Royce & Associates LP Boosts Stock Position in International General Insurance Holdings Ltd. $IGIC

Royce & Associates LP boosted its position in International General Insurance Holdings Ltd. (NASDAQ:IGIC) by 3.3% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 3,173,626 shares of the company’s stock after buying an additional 100,464 shares during the period. International General Insurance makes up approximately 0.7% of Royce & Associates LP’s portfolio, making the stock its 11th largest holding. Royce & Associates LP owned 0.07% of International General Insurance worth $73,628,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the company. PNC Financial Services Group Inc. boosted its holdings in International General Insurance by 93.3% in the 2nd quarter. PNC Financial Services Group Inc. now owns 12,000 shares of the company’s stock valued at $288,000 after purchasing an additional 5,792 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of International General Insurance by 83.4% in the 2nd 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. Franklin Resources Inc. boosted its stake in shares of International General Insurance by 5.8% in the second quarter. Franklin Resources Inc. now owns 38,030 shares of the company’s stock valued at $913,000 after buying an additional 2,085 shares in the last quarter. Quantbot Technologies LP grew its holdings in International General Insurance by 430.1% during the second quarter. Quantbot Technologies LP now owns 19,549 shares of the company’s stock worth $470,000 after acquiring an additional 15,861 shares during the period. Finally, Beacon Pointe Advisors LLC raised its position in International General Insurance by 18.8% in the second quarter. Beacon Pointe Advisors LLC now owns 29,530 shares of the company’s stock worth $709,000 after acquiring an additional 4,682 shares in the last quarter. 54.24% of the stock is owned by institutional investors and hedge funds.

International General Insurance Trading Down 0.3%

Shares of IGIC stock opened at $25.20 on Friday. The company has a market capitalization of $1.12 billion, a price-to-earnings ratio of 8.78 and a beta of 0.15. The firm has a 50-day moving average price of $24.88 and a 200 day moving average price of $24.02. International General Insurance Holdings Ltd. has a twelve month low of $20.82 and a twelve month high of $27.63.

International General Insurance (NASDAQ:IGIC) last posted its quarterly earnings data on Tuesday, February 24th. The company reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.72 by $0.08. The business had revenue of $126.40 million for the quarter, compared to analysts’ expectations of $116.40 million. International General Insurance had a return on equity of 16.98% and a net margin of 24.61%. As a group, research analysts predict that International General Insurance Holdings Ltd. will post 3.18 earnings per share for the current year.

International General Insurance announced that its board has initiated a share buyback plan on Wednesday, November 5th that permits the company to buyback $5.00 million in shares. This buyback authorization permits the company to reacquire up to 0.5% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

International General Insurance Announces Dividend

The firm also recently declared an annual dividend, which will be paid on Monday, April 6th. Shareholders of record on Wednesday, March 18th will be paid a $1.15 dividend. This represents a yield of 460.0%. The ex-dividend date of this dividend is Wednesday, March 18th. International General Insurance’s dividend payout ratio (DPR) is presently 6.97%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Royal Bank Of Canada started coverage on shares of International General Insurance in a research report on Tuesday, December 16th. They set an “outperform” rating and a $28.00 target price on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of International General Insurance in a research note on Thursday, January 22nd. Two equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, International General Insurance currently has a consensus rating of “Buy” and a consensus target price of $28.00.

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.