Royce & Associates LP Reduces Stock Position in International General Insurance Holdings Ltd. (NASDAQ:IGIC)

Royce & Associates LP reduced its position in shares of International General Insurance Holdings Ltd. (NASDAQ:IGIC) by 21.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,393,959 shares of the company’s stock after selling 670,833 shares during the period. Royce & Associates LP owned 5.21% of International General Insurance worth $56,880,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of IGIC. Sowell Financial Services LLC purchased a new stake in shares of International General Insurance during the fourth quarter worth about $2,233,000. Navellier & Associates Inc. lifted its holdings in International General Insurance by 73.4% in the fourth quarter. Navellier & Associates Inc. now owns 62,157 shares of the company’s stock worth $1,477,000 after buying an additional 26,311 shares during the period. Tidal Investments LLC purchased a new stake in International General Insurance in the third quarter worth about $372,000. Diamond Hill Capital Management Inc. lifted its holdings in International General Insurance by 8.5% in the fourth quarter. Diamond Hill Capital Management Inc. now owns 190,563 shares of the company’s stock worth $4,528,000 after buying an additional 14,890 shares during the period. Finally, Kingsview Wealth Management LLC purchased a new stake in International General Insurance in the third quarter worth about $265,000. 54.24% of the stock is currently owned by hedge funds and other institutional investors.

International General Insurance Trading Up 3.3 %

NASDAQ:IGIC opened at $25.68 on Friday. The company has a 50 day simple moving average of $25.17 and a two-hundred day simple moving average of $22.95. The company has a market cap of $1.18 billion, a PE ratio of 8.39 and a beta of 0.26. International General Insurance Holdings Ltd. has a 12 month low of $12.76 and a 12 month high of $27.76.

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. International General Insurance had a net margin of 26.24% and a return on equity of 22.78%. The business had revenue of $135.20 million for the quarter, compared to analysts’ expectations of $136.20 million. Research analysts forecast that International General Insurance Holdings Ltd. will post 3.18 earnings per share for the current year.

Analyst Ratings Changes

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

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.