International General Insurance (NASDAQ:IGIC) Announces Earnings Results, Misses Estimates By $0.11 EPS
by Amy Steele · The Cerbat GemInternational General Insurance (NASDAQ:IGIC – Get Free Report) issued its earnings results on Tuesday. The company reported $0.56 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.11), Zacks reports. International General Insurance had a net margin of 24.61% and a return on equity of 16.98%.
International General Insurance Stock Performance
IGIC traded up $0.24 on Tuesday, reaching $25.12. The company had a trading volume of 111,884 shares, compared to its average volume of 37,877. The business has a 50 day simple moving average of $24.97 and a 200 day simple moving average of $24.37. The company has a market cap of $1.08 billion, a price-to-earnings ratio of 8.75 and a beta of 0.14. International General Insurance has a 52-week low of $20.82 and a 52-week 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 given a $1.15 dividend. This represents a dividend yield of 497.0%. The ex-dividend date was Wednesday, March 18th. International General Insurance’s dividend payout ratio is 6.97%.
Wall Street Analyst Weigh In
Separately, Weiss Ratings reaffirmed a “buy (b)” rating on shares of International General Insurance in a report on Tuesday, April 21st. Two analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $28.00.
View Our Latest Analysis on International General Insurance
Hedge Funds Weigh In On International General Insurance
A number of large investors have recently modified their holdings of IGIC. Smartleaf Asset Management LLC bought a new stake in International General Insurance in the 4th quarter worth approximately $56,000. State of Wyoming grew its position in International General Insurance by 179.2% during the second quarter. State of Wyoming now owns 6,665 shares of the company’s stock valued at $160,000 after acquiring an additional 4,278 shares during the last quarter. Osaic Holdings Inc. raised its stake in shares of International General Insurance by 29.2% during the second quarter. Osaic Holdings Inc. now owns 6,752 shares of the company’s stock worth $162,000 after acquiring an additional 1,524 shares in the last quarter. Royal Bank of Canada raised its stake in shares of International General Insurance by 16.5% during the fourth quarter. Royal Bank of Canada now owns 6,559 shares of the company’s stock worth $165,000 after acquiring an additional 929 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted 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 worth $188,000 after acquiring an additional 2,963 shares during the last quarter. 54.24% of the stock is owned by hedge funds and other institutional investors.
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.