International General Insurance (NASDAQ:IGIC) Announces Quarterly Earnings Results, Beats Expectations By $0.01 EPS

International General Insurance (NASDAQ:IGIC) posted its quarterly earnings data on Tuesday. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.01, Zacks reports. The business had revenue of $140.00 million during the quarter, compared to the consensus estimate of $121.50 million. International General Insurance had a net margin of 20.68% and a return on equity of 17.03%.

International General Insurance Stock Up 0.7%

IGIC opened at $25.02 on Wednesday. The firm has a market capitalization of $1.07 billion, a P/E ratio of 10.05 and a beta of 0.05. The stock has a fifty day moving average of $25.20 and a 200-day moving average of $25.56. International General Insurance has a 12-month low of $21.00 and a 12-month high of $29.58.

International General Insurance Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 2nd. Stockholders of record on Tuesday, November 17th will be issued a $0.0750 dividend. The ex-dividend date is Tuesday, November 17th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.2%. International General Insurance’s dividend payout ratio is presently 12.05%.

Wall Street Analyst Weigh In

Several research firms have commented on IGIC. Royal Bank Of Canada raised their target price on shares of International General Insurance from $28.00 to $30.00 and gave the company an “outperform” rating in a research note on Monday, July 13th. Weiss Ratings raised shares of International General Insurance from a “buy (b)” rating to a “buy (b+)” rating in a research note on Thursday, October 8th. Finally, Zacks Research lowered shares of International General Insurance from a “hold” rating to a “strong sell” rating in a research note on Monday, July 13th. Two equities research 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, International General Insurance presently has an average rating of “Hold” and a consensus target price of $30.00.

International General Insurance Company Profile

International General Insurance Holdings Ltd. (NASDAQ: IGIC) is a specialty insurance and reinsurance company that underwrites risks for commercial clients, brokers and other insurers. The company focuses on complex and specialized lines of business rather than broad consumer insurance products.

Its offerings include energy, property, engineering, marine, aviation, casualty, political violence and other specialty insurance products, along with treaty and facultative reinsurance. Coverage is designed for businesses and industries that may require tailored underwriting and risk-management solutions.

International General Insurance was established in 2001 and serves clients and insurance partners across international markets through underwriting operations in locations including Bermuda, London and Jordan.