Westwood Holdings Group Inc. Sells 709,660 Shares of International General Insurance Holdings Ltd. $IGIC

by · The Markets Daily

Westwood Holdings Group Inc. cut its position in International General Insurance Holdings Ltd. (NASDAQ:IGIC – Free Report) by 84.3% during the second quarter, Holdings Channel.com reports. The institutional investor owned 131,991 shares of the company’s stock after selling 709,660 shares during the quarter. Westwood Holdings Group Inc.’s holdings in International General Insurance were worth $3,170,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Invesco Ltd. raised its stake in shares of International General Insurance by 33.6% in the first quarter. Invesco Ltd. now owns 43,599 shares of the company’s stock valued at $1,147,000 after acquiring an additional 10,954 shares during the last quarter. New Vernon Investment Management LLC grew its position in International General Insurance by 1,293.5% during the 1st quarter. New Vernon Investment Management LLC now owns 59,267 shares of the company’s stock worth $1,559,000 after acquiring an additional 55,014 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in International General Insurance by 55.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 6,208 shares of the company’s stock valued at $163,000 after purchasing an additional 2,208 shares in the last quarter. Russell Investments Group Ltd. raised its position in International General Insurance by 13.0% in the 1st quarter. Russell Investments Group Ltd. now owns 409,043 shares of the company’s stock valued at $10,762,000 after purchasing an additional 46,961 shares during the last quarter. Finally, Trexquant Investment LP bought a new position in International General Insurance in the 1st quarter valued at $252,000. 54.24% of the stock is owned by institutional investors.

International General Insurance Price Performance

IGIC opened at $24.90 on Tuesday. The stock has a market capitalization of $1.11 billion, a P/E ratio of 9.02 and a beta of 0.17. The company’s 50 day simple moving average is $23.06 and its 200-day simple moving average is $23.50. International General Insurance Holdings Ltd. has a one year low of $20.82 and a one year high of $27.76.

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

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

International General Insurance Dividend Announcement

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

Analyst Ratings Changes

Separately, Weiss Ratings restated a “buy (b)” rating on shares of International General Insurance in a report on Wednesday, October 8th. Three analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $31.50.

Read Our Latest Stock Analysis on IGIC

International General Insurance Company Profile

(Free Report)

International General Insurance Holdings Ltd. engages in the provision of specialty insurance and reinsurance solutions worldwide. The company operates through three segments: Specialty Long-tail, Specialty Short-tail, and Reinsurance. It is involved in underwriting a portfolio of specialty risks, including energy, property, construction and engineering, ports and terminals, general aviation, political violence, professional lines, financial institutions, motor, marine liability, contingency, marine, treaty, and casualty insurance and reinsurance.

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