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

International General Insurance (NASDAQ:IGIC) posted its earnings results on Tuesday. The company reported $0.44 earnings per share for the quarter, missing the consensus estimate of $0.61 by ($0.17), Zacks reports. International General Insurance had a net margin of 23.68% and a return on equity of 17.68%. The firm had revenue of $143.50 million during the quarter, compared to analyst estimates of $114.90 million.

International General Insurance Trading Down 1.2%

Shares of IGIC traded down $0.34 during trading hours on Wednesday, reaching $27.67. The company had a trading volume of 61,986 shares, compared to its average volume of 68,312. The company has a market capitalization of $1.18 billion, a price-to-earnings ratio of 9.99 and a beta of 0.11. The firm has a 50 day simple moving average of $26.60 and a 200-day simple moving average of $25.57. International General Insurance has a 12-month low of $20.82 and a 12-month high of $29.58.

International General Insurance Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Stockholders of record on Tuesday, August 18th will be paid a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Tuesday, August 18th. International General Insurance’s dividend payout ratio is 10.83%.

Wall Street Analyst Weigh In

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

Hedge Funds Weigh In On International General Insurance

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IGIC. Raymond James Financial Inc. raised its position in shares of 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 purchasing an additional 35,480 shares during the last quarter. Lazard Asset Management LLC acquired a new position in International General Insurance in the 4th quarter valued at $810,000. Goldman Sachs Group Inc. grew its position in shares of International General Insurance by 214.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 46,436 shares of the company’s stock valued at $1,165,000 after purchasing an additional 31,675 shares during the period. Shay Capital LLC lifted its position in International General Insurance by 13.1% during the third quarter. Shay Capital LLC now owns 237,694 shares of the company’s stock worth $5,515,000 after buying an additional 27,444 shares during the period. Finally, UBS Group AG boosted its stake in International General Insurance by 70.9% in the 3rd quarter. UBS Group AG now owns 36,962 shares of the company’s stock worth $858,000 after buying an additional 15,339 shares during the last quarter. Institutional investors and hedge funds own 54.24% of the company’s stock.

International General Insurance Company Profile

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.