Sowell Financial Services LLC Acquires New Position in International General Insurance Holdings Ltd. (NASDAQ:IGIC)

Sowell Financial Services LLC acquired a new stake in International General Insurance Holdings Ltd. (NASDAQ:IGIC) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 93,997 shares of the company’s stock, valued at approximately $2,233,000. Sowell Financial Services LLC owned 0.20% of International General Insurance as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its position in shares of International General Insurance by 3.2% during the 3rd quarter. Geode Capital Management LLC now owns 27,877 shares of the company’s stock valued at $530,000 after acquiring an additional 859 shares during the period. Diamond Hill Capital Management Inc. acquired a new stake in shares of International General Insurance during the 3rd quarter valued at approximately $3,338,000. Navellier & Associates Inc. lifted its position in shares of 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 acquiring an additional 26,311 shares during the period. JPMorgan Chase & Co. lifted its position in shares of International General Insurance by 26.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 16,857 shares of the company’s stock valued at $320,000 after acquiring an additional 3,562 shares during the period. Finally, Geneos Wealth Management Inc. acquired a new stake in shares of International General Insurance during the 4th quarter valued at approximately $177,000. Institutional investors and hedge funds own 54.24% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on IGIC shares. Oppenheimer raised their price objective on shares of International General Insurance from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Thursday, February 27th. Royal Bank of Canada raised their price objective on shares of International General Insurance from $28.00 to $31.00 and gave the stock an “outperform” rating in a research note on Thursday, February 27th.

International General Insurance Stock Up 1.4 %

Shares of NASDAQ IGIC opened at $24.78 on Monday. International General Insurance Holdings Ltd. has a 52-week low of $12.36 and a 52-week high of $27.76. The firm has a fifty day moving average of $25.04 and a 200-day moving average of $22.72. The stock has a market capitalization of $1.14 billion, a PE ratio of 8.10 and a beta of 0.26.

International General Insurance (NASDAQ:IGIC) last posted its earnings results on Tuesday, February 25th. The company reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.01. The business had revenue of $135.20 million for the quarter, compared to analyst estimates of $136.20 million. International General Insurance had a net margin of 26.24% and a return on equity of 22.78%. Equities research analysts expect that International General Insurance Holdings Ltd. will post 3.18 EPS for the current fiscal year.

About International General Insurance

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.