Abacus Planning Group Inc. Acquires New Position in International General Insurance Holdings Ltd. (NASDAQ:IGIC)

Abacus Planning Group Inc. bought a new position in International General Insurance Holdings Ltd. (NASDAQ:IGIC) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 8,764 shares of the company’s stock, valued at approximately $231,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Sowell Financial Services LLC purchased a new stake in shares of International General Insurance in the 4th quarter valued at $2,233,000. Franklin Resources Inc. bought a new stake in International General Insurance in the fourth quarter worth $830,000. Navellier & Associates Inc. boosted its position in International General Insurance by 73.4% during the fourth quarter. Navellier & Associates Inc. now owns 62,157 shares of the company’s stock valued at $1,477,000 after buying an additional 26,311 shares during the period. Shay Capital LLC grew its stake in shares of International General Insurance by 13.1% during the fourth quarter. Shay Capital LLC now owns 226,759 shares of the company’s stock valued at $5,388,000 after buying an additional 26,210 shares during the last quarter. Finally, Beacon Pointe Advisors LLC purchased a new position in shares of International General Insurance in the fourth quarter worth about $605,000. 54.24% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on IGIC. 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 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 Up 1.3%

Shares of International General Insurance stock opened at $23.12 on Monday. The firm has a market cap of $1.04 billion, a PE ratio of 7.56 and a beta of 0.25. The company’s fifty day simple moving average is $23.84 and its two-hundred day simple moving average is $24.70. International General Insurance Holdings Ltd. has a 12-month low of $13.85 and a 12-month high of $27.76.

International General Insurance (NASDAQ:IGIC) last posted its earnings results on Tuesday, May 6th. The company reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.47 by ($0.05). The business had revenue of $129.00 million during the quarter, compared to the consensus estimate of $135.50 million. International General Insurance had a return on equity of 22.78% and a net margin of 26.24%. As a group, sell-side analysts expect that International General Insurance Holdings Ltd. will post 3.18 earnings per share for the current fiscal year.

International General Insurance Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Monday, June 2nd will be paid a dividend of $0.05 per share. The ex-dividend date is Monday, June 2nd. This represents a $0.20 annualized dividend and a dividend yield of 0.87%. International General Insurance’s dividend payout ratio (DPR) is presently 7.35%.

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.