ex-dividend date was Wednesday, March 18th. This represents a yield of 497.0%. International General Insurance’s dividend payout ratio (DPR) is presently 6.97%.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings lowered shares of International General Insurance from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $28.00.

Institutional Investors Weigh In On International General Insurance

Several hedge funds have recently modified their holdings of IGIC. JPMorgan Chase & Co. increased its holdings in International General Insurance by 83.4% during the second quarter. JPMorgan Chase & Co. now owns 15,107 shares of the company’s stock valued at $363,000 after buying an additional 6,872 shares during the period. Raymond James Financial Inc. boosted 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 valued at $1,239,000 after acquiring an additional 35,480 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in shares of International General Insurance by 61.0% in the 2nd quarter. BNP Paribas Financial Markets now owns 7,824 shares of the company’s stock valued at $188,000 after acquiring an additional 2,963 shares during the period. IHT Wealth Management LLC bought a new position in shares of International General Insurance in the 2nd quarter worth $233,000. Finally, Shay Capital LLC raised its position in shares of International General Insurance by 5.4% in the 2nd quarter. Shay Capital LLC now owns 210,250 shares of the company’s stock worth $5,050,000 after acquiring an additional 10,823 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.