Wedbush Securities Inc. Cuts Stock Holdings in International General Insurance Holdings Ltd. (NASDAQ:IGIC)

Wedbush Securities Inc. lowered its stake in International General Insurance Holdings Ltd. (NASDAQ:IGIC) by 24.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,250 shares of the company’s stock after selling 3,250 shares during the period. Wedbush Securities Inc.’s holdings in International General Insurance were worth $244,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Diamond Hill Capital Management Inc. raised its holdings in International General Insurance by 8.5% during the 4th quarter. Diamond Hill Capital Management Inc. now owns 190,563 shares of the company’s stock valued at $4,528,000 after buying an additional 14,890 shares during the last quarter. Deroy & Devereaux Private Investment Counsel Inc. boosted its holdings in shares of International General Insurance by 0.3% during the fourth quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 189,825 shares of the company’s stock worth $4,510,000 after purchasing an additional 525 shares during the period. Sowell Financial Services LLC purchased a new position in International General Insurance during the 4th quarter valued at about $2,233,000. Navellier & Associates Inc. raised its position in International General Insurance by 73.4% during the 4th quarter. Navellier & Associates Inc. now owns 62,157 shares of the company’s stock valued at $1,477,000 after purchasing an additional 26,311 shares during the last quarter. Finally, Franklin Resources Inc. purchased a new stake in International General Insurance in the 4th quarter worth approximately $830,000. Hedge funds and other institutional investors own 54.24% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on IGIC shares. Royal Bank of Canada boosted their target price on International General Insurance from $28.00 to $31.00 and gave the company an “outperform” rating in a research note on Thursday, February 27th. Oppenheimer boosted their price objective on shares of International General Insurance from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Thursday, February 27th.

International General Insurance Stock Performance

International General Insurance stock opened at $23.92 on Friday. International General Insurance Holdings Ltd. has a fifty-two week low of $12.83 and a fifty-two week high of $27.76. The stock has a market cap of $1.08 billion, a price-to-earnings ratio of 7.82 and a beta of 0.05. The stock’s 50 day simple moving average is $25.51 and its two-hundred day simple moving average is $23.91.

International General Insurance (NASDAQ:IGIC) last issued its quarterly earnings results on Tuesday, February 25th. The company reported $0.89 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.01. The company had revenue of $135.20 million for the quarter, compared to analysts’ expectations of $136.20 million. International General Insurance had a return on equity of 22.78% and a net margin of 26.24%. On average, analysts predict 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 declared a — dividend, which will be paid on Tuesday, April 22nd. Investors of record on Friday, April 4th will be given a dividend of $0.85 per share. The ex-dividend date is Friday, April 4th. This represents a yield of 0.4%. International General Insurance’s dividend payout ratio (DPR) is currently 3.34%.

International General Insurance Company Profile

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.