Sowell Financial Services LLC Cuts Position in International General Insurance Holdings Ltd. $IGIC

Sowell Financial Services LLC lessened its position in International General Insurance Holdings Ltd. (NASDAQ:IGIC) by 32.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 57,580 shares of the company’s stock after selling 27,343 shares during the quarter. Sowell Financial Services LLC owned 0.13% of International General Insurance worth $1,336,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC boosted its holdings in shares of International General Insurance by 4.7% in the 3rd quarter. Exchange Traded Concepts LLC now owns 11,514 shares of the company’s stock worth $267,000 after purchasing an additional 517 shares in the last quarter. Osaic Holdings Inc. lifted its position in International General Insurance by 29.2% in the 2nd quarter. Osaic Holdings Inc. now owns 6,752 shares of the company’s stock worth $162,000 after buying an additional 1,524 shares during the last quarter. Franklin Resources Inc. boosted its stake in International General Insurance by 5.8% in the second quarter. Franklin Resources Inc. now owns 38,030 shares of the company’s stock worth $913,000 after buying an additional 2,085 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in International General Insurance by 61.0% in the second quarter. BNP Paribas Financial Markets now owns 7,824 shares of the company’s stock worth $188,000 after buying an additional 2,963 shares in the last quarter. Finally, 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. Institutional investors own 54.24% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on IGIC. Weiss Ratings restated a “buy (b)” rating on shares of International General Insurance in a report on Wednesday, October 8th. Royal Bank Of Canada initiated coverage on shares of International General Insurance in a research report on Tuesday, December 16th. They issued an “outperform” rating and a $28.00 target price on the stock. Three investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $30.00.

International General Insurance Stock Down 0.7%

Shares of NASDAQ IGIC opened at $25.31 on Wednesday. The firm’s fifty day moving average is $23.67 and its 200 day moving average is $23.68. International General Insurance Holdings Ltd. has a 52 week low of $20.82 and a 52 week high of $27.76. The company has a market cap of $1.13 billion, a price-to-earnings ratio of 9.17 and a beta of 0.17.

International General Insurance (NASDAQ:IGIC) last announced its quarterly earnings results 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). International General Insurance had a net margin of 23.76% and a return on equity of 18.36%. The firm had revenue of $128.60 million for the quarter, compared to analysts’ expectations of $135.40 million. Equities research analysts anticipate that International General Insurance Holdings Ltd. will post 3.18 earnings per share for the current year.

International General Insurance Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Wednesday, December 17th will be paid a $0.05 dividend. The ex-dividend date of this dividend is Wednesday, December 17th. This represents a $0.20 annualized dividend and a dividend yield of 0.8%. International General Insurance’s dividend payout ratio (DPR) is presently 7.25%.

International General Insurance announced that its Board of Directors has authorized a share buyback program on Wednesday, November 5th that allows the company to repurchase $5.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 0.5% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

International General Insurance 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.